Terraces of Sunset Park v. Chamberlin

No. 2-09-0269 Filed: 4-28-10 ______________________________________________________________________________ IN THE APPELLATE COURT OF ILLINOIS SECOND DISTRICT ______________________________________________________________________________ THE TERRACES OF SUNSET PARK, LLC, ) Appeal from the Circuit Court ) of Lake County. Plaintiff-Appellant, ) ) v. ) No. 08--MR--257 ) THOMAS CHAMBERLIN and DIANE ) DORIGAN, ) Honorable ) David M. Hall, Defendants-Appellees. ) Judge, Presiding. ______________________________________________________________________________ JUSTICE McLAREN delivered the opinion of the court: Plaintiff, The Terraces of Sunset Park, LLC (The Terraces), appeals from the judgment of the trial court dismissing its second amended complaint. We affirm. On September 8, 2006, The Terraces entered into an agreement with defendants, Thomas Chamberlin and Diane Dorigan, to purchase their property at 739 Elm Place in Highland Park for $1,750,000. According to the written agreement, the parties desired "to memorialize their basic agreement on the sale and purchase of the property to be supplemented by the preparation of additional documents to supplement this sale contract." The Terraces was to pay $50,000 when the agreement was signed and $50,000 on May 1, 2007, as a down payment. If The Terraces failed to make the May 2007 installment, the initial $50,000 would be forfeited and the transaction would be null and void. Both installments, once paid, were to be "NON-REFUNDABLE" and were to be deducted from the purchase price at closing. Closing was scheduled for August 1, 2007, No. 2--09--0269 "exclusively." If The Terraces failed to close on that date, the down payment would be forfeited, and the transaction would be null and void. The Terraces also provided a preprinted "Multi-Board Residential Real Estate Contract 4.0," which Chamberlin and Dorigan accepted on September 12, 2006. The contract included the purchase price of $1,750,000 and the closing date of August 1, 2007. The balance of the purchase price, adjusted by prorations, was due at closing, by wire transfer, certified check, or cashier