A Madison County real estate buyer is suing the seller for allegedly failing to return the deposit after the purchase was cancelled.
Main Street Partners LLC filed a lawsuit against Satkar Hospitality LLC on May 13 in Madison County Circuit Court claiming breach of duty in an August 2014 contractual dispute.
According to the complaint, the plaintiff and the defendant entered into an agreement for the sale of real property located at 308 State Route 157 in Edwardsville on or about Aug. 18, 2014.
The suit states that Main Street provided the defendant with a $250,000 earnest money deposit, held by Illinois Real Estate Title Center LLC.
The plaintiff argues that because the defendant has failed to communicate and comply with its obligations, and that new circumstances have impacted the value of the property, it wishes to void the agreement.
The plaintiff contends that Satkar Hospitality has refused to return the deposit despite its direct requests. Therefore, it files the action to cancel the sale and recover its earnest money deposit
Main Street Partners seeks damages in excess of $50,000, plus attorney’s fees and costs. The company is represented by Michael Schag of Heyl, Royster, Voelker & Allen in Edwardsville.
Madison County Circuit Court case number 15-L-609
Real estate buyer seeks to cancel purchase, sues seller for deposit
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