Legal Question in Real Estate Law in Illinois

Earnest Money or Consideration in Sales Contract

Two men responded to an old ad to sell my house that I had placed in the paper months before. Since the time that I placed the ad I spent so much money on the house and rented it out by then that I changed my mind. They came back many times and I finally gave in. One of them brought a Chicago Associaciation of Realtor/mls real estate sal contract-apartments/investmest form. He filled it out himself and we signed it. It stated that he would give me a check to hold for earnest money . I sent a copy of the form to my lawyer and he okayed it. After that I realized that the buyers had never given me the earnest money. My question is even though my lawyer ok the contract (he was not aware at the time about the missing check), can I still back out of the deal. Since consideration is one of the elements of the contract is this a void contract?

Thank you,

1 Answer from Attorneys

Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois

Looking for something else?