Giannini v. First Nat'l Bank of Des Plaines
Illinois Appellate Court
483 N.E.2d 924 (1985)
Giannini (plaintiff) contracted to buy a condominium unit in a building that was ultimately never declared a condominium as originally planned, and sued the record owner (a bank holding the property in trust), the developer (later involuntarily dissolved for unpaid franchise taxes), and the mortgage holder for delivery of the unit. The mortgage holder argued specific performance was inappropriate given the poor real estate market and the financial hardship of converting the building; the trial court dismissed Giannini's complaint on the ground that the condominium didn't "exist" and forcing conversion would be inequitable, and Giannini appealed.
Whether a buyer of real property is entitled to specific performance of a valid contract for the sale of real property as a matter of right.