Giannini v. First National Bank Of Des Plaines,

483 N.E.2d 924 (1985)

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Nature of the Case

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Facts

Giannini (P) executed a purchase agreement to buy a condo. He paid $62,330 in earnest money, and the building in which his unit was to be located was subsequently constructed, but it was never formally declared a condo and the terms of the agreement were never fulfilled. P then sued First National (D), the builders, and Unity, the mortgage holder of the property (D1). P prayed for specific performance. Evidence was elicited that the economy was so poor that the buildings had to be used as rental units as they were unsaleable. The trial court ruled that D1 should be dismissed from the case as there was no condo to convey and the conveyance of such would be economically disadvantageous to D1. P appealed.