Can You Sue Someone for Backing Out Of A Home Buyer’s Agreement in Godfrey, IL?

Buying a home is an exciting time, but it can also be a stressful and complicated process in Godfrey, IL. One of the most significant steps in purchasing a home is signing a purchase agreement with the seller. This agreement outlines the terms of the sale and protects both the buyer and the seller. However, what happens if the seller backs out of the buyer’s agreement? Can the seller sue for damages? In Illinois, the answer is yes, but it depends on the specific circumstances of the situation. Here we will go into more detail about this situation.

Language Of Purchase Agreement

The first thing to consider is the language of the purchase agreement. The agreement should specify what happens if either party breaches the contract. If the purchase agreement does not include language regarding a breach of contract, the seller may still be able to sue the buyer for damages. However, this can be a more difficult case to win in court. The seller would need to prove that the buyer’s actions caused them financial harm.

Reason For Breaching Buyer’s Agreement

Another factor to consider is the reason for the buyer’s breach of contract. There are several reasons why a buyer could potentially breach a buyer’s agreement. They may be unable to get enough financing before the closing date or they are not able to sell their current home before the closing on the new home, which would leave them unable to go through with the purchase of the new home. Factors such as these are important in understanding what case they will have in court.

Taking Legal Action

It’s important to note that Illinois has a statute of limitations on breach of contract lawsuits. This means that the seller must file a lawsuit within a certain amount of time after the breach occurs. In Godfrey, IL, the statute of limitations for breach of contract is typically ten years, but it can vary depending on the specific circumstances of the case. If the seller decides to pursue legal action, they will need to hire an experienced real estate attorney to represent them. The attorney will review the purchase agreement, gather evidence, and build a strong case against the buyer. It’s crucial to choose an attorney who has experience handling real estate disputes and who is familiar with the laws in Illinois.

If you are looking for an attorney in Godfrey, IL to help you with a case of a broken buyer’s agreement, give our team over at Diaz Law Offices a call today!