What does specific performance mean 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 an example of specific performance in real estate?
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. Real estate is considered to be unique.
In which circumstance would a buyer most likely sue for specific performance?
In which circumstances would a buyer most likely sue for specific performance? The seller backed out of the original sales contract.
What is the specific performance rule?
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract.
How do you prove specific performance?
Requirements for Specific Performance: Courts will enforce specific performance only if the underlying contract was “fair and equitable.” It is up to the plaintiff to demonstrate that the contract was an appropriate one, legal, with each party receiving fair consideration for performance.
Is specific performance a cause of action?
Specific performance is a common remedy for a failed purchase and sale of real property. By initiating a specific performance cause of action, the buyer or seller of real property asks the court to compel the other party to perform its contractual obligation to either buy or sell the property.
What remedies include specific performance?
The equitable remedies are specific performance (an order directing a person to deliver to the buyer the unique thing the seller contracted to sell), injunction (an order directing a person to stop doing that which he should not do), and restitution (the return by one party of the benefit conferred on him when the …
How do you win a specific performance case?
In order to successfully fight a specific performance demand or lawsuit, the defending party must evaluate the facts and circumstances and be prepared to show that the party seeking specific performance has not met the required elements for specific performance, and more specifically show that the remedy of specific …
Who can sue for 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.
Who can claim specific performance?
Any party: Illustration: In a contract, there are two parties, A and B. Therefore, either of the parties can obtain specific performance of the contract. 2. The principle or the representative in interest, of any party.
When a suit for specific performance is filed?
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. Remedy of specific performance which is affected in case of breach of contracts is provided by the equity courts.
When can specific performance not be granted?
Specific performance will not granted where compensation is enough relief. Damages may be considered to be an inadequate remedy. If it is difficult to quantify them. Thus, specific performance may be ordered of a contract to execute a mortgage for money advanced.
What is specific performance in Tennessee real estate law?
Tennessee law allows a buyer under a real estate sales contract a remedy called “specific performance.” Specific performance refers to an order whereby the court forces the seller to convey the real property in question.
Specific performance refers to an order whereby the court forces the seller to convey the real property in question. The remedy of specific performance rests on the notion that every piece of real estate is unique and money damages are not a fair substitute for something as unique as a piece of real property.
What is specific performance of a contract?
Specific Performance § 134 (2014) (“To succeed in an action for specific performance of a contract for the purchase of real property, a petitioner must show by clear and convincing evidence that there is a valid contract to purchase real property and that he or she is ready, willing, and able to perform his or her obligations under the contract.”).
Can a buyer of real estate request specific performance from the seller?
To that end, while most cases involve the buyer of real property requesting specific performance from the seller, the law recognizes that the seller has a remedy in specific performance as well. 71 Am. Jur. 2d Specific Performance § 133 (2014) (hereinafter Specific Performance).