Dear Fran,

Everyone here is correct in that you need to speak to an attorney, and you need to make sure that you're dealing with a real estate attorney who specializes in litigation. Most of the real estate attorneys that I'd recommend for clients to use when purchasing a condo are not the same ones that I'd recommend if my client had to sue some entity.

Regarding the earnest money if it is being held by the developer's real estate brokerage (rather than the developer themselves or their attorney), then the state of Illinois has very specific guidelines that state that the money can not be released without express written consent and instruction from both the buyer and the seller on a given transaction.

Good luck to you.

Sincerely,
Christopher Thomas
Broker Associate, Sudler Sotheby’s International Realty
3934 N. Lincoln Ave. Chicago, IL 60613
773-418-0640 (mobile) 312-577-0985 (fax) 773-293-1200 (off)
Christopher.thomas@sothebysrealty.com
http://www.myagentchris.com

Fran,

I am an attorney with a concentration in real estate litigation. I would be happy to talk with you further to see if we could be of some assistance, but I would first need to know the name of the developer to make sure that our firm does not do any work with them. If you would like to talk further, feel free to email me directly at dwayne@arnstein.com.

I recommend speaking with a R.E attorney. And it's called "Earnest money".

I've used and recommend Mike Angelina who I used on my 2 purchases last year.

Angelina, Chmielewski & Fraccaro, P.C.
847-359-0010
847-359-0011 Fax

good luck!

Hi Fran-

Make sure you have a copy of your contract which will legally explain the terms of your contract including "earnest money". I would then recommend contacting a real estate attorney. If you used an agent, they should also be able to recommend a few real estate attorneys or if you used an attorney to review your contract you can call them.

One of the real estate attorneys I recommend to my clients is: Hawbecker & Garver in Hinsdale. It's either Tom Hawbecker or Paul Garver and you can reach them at 630-789-6833.

I hope this helps!