SCHWINDER V. AUSTIN BANK OF CHICAGO 809 N.E.2d 180 (2004) CASE BRIEF

SCHWINDER V. AUSTIN BANK OF CHICAGO

809 N.E.2d 180 (2004)

NATURE OF THE CASE: Austin (D) appealed a judgment for Schwinder (P) of specific performance for the sale of a condo from D.

FACTS: P offered to purchase a condominium unit, which was owned by Ds, and Marian Baginski. As the sole beneficiary of this land trust, Baginski was thus authorized to convey the title to P. D accepted the offer. Closing of the sale and purchase of the unit was originally scheduled for August 16, 2000. By mutual agreement of the parties, the closing was rescheduled for August 31, 2000; at the offices of Stewart Title. The purchase price was $215,000. P deposited the earnest money and obtained mortgage approval as required by the purchase contract. They further withdrew $10,000 from their 401(k) retirement plan for use as the down payment on the purchase of the condominium unit. The first closing was delayed due to an injunction entered in Baginski's (D) divorce action. P needed possession of the condominium unit pending closing. Baginski's (D) attorney prepared a preclosing possession agreement. P was to pay $1500 per month under the new agreement. After they took possession of the condominium unit, P purchased and installed a washer and dryer and made other such improvements therein. The divorce matters were settled on November 8th and a new closing date was supposed to be set. Baginski (D) simply refused to cooperate. P paid the rent for November, but refused to pay any further rent, claiming that they did not want to be renters. P made a final attempt on January 16th, to procure a closing date to no avail. P sued for specific performance. D counterclaimed for possession and unpaid rent. The trial court held the contract as modified was valid and granted specific performance and D appealed.

ISSUE:

RULE OF LAW:

HOLDING AND DECISION:

LEGAL ANALYSIS:

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