This form is a contract for a lease and a manadatory purchase of real estate. Seller demises and leases to purchaser and purchaser takes and rents from seller certain real property described in the form. Purchaser agrees not to use or permit the use of the property for an illegal purpose. An auction, fire or going out of business or bankruptcy sale, may not be conducted in the property without prior written consent of the seller.
North Dakota Contract for the Lease and Mandatory Purchase of Real Estate - Specific performance clause
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Multi-State
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US-00120
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Word;
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How to fill out Contract For The Lease And Mandatory Purchase Of Real Estate - Specific Performance Clause?
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FAQ
However, there are some basic items that should be included in every purchase agreement.Buyer and seller information.Property details.Pricing and financing.Fixtures and appliances included/excluded in the sale.Closing and possession dates.Earnest money deposit amount.Closing costs and who is responsible for paying.More items...?
Common contingencies in real estate include an appraisal contingency, inspection contingency, sale contingency or funding contingency.
A purchase agreement must detail the property to be sold, identifying the exact address and including the property's legal description as contained in official records of the local jurisdiction. Additionally, the identity of the seller (or sellers) and the buyer (or buyers) must be noted.
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.
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract.
Specific performance is a specialized remedy used by courts when no other remedy (such as money) will adequately compensate the other party. If a legal remedy will put the injured party in the position he or she would have enjoyed had the contract been fully performed, then the court will use that option instead.
A sales and purchase agreement (SPA) is a binding legal contract that obligates a buyer to buy and a seller to sell a product or service. SPAs are often used in real estate deals or when two parties are transacting a large item or a large quantity of items.
In summary, specific performance is an equitable remedy that is available when a party to a sales contract for real property is harmed by the other party's nonperformance.
Requirements for Specific Performance: Courts will enforce specific performance only if the underlying contract was fair and equitable. It is up to the plaintiff to demonstrate that the contract was an appropriate one, legal, with each party receiving fair consideration for performance.
You can negotiate the conditions in a sale and purchase agreement. A sale and purchase agreement becomes unconditional when all the conditions are met. The agent helps you and the seller to include the conditions you both want.