Have you ever been a party to a signed contract and then had the other party bail? This happens surprisingly often, especially in the real estate context. Imagine a buyer and a seller that have signed a real estate contract to transfer ownership of a home. The parties go through an inspection and other negotiation and then, suddenly, the seller decides that he/she can’t go through with it. What can you do?
One option is to force the seller to complete the transaction by filing a lawsuit for breach of contract. That lawsuit can seek “specific performance” as the remedy. If the judge grants specific performance, you can acquire the property under the terms of your contract.
Specific performance can only be granted where there is a valid and enforceable contract – in writing. The contract terms must be clear and unambiguous. In the real estate contract, unambiguous terms include (i) the names of the buyer/seller, (ii) a description of the property, (iii) the purchase price, and (iv) signature of the parties. If all of these items are in your contract, specific performance may be granted.
If you believe that you have the right to seek specific performance on a contract you signed, contact Donnelly Law LLC for a consultation.