Companies in Illinois and elsewhere use contracts daily for business transactions, such as the buying and selling of commercial real estate. Unfortunately, when companies do not adhere to the terms, contract disputes are often the result. A recent dispute involves two companies who signed a contract for a real estate purchase and regards a $25,000 deposit that was to become non-refundable after 30 days.
According to reports, the owner of some commercial real estate entered into an agreement with a prospective buyer for the selling price of $2 million. As part of the contract, the buyer agreed to pay a $25,000 deposit on the transaction, which, according to the contract, would bind the buyer and seller to all of the stipulations and conditions contained in the agreement. The seller claims that one of the stipulations stated that if the buyer went more than 30 days without terminating the contract, the deposit was to become non-refundable.
The seller also stated that a 90-day extension was offered to the buyer when the original 30-day grace period was about to expire, but the buyer failed to sign. Apparently, after the 30-day time period ended, the buyer expressed its desire to terminate the contract. The seller decided to pursue litigation when the buyer also requested that the $25,000 deposit be refunded.
The seller has accused the buyer in this case of a breach of contract. The court will now decide who the rightful owner of the $25,000 deposit is, with regard to the contract that was signed by both parties. In Illinois, there are legal professionals who are experienced in representing the interests of parties involved in contract disputes who can assist business owners who are facing similar legal challenges.
Source: louisianarecord.com, “Dispute between companies over busted 2 million real estate contract in court“, Gloria Parker, June 10, 2015
