Legal Question in Real Estate Law in Illinois

New Construction, Under Contract, Builder sold property
I have a contract to purchase a condo in Chicago. The builder could not finish the project and has sold the property to a new builder. I sent a certified letter to the attorney representing the new builder and asked when I can expect to do a walkthrough and make a checklist. I was contacted by the real estate agent representing the new builder and he informed me that my contract was no longer valid but I could purchase the property at the newly listed price which is at about a 70% premium now.

Is my contract with the old builder still valid? Did it have to be transferred when the property was sold? Did I have to be notified that the builder was selling the property?

Asked on 10/08/04, 9:18 am

2 Answers from Attorneys

Kenneth J. Ashman Ashman Law Offices, LLC

0 users found helpful

0 attorneys agreed

Re: New Construction, Under Contract, Builder sold property

You may very well have claims available to you, but it would take a review of the contract at issue.

Feel free to contact me if you desire.

-- Kenneth J. Ashman; www.AshmanLawOffices.com; [email protected]

The information provided by Ashman Law Offices, LLC (�ALO�) is for general educational purposes only. No attorney-client relationship is established by this communication and no privilege attaches to such communication. ALO is not taking and will not take any action on your behalf and will not be considered your attorney until both you and ALO have signed a written retention agreement. There are strict deadlines, called statutes of limitation, within which claims or lawsuits must be filed. Therefore, if you desire the services of an attorney and decide not to retain ALO on terms acceptable to ALO, you should immediately seek the services of another attorney.

Answered on 10/11/04, 6:47 pm

Mark as helpful