What is an example of specific performance in real estate?

What is specific performance in real estate?

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.

What is a suit for specific performance in real estate?

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.

What is specific performance in a contract?

A contractual remedy in which the court orders a party to actually perform its promise as closely as possible, because monetary damages are somehow inadequate to fix the harm. Most commonly ordered in cases involving real property and rare chattels. contracts.

What is meant by specific performance?

Specific performance means fulfilling a promise made under a contract as agreed. A suit for specific performance can be filed by any party, in a court of competent jurisdiction, who has suffered loss due to non-performance of contract on part of the other party to the contract.

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What is an example of specific performance?

Specific Performance: Overview

When a contract is for the sale of a unique property, for instance, mere money damages may not remedy the purchaser’s situation. Example: Rina offers to buy Beth’s house and Beth accepts, but later decides to keep the property. … Beth would be compelled to go through with the sale.

Who can enforce specific performance?

“The specific performance of a contract shall be enforced by the court subject to the provisions contained in sub-section (2) of section 11, section 14 and section 16.” Comment: The amendment in Section 10 has now reduced the discretionary jurisdiction of the Court in granting specific performance of contract.

How do you defend against specific performance?

Mistakes and misrepresentations in the terms of a contract might constitute a defense against specific performance. If such mistakes are sufficient to justify RESCISSION of a contract, they are sufficient to prevent the enforcement of the contract. A court will enforce only a contract with definite and certain terms.

Can a buyer get specific performance?

In order for a buyer to ask the court for specific performance in a contract, the buyer must tender the purchase price of the unique item or prove that proper financing exists in order to move the court to order specific performance on the part of the seller.

How do you plead specific performance?

A complaint for specific performance must allege: (a) the making of a specifically enforceable type of contract, sufficiently certain in its terms; (b) adequate consideration, and a just and reasonable contract; (c) plaintiff’s performance, tender or excuse for nonperformance of the contract; (d) defendant’s breach of …

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What is an order of specific performance?

Under an order of specific performance, one party to a contract is ordered to perform their contractual obligations. … An injunction is a court order to a party to refrain from doing, or possibly to do, a particular act.

What is specific performance and when can this remedy be awarded?

Specific performance – this is an order directing the breaching party to perform the contract in the way specified by the court. It will only be ordered if damages will not provide adequate compensation and will not be awarded in relation to contracts of personal service.