(DOWNLOAD) "Honkomp v. Dixon" by Illinois Appellate Court — First District (2Nd Division) Reversed and Remanded # Book PDF Kindle ePub Free
eBook details
- Title: Honkomp v. Dixon
- Author : Illinois Appellate Court — First District (2Nd Division) Reversed and Remanded
- Release Date : January 09, 1981
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 62 KB
Description
Plaintiffs Gerald Honkomp and Nellie Honkomp brought an action to recover a $5,000 earnest money deposit. The money had been deposited with an escrowee, Gerald Murphy, under an agreement to purchase a residential property from defendants, Daniel J. Dixon and Linda C. Dixon. The real estate contract executed by the parties on May 3, 1979, provided: This contract is subject to the purchaser (or broker on purchaser's behalf) obtaining within 60 days a mortgage commitment in the amount of $49,000.00 or such lesser sum as purchaser accepts amortized by monthly payments over a period of not less than 29 years at an interest rate not to exceed 8.1 per annum, for which purchaser shall make application within 10 days from date hereof * * *. If, after making every reasonable effort, Purchaser is unable to procure such commitment within the time specified herein and so notified Seller thereof within that time, this contract shall become null and void and all earnest money shall be returned to Purchaser; provided that if Seller, at his option, within a like period of time following Purchaser's notice, procures for Purchaser such a commitment or notifies Purchaser that Seller will accept a purchase money mortgage upon the same terms, this contract shall remain in full force and effect. (Emphasis added.) Buyers applied for a mortgage loan commitment on May 8, 1979, at Alliance Savings and Loan Association. Alliance extended an offer to finance $45,200 at an interest rate of 8.125%. This proposal contrasted with the mortgage provisions in the real estate sale contract which specified $49,000 at 8.1%. An affidavit of Sellers' attorney specifies that: [O]n June 26, 1979, Gerald Honkomp telephoned me at my office, notifying me that as of that date the Honkomps were terminating the May 3, 1979 agreement between Honkomps (Buyers) and Dixons (Sellers), because the Honkomps no longer wanted the house under any circumstances.
 "Honkomp v. Dixon" by Illinois Appellate Court — First District (2Nd Division) Reversed and Remanded # Book PDF Kindle ePub Free){kind=link}