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What is to sue for specific performance in a real estate contract?
Wiki User
∙ 16y ago
In theory, if you have a written contract to buy some real estate and you perform all of your obligations (offer to pay), you can "force" the completion of the sale, using specific performance, if the seller refuses to go through with it. On the other hand, a court is unlikely to order you to purchase the land (if you're the one who refuses to go forward with the contract) because the law of equity prefers the status quo, and the seller could be made whole by simply collecting money damages from you for their trouble.
Wiki User
∙ 16y ago
Wiki User
∙ 16y agoActually available in most any contract...when some one fails to perform..you can sue for either specific performance or damages. in real estate, as the subject of the contract is so unique, specific performance occurs more frequently than it does in others. Specific performance is exactly that...someone promised to sell (or rent, or whatever) or buy the property....and you don't care about getting paid for damages if they don't...all that is wanted (needed) is performance...and the court will force the person to complete (that is perform on) the contract as agreed.
Wiki User
∙ 15y agoIn a breach of contract matter, if money damages (even if for the whole amount of the contract) are inadequate to remedy the plaintiff's claim, he/she sues to force the defendant to perform his/her part of the bargain. A common specific performance action occurs where an owner of real estate makes a contract to sell it to a buyer. If the owner later changes his mind, the owner can not simply back out of the contract. But what is the buyer's remedy? There may be no money damages to receive. If the buyer wants the property, he/she sues to force the owner to specifically perform what the owner contracted to do. Specific performance is usually the remedy when a buyer contracts to purchase something that is unique or not capable of being monetarily valued.
Wiki User
∙ 11y agoWhen the buyer does not perform under the contract, and it is not possible to get damages.
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Can you sue for specific performance in an asignment to real estate?
You can sue anybody for anything, but it doesn't mean you will win. So, basically, YES, you can sue for a specific performance in an assignment to real estate.
Who excutes a Texas real estate contract?
A real estate contract may be executed by the buyer and seller; trustee; attorney; builder/contractor. Any party to a real estate contract may execute a real estate contract.
How serious is it to default on a real estate contract?
If you are the buyer you could lose your deposit money. If you are the seller, the buyer could sue you for suit of specific performance. Either way, defaulting is something you want to avoid!
What is the equitable remedy of Specific Performance?
Yes, and restitution. Many remedies are available for breach contract.
What is specific performance as a legal claim?
When you sue for specific performance you are asking the court to make someone fulfill their end of a deal or contract other than paying money. It's usually used in real estate actions where the seller agrees to sell the property then refuses to go through with the sale. Specific performance would order the person to go through with it.
What is the seller's compensations if buyer does not keep his agreement to purchase real estate?
There are remedies available to the Seller if a buyer does not purchase the real estate as agreed in a written, fully executed contract. These are only available to the seller if the buyer has signed the contract and there are no limiting conditions such as a financial clause, inspection clause, due diligence period, etc. If the buyer breaches the contract the seller may sue to keep the buyer's deposit, sue for damages caused by the buyer breaching the contract, and may also sue for "specific performance" which would force the buyer to purchase and close on the real estate.
How do you cancel contract with real estate agent?
Prove that the Real Estate Agent has not completed his/her duties afforded to you in said contract.
What are the penalties in NJ for breaching a real estate contract and not selling home?
Damages, which the very creative attorneys in NJ will be able to dream up by the gross. Also, specific performance, where the court forces you to complete the transaction is a possibility.
Uniqueness land or property?
In basic real estate class, we are taught that one of the physical characteristics of land (or property) is its uniqueness. That is, no two parcels of real estate are alike. This concept of uniqueness is the basis for a buyer's legal right to sue for "specific performance" in the event a seller breaches a purchase contract and refuses to convey title to the buyer.
What would be a real estate example of discharge from contract by agreement?
If both parties agree that they do not want to pursue the contract for the purchase and sale of real estate they can mutually agree to void the contract.
Can a buyer change his mind about purchasing real estate?
In Florida residential real estate deals, there are "kick out" clauses written into a purchase contract and/or addendums to the contract that give the buyer the right to walk away from the deal and get his deposit back in full within a certain amount of days. But once those deadlines have passed, the buyer runs the risk of losing his deposit money if he walks or being sued for specific performance for possibly the entire purchase price amount. If that is the case, consult a real estate attorney.
What does an active release clause mean when buying real estate?
An active release clause is a part of the contract between the Buyer and Seller allowing for the termination of the contract based on the specific terms detailed as part of the contract.
