Legal Question in Real Estate Law in Illinois

Option to Purchase
Contract entered 2 years ago to maintain property in exchange for option to purchase. Provided mortgage on my home as security. Keeping my end and proved I could complete purchase by 10/31/03, as in agreement. Except, I have not paid monthly expenses for approximately last 6 months becauseOwner refusing to explain expenses above income, for which I am responsible, or has simply not provided monthly statement even though I have made many requests. Owner has entered into another sales contract. I want the property. Can owner be forced to provide info so that I can make payments as required? I did make one good faith payment this year and can pay if I do owe any expenses. Can owner sell to someone else before the final date on our sales agreement? Is owner in breach of contract, or simply failing to comply? What are my options?

Asked on 8/13/03, 6:02 pm

Mary McDonagh McDonagh-Faherty Law Offices

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Re: Option to Purchase

It all depends on the exact terms of the contract but I would suggest you have an attorney review same to ascertain your rights.

Answered on 8/13/03, 9:45 pm

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