Legal Question in Real Estate Law in Illinois
Seller trying to sell whenwe are on a Contract for deed
Ok...we signed a contract for deed a year ago for a business. The ''seller'' is trying to sell the property now, we don't have to honor the contract we signed if he does sell do we? I mean if we ''close'' the doors of the business and not pay ''rent'' can we be taken to court? We have everything in OUR name the only thing that is in the sellers name is the building & the property. Can we just take everything out of the business like tables etc and sell the stuff?
2 Answers from Attorneys
Re: Seller trying to sell whenwe are on a Contract for deed
You need to see an attorney in person to review your contract.
Re: Seller trying to sell whenwe are on a Contract for deed
the contract will spell out your rights.
I suspect that you will owe rent until the proprty is sold.
items in the business may be considered fixtures. If so you cannot take them.
you need a lawyer to review you contract. email me if you have any other questions.
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