Legal Question in Real Estate Law in Illinois
We recently had a contract on a house in the state of IL with the contingency to sell our house. The house we had a contract on had a change in the disclosure for a basement leak. We opted to terminate the contract. On 10/25/10 we signed the Mutual release from contract to purchase real estate, but the sellers won't sign off on it.
Our original contract with the buyers expired on 11/10/2010. The title company will not release our $500.00 earnst money without the sellers signiture. The realtor who represents both the buyers, and us say they these people can't seem to remember, or are too busy to sign the paperwork, and return it.
What are my options. Thank you.
1 Answer from Attorneys
What does the contract say. If you are entitled to fees, it may be worth it to sue the buyers. Contract may also let the title company interplead the money, but you may lose his cost. This may end up being an expensive lesson
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