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Property Keyed to Saxer
Schwinder v. Austin Bank of Chicago
Facts
On June 21, 2000, Thomas F. Schwinder and Susan L. Londay (Plaintiffs) offered to purchase a condominium unit from Austin Bank of Chicago and Marian Baginski (Defendants). On July 5, 2000, Defendants accepted Plaintiffs’ offer. The parties entered a real estate contract and set a date for closing. When the closing date arrived, however, Defendants did not deliver the deed to the unit. Defendants was in the process of obtaining a divorce and was uncertain whether the divorce court would permit the sale of the unit. Defendants signed a second agreement, modifying the first, allowing Plaintiffs to move in until Defendants could secure a closing, provided that Plaintiffs paid $1,500 per month. The divorce court eventually approved the sale of the unit, but despite Plaintiffs’ efforts to set a closing date, Defendants refused to set a closing date. Plaintiffs sued, seeking specific performance of the contract. The trial court held that the contract, as modified by the new agreement, was valid and enforceable, and granted specific performance.
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