The Second District Illinois Appellate Court has upheld a ruling by a Lake County trial court that dismissed a buyer’s complaint seeking a refund of a $100,000 deposit to purchase a $1.75 million home in Highland Park. In the lawsuit, the plaintiff buyers claimed they were owed a refund of their $100,000 deposit because the preliminary agreement they signed with the seller was not an enforceable contract, and because they had never signed the actual Mulit-Board Residential Real Estate Contract that the seller had signed. Rejecting these arguments, the Court in its April 28, 2010 ruling held that the preliminary agreement was an unambiguous option contract that clearly spelled out that the $100,000 deposit was “non-refundable” in the event that the buyers did not close on the transaction. The Court further rejected the buyer’s argument that the preliminary agreement could not be an option contract because the word “option” was nowhere to be found in the agreement. To read the Appellate Court’s written opinion, click here Sunset Park v. Chamberlin.
The attorneys at DeBlasio Law Group, LLC have significant experience resolving disputes involving real estate disputes. Visit our website at www.DGLLC.net for detailed information on the breadth of our experience.