Legal Question in Real Estate Law in Illinois
I recently signed a lease extension on the house I live in. The lease was an extension to a previous lease. I was increadibly dumb and did not read all of the details before signing. I simply went off the fact that their realtor said it was the same as before. Well, they had added a clause that stated that if I were approved for a loan through 2012, I must purchase the home. But, it also stated that I could break the lease with 30 days notice and loss of all monies invested. I wish, now, to explore my options and look for another home. My question is whether "pre-approved" is the same as "approved" and also whether if I give 30 days notice and lose all my invested money, if I am free and clear then to walk away?
1 Answer from Attorneys
Pre-approved is not the same as approved. A lot of mortgage companies and credit card companies say "Oh, you've been pre-approved for X # of dollars" only to say latter that you don't meet their qualifications for that much later.
Two things you should never do is 1. accept what the other party's lawyer says without question, and 2. Not read what you sign.
If you give 30 days notice and lose your invested money, then if the contract says you are free and clear to walk away, then you are.
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