Chicago Condo Buyers Can't Rescind Purchase Pacts

Law360, Chicago (October 1, 2012, 9:50 PM EDT) -- An Illinois appeals court reversed a ruling Wednesday that early buyers of condominiums in Chicago luxury building The Aqua were entitled to rescind their purchase agreements because the developer failed to provide them with a recorded declaration of the condo association bylaws and other information.

Tossing out a state trial court's order granting partial summary judgment to the plaintiffs, the appeals court found that the unrecorded declarations that condo seller Aqua at Lakeshore East LLC provided to the purchasers met the requirements of Act 22 of...
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