Legal Question in Real Estate Law in Illinois
Real Estate Fraud
Background Information:
At least 20 homebuyers purchased brand new homes in a residential home development. Each homebuyer has given the builder (of the home development) at least $20,000. Some of the homebuyers have been waiting for as many as four years for ANY construction to begin.
Bottom line, the homebuyers are financially, emotionally and psychologically devastated with what has happened to their respective lives. One buyer has filed a lawsuit, because the contract specifically stated that if the home was not available for immediate occupancy by a specific date, then the buyer had the right to declare the contract null and void AND receive all previously paid earnest monies and prepaid options. Since that critical date, the builder has failed to refund the earnest monies.
All buyers more concerned about possible fraudulent activities by the builder. Therefore, what general conditions, under Illinois real state laws, constitute real estate fraud in this example? In other words, what should the buyer look for to determine whether the builder (residential home building company) willfully and intentionally defrauded the buyer at the time contract was signed and earnest monies were paid?
1 Answer from Attorneys
Re: Real Estate Fraud
Fraud is fraud... real estate or otherwise. You have been waiting 4 years. Wow!! you are really patient. If your contract so provides demand your money back immediately and in writing. Run do not walk and find a lawyer to go after the contractor to get your money back. There may or may not be fraud involved. It will depend on the facts at the time the contract was signed.
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