Legal Question in Real Estate Law in Illinois
Real Estate purchase agreeement
an owner of a commercial piece of property has a purchase agreement with the stockholders of a corporation that leases the property. The purchase agreement was signed in 1997. One of the stockholders resigned in 2003. signed his stocks back to the corporation, and signed a simple one page separation agreement that will release any and all claims between both parties. all issues held in his name to be released. Would the purchase agreement still be in force for the shareholder who resigned?
2 Answers from Attorneys
Re: Real Estate purchase agreeement
If the purchase agreement was signed on behalf of the corporation, it should not be affected by the resignation of a shareholder. If it was properly executed by the officers of the corporation, the former shareholder would not be personally responsible, since it a corporate contract.
Re: Real Estate purchase agreeement
It's hard to say without seeing all the documents in question.
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