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?


Asked on 2/05/08, 4:03 pm

2 Answers from Attorneys

Thomas Moens Moens Law Offices, Chartered

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.

Read more
Answered on 2/06/08, 11:16 am
Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: Real Estate purchase agreeement

It's hard to say without seeing all the documents in question.

Read more
Answered on 2/06/08, 12:57 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois