Minnesota Clauses Relating to Defaults, Default Remedies
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FAQ
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.
The plaintiff must prove several elements to obtain specific performance. First, the plaintiff must show that there is a valid and enforceable contract between the parties. Second, the plaintiff must demonstrate that they are ready, willing, and able to perform their obligations under that contract.
A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.
Succinctly, specific performance is available when there exists: 1) a valid and binding contract; 2) definite and certain terms; 3) mutuality of obligation and remedy; 4) freedom from fraud and overreaching; and 5) lack of remedy at law.
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.
If the real estate described in the contract is actually occupied, then, in addition to publication, a person in possession must be personally served, in like manner as the service of a summons in a civil action in state district court, within 30 days after the first date of publication of the notice.
Under Minnesota law, pursuant to the Minn. Stat. § 559.217, either the buyer or the seller have the right to initiate a statutory cancelation of a residential purchase agreement if a default occurs or an unfulfilled condition exists after the date specified for fulfillment.
A contractual remedy in which the court orders a party to actually perform its promise as closely as possible, because monetary damages are somehow inadequate to fix the harm.