North Carolina Complaint for Specific Performance of Real Estate Contract
Description
How to fill out Complaint For Specific Performance Of Real Estate Contract?
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FAQ
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 remedy that a court may give in a breach of contract action. The court orders the breaching party to comply with the contract. In a real property dispute, this may require the breaching party to sell the property to the buyer under the contract terms.
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 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.
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.
Specific performance is likely an available remedy when a seller can sell the property as agreed but simply has changed their mind about the transaction. In this case, the purchaser likely would have the right to sue the seller and insist upon specific performance.
In order to obtain specific performance, a party must show the existence of a valid contract, its terms, and either the party's full performance of the contract or that the part was ready, willing, and able to perform the terms of the contract.