Legal Question in Real Estate Law in Illinois

Seller's Right to Rescind

I have contract for deed with Buyer. Buyer diagrees with payoff amount which is note payoff + taxes and insurnace he was responsible for during tenancy. This is stated clearly in contract that if he doesn't pay them during teneacyt then they cam be added to payoff at end(now). Buyer went to cloasing and title company holiding warranty deed. IF buyer doesn't pay the exact payoff i've given them: can i decline the lesser $$ mamount the title company is trying to pay me?? not release deed? the title company rushed trough the closing depsite beiong notified that the payoff amount was not correct.

Asked on 2/29/04, 6:48 pm

1 Answer from Attorneys

Thomas Moens Moens Law Offices, Chartered

Re: Seller's Right to Rescind

I hope that, first, you had an attorney, and second, the deed was delivered in trust pending your receipt of payoff funds. If the deed was delivered in trust, the deed should not be recorded by the title company until the dispute regarding the payoff amount is resolved. If you do not have an attorney in Illinois assisting you with this transaction, you need to hire one located near where the property is located. My office serves west central and northwest portion of the state.

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Answered on 3/01/04, 8:51 am

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