Legal Question in Real Estate Law in Illinois

real estate buyer default on purchase contract

We(the sellers) have a signed sales agreement drawn up by an attorney. The buyers announced 2 weeks before closing that they would not be completing the purchase. All seller contingencies were met. There were no buyer contingencies. The agreement does have a performance clause. If the buyers refuse to complete the deal how much would be considered a reasonable settlement. The deposit was only 1% of the purchase price and not enough to satisfy their failure to perform as agreed.


Asked on 8/06/07, 7:08 pm

1 Answer from Attorneys
George Zuganelis Zuganelis & Zuganelis, Attorneys at Law, P.C.

Re: real estate buyer default on purchase contract

Why don't you ask the lawyer who drew up the contract?

Read more
Answered on 8/07/07, 12:12 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois