A few months ago we had put together a deal on one of my condo listings. My seller - thinking that all contingencies had passed - had moved out, started decorating his new home in another state, and danced around the maypole, just waiting for the deal to close and the cash to hit his account.
Well, Brad Lippitz Group Nation, the fairy tale ends here with an ending we’ve never seen before on live TV.
That’s because even though the deal had passed the attorney approval, inspection, and financing contingencies, there remained one little bitty contingency: approval of the condominium documents by the buyer. Every condominium contract obligates the seller to furnish a Declaration, By-laws, minutes and budgets - in addition to what’s called a 22.1 summary - to the buyer for review and approval.
If the seller or the condo management company delays in furnishing this information, the contract remains in limbo until the buyer gets the goods. And, more importantly, the buyer can disapprove the documents for any reason at all, cancel the deal, and get the earnest money back.
In this case, the management company of this building kept on delaying tendering the documents despite repeated efforts by the attorney to get them. And, sadly, the buyer backed out of the deal just a week prior to the scheduled close date by simply disapproving the condo documentation - even though they really had a personal reason that had nothing to do with the condo or the building!
Even though this buyer had an extra-contractual reason to wiggle out of the deal, this open contingency proved to be an open out - one which the buyer exercised, much to my client’s dismay.
So then we were back to square one. Without any earnest money. Fortunately, we were able to quickly procure another buyer and march on to a successful close with everything in place.
The clear lesson is to get the documentation to the buyer pronto- as soon as the contract is signed and within the attorney approval period…and make sure that it is approved (or not disapproved) prior to moving ahead with your own plans.
That’s the best way to ensure your fairy tale ending, Brad Lippitz Group Nation.
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Chicago Exhibition Weekend 2024
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The second annual Chicago Exhibition Weekend (CXW 2024) features 50 participating galleries and creative spaces across the city from October 3-6, spotlighting Chicago’s vibrant cultural landscape and artistic spirit for locals and visitors alike. Building off the success of last year’s edition, which attracted 5,000 attendees over three days, CXW 2024 will expand its footprint with 50 participating galleries, demonstrating the vitality and diversity of the city’s growing commercial art scene. The weekend will bring together art collectors, enthusiasts, and local community members to engage with Chicago’s cultural community, helping artists and gallerists cultivate new collectors, broaden their audiences, and heighten global visibility for the local arts ecosystem.
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Lincoln Square Ravenswood
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Usher in the Fall with the Lincoln Square Ravenswood Chamber of Commerce’s 37th Annual Apple Fest, a long standing tradition in Lincoln Square, bringing community together to celebrate the beginning of autumn.
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6 Bed | 4 Bath Andersonville
Offered at $700,000
Open House Saturday 2:00 - 4:00
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3400 N. Lake Shore Dr, #3EF
4 Bed | 4 Bath East Lakeview
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1540 N. Dearborn Pkwy.
Meticulously renovated 5-story freestanding Greystone on oversized lot.
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5 Bed | 4.2 Bath Lincoln Park
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1443 N. Dearborn Pkwy.
Stately Greystone in a prime Gold Coast
Be sure to check out the fun video with real estate broker dog Henry here.
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4234 N. Hazel St.
Exquisite estate in Hutchinson
Historic District.
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180 E. Pearson St. #5405
Fabulous renovated residence high above the Ritz in Streeterville.
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900 N. Kingsbury St. #1150
Knock-out Penthouse with amazing views in River North.
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720 N. Larrabee St, #1612
2 Bed | 2 Bath River North
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3 Bed | 2.5 Bath Morton Grove
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2 Bed | 2 Bath East Lakeview
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1255 N. Sandburg Terr, #2506E
1 Bed | 1 Bath Near North
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3 Bed | 2.1 Bath Lakeview
To be offered at $1,450,000
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3800 N. Lake Shore Dr, #13B
3 Bed | 2 Bath East Lakeview
Stunning vintage with
To be offered at $775,000
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320 W. Oakdale Ave, #2003
2 Bed | 1.1 Bath East Lakeview
Mid-Century Modern Perfection
To be offered at $550,000
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3200 N. Lake Shore Dr, #506
2 Bed | 2 Bath East Lakeview
Totally cool space with amazing direct views of lake, park & harbor.
To be offered at $435,000
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2 Bed | 2 Bath Gold Coast
Charming unit with huge terrace.
To be offered at $399,000
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655 W. Irving Park Rd, #5101
2 Bed | 2 Bath East Lakeview
Corner Penthouse with unobstructed
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Check
out our
"Why use the Brad Lippitz
Group?"
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Modern. Vintage. Architectural. Cool.
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And everything in between.
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Check out previous "Into the Weekends" here.
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© Compass 2024 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass Real Estate is a Licensed Real Estate Broker with a principal office in New York, NY and abides by all applicable equal housing opportunity laws. All material presented herein is intended for informational purposes only, is compiled from sources deemed reliable but is subject to errors, omissions, and changes without notice. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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