Legal Question in Real Estate Law in Illinois
I sold land to a Township that had the check prepared in November. They took 4 weeks to perform unnecessary steps. When they finally had the deed ready for signature, I saw several
major errors in the legal description. After they corrected the errors, and received the executed documents, they were directed by the buyer to send me payment . That was on Dec. 19. AS of December 26 the title company has not yet sent the payment as directed.
Do I have any recourse thru the Title Insurance company? How long does the seller have to cancel the transaction for non-payment by the title company?
1 Answer from Attorneys
This certainly appears to be a strange situation. Funds should be distributed when all conditions are met, which seems to be the case here. You should discuss this with a real estate attorney. It is possible that there is a reasonable explanation, and it is also possible that there is a problem with this particular title company.
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