A Kentucky Complaint for Specific Performance or Damages Based on a Contract to Convey Real Property is a legal document used to initiate a lawsuit when a party has entered into a contract to transfer real property, but either the seller or buyer has failed to perform their contractual obligations. It is used to seek either specific performance (where the party is forced to fulfill their obligations under the contract) or damages (monetary compensation for the losses incurred due to the breach). The complaint must include specific information such as the parties' names, a description of the property, the terms of the contract, and the facts surrounding the breach, as well as what the plaintiff is seeking in terms of damages or specific performance. The two main types of Kentucky Complaint for Specific Performance or Damages Based on a Contract to Convey Real Property are the Complaint for Specific Performance and the Complaint for Damages. The Complaint for Specific Performance is used when the plaintiff is seeking to enforce the contract and compel the other party to complete their obligations. The Complaint for Damages is used when the plaintiff is seeking monetary compensation for the losses caused by the breach.
Kentucky Complaint for Specific Performance or Damages Based on a Contract to Convey Real Property
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How to fill out Kentucky Complaint For Specific Performance Or Damages Based On A Contract To Convey Real Property?
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FAQ
When Can Sellers Sue for Specific Performance? While sellers can sue for specific performance against a buyer over a failure to perform on a real estate contract, the remedy is rarely applicable and even more rarely sought.
Specific performance is the legal enforcement of a contract, typically after one party has breached the agreement. For example, a seller of a property executes a purchase agreement with a buyer and then decides they do not want to sell the property shortly thereafter.
An example of specific performance is a venue that contracted with a popular comedian to perform on a specific evening. When the comedian attempted to pull out of the contract, the venue appealed to the court for specific performance.
Specific performance is a type of remedy for breach of contract in which a court orders the breaching party to perform their end of the bargain. Monetary damages are typically favored over specific performance as a remedy for breach of contract.
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 ing to the terms of a contract.
Specific performance is applicable to contracts for the sale of real estate because real estate is considered unique. In the event that the buyer breaches, the seller can get specific performance where the court will order the buyer to take title to the land and pay the contract price.
This includes when an obligation that is stated in the contract is not completed on time?for example, you are late with a rent payment?or when it is not fulfilled at all, such as a tenant vacating their apartment owing six months' back rent.
The most common reason courts grant specific performance is that the subject of the contract is unique, when it's not merely a matter of money or where the true amount of damages is unclear. When a contract is for the sale of a unique property, for instance, mere money damages may not remedy the purchaser's situation.