Maryland 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
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.
The purpose of a specific performance clause is to provide protection for both parties to a contract or agreement when simple monetary compensation would not be adequate. This could involve the purchase or sale of unique property such as real estate, artwork, or other valuables.
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.
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.
What is Specific Performance in Maryland? When someone breaches a contract, the other parties to the contract might have multiple options for remedies. In many cases, the breaching party can pay the injured party financial damages to make up for the breach.
The most common cases where specific performance is applied is in real estate litigation where a reluctant seller (or buyer) can be ordered by the court to complete the sale transaction. This is called specific performance.
Finally, the plaintiff must show that there is no other adequate remedy at law. Specific performance is typically awarded when money cannot adequately compensate the injured party and when the contractual obligation is unique or difficult to value.
A plaintiff is more likely to obtain an order of specific performance in a real estate sale dispute than in many other types of litigation actions. That is because of the inherently unique nature of a parcel of real estate.