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- When one party to a sales agreement breaches the contract by not performing as required by the contract’s terms, the harmed party often does not want monetary damages but desires actual performance. Such a demand is called “specific performance.” Specific performance is an order by a court that a contract be fully performed according to its terms.
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In summary, specific performance is an equitable remedy that is available when a party to a sales contract for real property is harmed by the other party’s nonperformance. If the non-breaching party can prove there was a contract and that he was willing and able to perform on the contract, he may be able to bring a successful specific ...
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Can a real estate contract be enforced by specific performance?
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This article delves into breach of contract damages in real estate transactions, exploring the different types of damages, the principles of mitigation, and the process of pursuing compensation for non-performance.
Dec 18, 2023 · In this post we discuss what a specific performance in real estate is, the elements required to qualify, and we reference a real case example that illustrates how this legal process may be utilized.
Feb 15, 2024 · The purchaser can sue for specific performance – an equitable remedy under which the court may compel the seller to perform and close on the contract. However, the right to specific performance only attaches under certain circumstances.
Oct 23, 2023 · It's sometimes called an "equitable" remedy, because it involves a court using its discretion to order the nonperforming buyer or seller to perform and to complete the contract as if it had never been breached—that is, to sell or buy the house. This remedy is less favored by many states' courts.
- Brian Farkas
Apr 6, 2020 · Specific performance is a remedy in contract law that is most often applied in real estate litigation and disputes where a court issues an order requiring a party to perform a specific act, and to specifically perform according to the terms of a contract.
Specific performance in real estate is a legal remedy that involves a court ordering a party to fulfill their obligations outlined in the real estate contract, rather than providing monetary damages, due to the unique nature of the property. It ensures that the terms of the contract are upheld.
