Iowa Complaint for Specific Performance of Real Estate Contract
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How to fill out Complaint For Specific Performance Of Real Estate Contract?
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FAQ
For example, a contract for the sale of a specific piece of property, from which the owner pulls out, may result in a specific performance order requiring the seller to complete the sale to put the buyer in the position they would have enjoyed if the contract had been honored in the first place.
A court may order specific performance when monetary damages aren't enough to compensate the injured party.
Exceptional circumstances An order of specific performance is generally not granted if any of the following is true: Specific performance would cause severe hardship to the defendant. The contract was unconscionable.
Generally, the equitable remedy of specific performance will be granted only if two criteria are met: monetary damages (under the situation) must be inadequate as a remedy, and the subject matter of the contract must be unique.
Courts will enforce specific performance only if the contract is fair and equitable. Apart from real estate, courts have ordered specific performance for: Works of art.
If the seller continues to refuse to complete the transaction, the next step is a specific performance lawsuit. To win, the buyer must show that there was a valid contract for the sale with specific terms and conditions, that the buyer is willing, ready and able to complete the sale, and the seller refuses.
With Assuming the deal is not contingent on another sale, and the seller wants out in order to get a better deal or simply changes their mind, the buyer has a remedy in the form of a suit in court for specific performance, seeking a court order requiring the seller to perform as the seller originally contracted to do.
Specific performance is a type of remedy used by courts when no other remedy, including equitable relief, will adequately compensate the other party. If a legal remedy will put the injured party in the position they would have enjoyed had the contract been fully performed, then the court will use that option.