Legal Question in Real Estate Law in Illinois
Hello there
in Jan 2006 I signed a pre-construction contract with Silver Tower Chicago in downtown Chicago and gave 5% earnest.
The builder said that the building would be ready to move-in by Summer 2007. Then in Spring 2007 they said that the building would be done by End/Start of 2007/2008. Then when that deadline was up they said Summer 2008.
They are now in the process of finishing the building.
NOW, if I apply for financing and got declined, am I entitled to my earnes money?
I think that I have only 3% chances of getting the financing.
Thank you in advance
3 Answers from Attorneys
You may be entitled to your earnet money or other legal remedies. It is impossible to give you a difinitive answer without reviewing the sales contract. Feel free to contact my firm at the link below.
The terms of your contract should clarify whether it was okay for the builder to extend the closing date numerous times and whether you can get your earnest money back if you don't get financing. You should have your entire contract reviewed asap to figure out if there are any loopholes or if there are any other options available to you.
I think that questions like these come from folks that don't have an attorney at the inception of a real estate purchase agreement. A definitive answer to your question can only be provided after careful examination of your contract. I would recommend that you make an appointment with an attorney as soon as possible so that your rights can be determined from the contract, and then enforced, if possible. Good Luck.
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