Legal Question in Real Estate Law in Illinois

Verbal agreement - bond for deed

I bought a home from a builder who

said I would be buying it directly from

him. He couldn't sell the house, and I

had bad credit, but a down payment.

No contract was ever presented or

signed. I agreed to a $15,000. down

payment and have payed $1,200.

per month for 8 months. Now I have

lost my job and need to get out of

the agreement. Since this was a

verbal agreement (the builder claims

it was bond for deed all along, and he

just never got around to getting the

contract together) can I get out of

the deal, and more importantly, get

my $15,000. back? He's says I'll be

hearing from his lawyer. Should I get

a lawyer too, and will I have to take

him to small claims court if he

refuses to give my down payment

back?


Asked on 2/13/09, 5:35 pm

1 Answer from Attorneys

Re: Verbal agreement - bond for deed

You had better get a lawyer. You are talking about the Statue of Frauds requirement that contracts for real estate are supposed to be in writing. However, there are exceptions to every rule and you really need to discuss all of the facts with a lawyer in a consultation where there can be an exchange of questions and ansews. Regardless, the amount of your claim exceeds small claims.

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Answered on 2/14/09, 9:33 am


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