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Do I have any right to my deposit money if the developer has sold my condo unit?
Chicago, IL
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Posted 2 months ago in Residential
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I put down $33,000 and paid $6,500 in upgrades for a condo unit that was getting built. I was supposed to close in May but because I went self employed last year I needed two years of tax returns to get a loan, so i would need to find a cosigner for the loan. I was in communication with the developers about the situation and they were willing to extend the closing date until i took care of my end of the deal. At the end of July I had told them that I still did not have a cosigner and they agreed that they would still give me a few more months before they would keep my deposit. I went to the developers office two weeks ago to discuss moving forward with the unit again and they informed me that they had sold my unit and that they wouldn't refund my deposit money.
Answers (1)
Christopher R. Minelli
This attorney is licensed in Illinois.
Posted 2 months ago.
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It depends greatly on the written agreement you had between the developer and yourself. The agreement, if drafted properly, should note when you are entitled to your security back and how to go about getting it. Also, many (if not most) agreements would have a "financing contingency" built in that nullifies the contract if a buyer is unable to obtain financing. A lawyer (upon reviewing your agreement) would be able to give you more specific advice.
Absent such a contingency or written material that deals with the security, it is possible you have a claim for fraud or breach of contract. Again, the answer is heavily dependent on (1) what the written contract says and (2) the specific facts of your dealings with the developer. Good luck! NOTE: This answer is not intended to be legal advice and should not be construed in that way. This answer does not create an attorney-client relationship and no such relationship may be created absent a signed retainer agreement. The author is licensed in Illinois only, and his answer is for educational purposes alone. |
