Legal Question in Real Estate Law in Illinois

Business Contract for Deed

We want out on our Contract for Deed on a Business, we ''bought out'' the pervious buyer and we pay the owner rent. How can we get out of the contract?


Asked on 4/05/07, 3:28 pm

2 Answers from Attorneys
Mary McDonagh McDonagh-Faherty Law Offices

Re: Business Contract for Deed

That should be covered in your contract and you would need to review same

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Answered on 4/05/07, 3:31 pm
Joseph Michelotti Michelotti & Associates, Ltd.

Re: Business Contract for Deed

depends on what the contract says.

i suspect the cotract is between the original buyer and seller. therefore the orignal buyer would probably be liable, but he may be able to sue you for damages.

contract need to be revied by a lawyer.

email me if you have any other questions.

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Answered on 4/07/07, 11:12 am


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