Legal Question in Real Estate Law in Illinois

I am looking to purchase a very run down near to being a tear down for 3k and there are several liens on the property for junk and debris, lawn maintenance etc.That being said I want the elderly owner to be able to walk away with some money. She will still receive about $1500 at closing except for one snag, a deed of trust on the property. A local real estate investor did a deed of trust in 2011 for $1500 but she has never cashed the check and has never made a payment. He now claims that he gave her cash (ha) and wont sign a release and wants to purchase it himself. They will not sell to him, period. What can be done besides going to court which is sure to cost more than the house is worth at this point? We are in Illinois. Thanks


Asked on 6/09/15, 3:23 pm

1 Answer from Attorneys
Stephen Messutta

Talk to a title insurance company. They may be able to insure the risk if somebody puts up an indemnity fund, but that won't make the problem go away. The real problem is that it sounds like the investor is a liar (he should have taken back the check if he substituted cash) and nothing short of a court determination will clear it up.

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Answered on 7/24/15, 10:59 am


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