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Dakoff quoted in Crain’s article, “Developers lose trial on earnest money refunds”

Date

September 27, 2011

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1 minute

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LP partner Howard Dakoff was quoted in the Crain’s ChicagoRealEstateDaily.com article, "Developers lose trial on earnest money refunds." The article discusses how condominium developers unsuccessfully attempted to collect deposits on the condos at their struggling South Loop condominium project.

The article explains that, "A Cook County Circuit Court judge ruled after a trial last week that the developers could not keep the earnest-money deposits of five parties that signed contracts to buy condos in One Museum Park West and then walked away."

According to Dakoff, lawsuits over earnest money have become common in the current market, but it’s unusual to see buyers argue that they should be let off the hook because a project was not finished at the promised time.

Dakoff also noted, "This decision is a judicial warning to developers that they will be strictly held to the terms of their purchase contracts and not be given flexibility due to the economic climate.”

Click here to read the full article at ChicagoRealEstateDaily.com.


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