Home Buying in Chicago>Question Details

Nick, Home Buyer in Chicago, IL

We put money into a pre-construction a year and half ago and then got transferred. We brought a buyer who

Asked by Nick, Chicago, IL Thu Jan 15, 2009

assumed the contract. We were told that our money would be returned as long as the property closed. How long do they have to return our money? We need to buy a home elsewhere (other than chicago).

Help the community by answering this question:


Your money is governed by the executed contract signed between your and seller. Review all those terms and conditions. Your buyer closing the seller is funded that day via certified funds I would only assume within 7 days at closing DISCLAIMER your executed contract you may want to amend your contract prior to buyer closing with seller regarding your payment at closing. OR place a lien on your property you could be paid via title company at closing. MANY OPTIONS without review of documents
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Fri Jan 16, 2009
Dear Nick,

As you can tell this is a very difficult question to answer without reviewing your actual contract. I'd have my attorney take a look at the contract to determine if there is a specific time frame dictated by your purchase agreement by which the seller would be required to return your earnest monies.

And I would assume that the provisions of your purchase agreement with the seller are still enforceable on you until the contract is actually closed. Even when you have a buyer willing to assume your contract, you're usually not "off the hook" until the deal is actually completed (unless both sides agree to an earlier release of funds). Your attorney would be able to advise you most appropriately, and if you don't yet have a real estate attorney, then you should get one right away. Good luck.

Christopher Thomas
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (cell)
Web Reference: http://www.myagentchris.com
0 votes Thank Flag Link Fri Jan 16, 2009
Hi Nick,

Did you have any sort of written documentation of discussing this agreement? Go back and read through it and I would suggest you consult with an attorney. If you had a real estate attorney involved in any of this, go back to him/her. If not, I suggest finding an attorney who can assist you in this.

I hope all goes well!


Keller Williams Realty
Web Reference: http://www.cathiweaver.com
0 votes Thank Flag Link Thu Jan 15, 2009
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