Legal Question in Real Estate Law in Illinois

My wife and I rented this town home with a for two years, with a optician to buy. The first year we were to get all the money back ,so we can use it to put down on this place.The amount was $16,000 that were to get back after two years so we could buy it.But no one called us after two years,and bank after bank sold the property so we did not know what to do to buy this place.We just kept paying the same rent for the third year here,and now the bank wants to sale this place.Do we have a chance to use are original agreement to buy this place,and get the $16,000 to put down?Thank you


Asked on 1/28/12, 8:10 am

1 Answer from Attorneys
Stephen Messutta

Without seeing the contract, there's no way to tell. That being said, if you had an option and you didn't exercise it precisely as granted, mostly likely not. Generally the "seller" doesn't have to call you or anything; it is your option and if you didn't diligently follow it and exercise it, the seller would not be at fault. But for an accurate answer an attorney would need to review the contract, as well as the circumstances.

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Answered on 1/28/12, 2:06 pm


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