Legal Question in Real Estate Law in Illinois

New Construction

In Illinois, are you required to put 20% of the purchase price down for new construction? The builder is requiring 10% at the start of construction and an additional 10% once the roof is on. We have the initial 10% but not the additional 10%. We were then informed that we will be required to use their lender, can they force us to use their lender because of this?


Asked on 1/25/05, 2:44 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: New Construction

This sounds familiar. You might want to consider hiring a real estate attorney today. No and no to answer your questions. However, if you've already signed a contract agreeing to these terms, then you're pretty much stuck. Lawguru is a useful resource, but it is no substitute for hiring your own attorney. I urge you to call a real estate attorney in your area NOW.

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Answered on 1/25/05, 3:31 pm


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