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?
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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