A law firm in Burr Ridge, Illinois, Codilis & Associates provides clients with personal injury legal representation. With decades of experience in the field, Codilis and Associates also focuses much of its work in real estate law.
Breaches of contract are some of the most common litigation cases in real estate law. When a seller and a buyer agree to transfer ownership of a piece of real estate, the two write a contract that includes closing dates, title clearances, and assets involved in the transaction, among other things. A breach of contract occurs when one of the parties, the seller or the buyer, fails to respect that agreement. In a breach of contract suit, the plaintiff's lawyer has to prove that their client respected the contract and did everything they were legally required to do, while the other party was negligent and did not. There are three types of breach of contract that can be encountered - material, anticipatory, and actual. In a material breach of contract, a party involved in the transaction receives different results or terms than were stipulated in the contract. For example, when a party does not perform an act that is defined and promised in the contract, it results in a material breach of contract. An anticipatory breach of contract occurs when one of the parties informs the other that it will not or cannot perform all its duties that are stipulated in the contract. The last type, an actual breach of contract, occurs when a party performs their duties negligently or improperly such that they cause direct financial injury to the other party.
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Codilis & Associates has served its clients in the area of real estate law, focusing on evictions, real estate owned properties, bankruptcies, and building court. Archives
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