The attorney say that he disapproved of the contract and that it wasn't based on price. The only contingency was the closing of my house next month. My attorney wrote back and said he acted in bad faith. Now the seller's attorney is telling me that it wasn't soley on price. Do I have any recourse? (Illinois) My attorney hasn't called me back yet and trying to not pay too much $$$$.
2007-05-31 07:00:41 · 3 answers · asked by gettingfeetwet 1 in Business & Finance ➔ Renting & Real Estate
Sadly, in Illinois it is customary to make any offer to purchase contingent upon 'attorney review'. I think the practice downright stinks, since either attorney can find something 'wrong' with the offer to purchase and nullify the contract.
My guess is that another more desireable offer to purchase came up after YOUR offer, and the sellers told their attorney to find a way out of your deal so they could accept the other.
2007-05-31 07:07:02 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
Was it signed by both parties? The contract should have gone under attorney review BEFORE signing. I believe a signed contract is binding unless fraud or something makes the contract unenforceable. The attorney claims he acted in bad faith, not that you acted in bad faith? I don't understand that argument, but then that's why we have lawyers.
-----
I checked on the previous answer and their right!
Ideally, you'd want to show any contract to your lawyer before you signed it, but things aren't that simple. You may have found your dream house on Saturday afternoon when it's just come on the market at a bargain price and you can't afford to wait for your lawyer to come in off the golf course. Or you may be a seller who needs to accept in a hurry before the offer expires.
But by making the offer subject to attorney's approval (you can simply write that above your signature) you've used a magic phrase, and the contract won't become binding until your lawyer okays it.
Did your contract have an attorney modification clause, I couldn't find that it was automatic even in Illinois.
2007-05-31 07:14:26 · answer #2 · answered by Robert S 6 · 0⤊ 0⤋
a conventional time place of abode proprietor is a a snicker component to anticipate. even although the component of the procuring might desire to be very frightening for a conventional timer. look in the sector you're plenty involved living in. Do now no longer decide on a realtor only provided that. in case you detect an area of abode in this container and it truly is being listed with a realtor then you definately might desire to desire to have a clientele agent to make the provides or an incredibly assets lawyer. in spite of you do please lease an incredibly assets lawyer to go over the contracts in the previous than signing some element. inclusive of a the interior maximum loan.
2016-10-09 05:00:26 · answer #3 · answered by ? 4 · 0⤊ 0⤋