What is a suit for specific performance in real estate?

What is specific performance suit?

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.

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.

What is a 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.

Can you sue for specific performance real estate?

Buyer’s Suing for Specific Performance

Specific performance is allowed in real estate contracts because each parcel of land is unique and monetary damages are not adequate. The buyer must tender the purchase price in order for specific performance to be granted.

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How do you plead specific performance?

Thus, a complaint for specific performance should allege:

  1. The making of a specifically enforceable type of contract, sufficiently certain in its terms and with legally competent parties;
  2. Adequate mutual consideration;
  3. Just and reasonable contract;
  4. Plaintiff’s performance, tender, or excuse for nonperformance;

How are court fees calculated for a suit for specific performance?

The suit for the relief of specific performance of an agreement, for the purposes of court fees, as per Section 7(x) of the Court Fees Act, 1870 is to be valued according to the amount of the consideration and the valuation thereof for the purpose of jurisdiction, as per Section 8 of the Suits Valuation Act, 1887, is …

How do you win a specific performance lawsuit?

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 …

What happens when you sue for specific performance?

When a party wins a Specific Performance lawsuit, the court will seek to put the parties in the position they would be in if the contract had been performed pursuant to its terms. This means the court will order the sale of the property at the price and terms agreed upon.

When can a buyer sue for specific performance?

The buyer is allowed to sue for specific performance if the seller refuses to move forward with her obligations under the agreed upon contract.

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What is required for specific performance?

Specific performance requires you to show that monetary damages are inadequate to compensate your claim. The item in question must be so unique that a monetary value does not adequately address the harm caused by the failure to perform.

Is specific performance common in real estate?

The sometimes murky concept of “specific performance” has roots going back hundreds of years in the common law, and has been limited in many jurisdictions and areas of law, but specific performance is still alive and well in the world of California real estate litigation.

When can you get specific performance?

Specific performance is typically awarded when money cannot adequately compensate the injured party and when the contractual obligation is unique or difficult to value.