Legal Question in Real Estate Law in Illinois
Real estate and oral contracts
We were promised the property next to ours by the owner. He said we could purchase it and he wanted us to have it as he knew we had wanted it for years. The next morning he promised to bring deed to us and collect money. Instead, the next morning he sold it to someone else. We have 3 witnesses to our oral purchase agreement. This property was promised to us. Is the oral agreement binding and can we sue for breach of an oral contract?
1 Answer from Attorneys
Re: Real estate and oral contracts
In my opinion, your oral "contract" is meaningless. You should have contacted a real estate attorney, and entered into what is known as an Option to Purchase, which would have been supported by consisderation (money). Sorry, it appears that you lose.
Charles Dobra
Charles Wm. Dobra, Ltd.
675 East Irving Park Road - Suite 100
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