Minnesota 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 specific performance clause is typically enforceable as long as it is fair to both parties, and as long as the injured party can prove that the defendant failed to live up to their obligations and that they (the injured party) lived up to theirs.
To obtain specific performance, the buyer must show that they were ready and able to perform at the closing. Most importantly, this means that the buyer must show having had appropriate financing, whether in the form of cash or from a lending institution.
A court may order specific performance when monetary damages aren't enough to compensate the injured party.
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.
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.
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.
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.