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.
Texas Contract for the Lease and Mandatory Purchase of Real Estate - Specific performance clause
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Multi-State
Control #:
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
In Texas, specific performance is not a cause of action, but it does provide an equitable remedy when a party breaches a real estate contract. Stafford v.
When a buyer defaults, a seller has the option to sue for specific performance. This is an equitable remedy and an alternative to collecting monetary damages.
Specific performance is an order of the court requiring a party to a contract to perform their obligations under the contract. Before the court makes an order for specific performance, a party must establish that there is a binding contract on foot and that the other party has breached.
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.
Specific performance is a remedy in contract law that is most often applied in real estate litigation and disputes where a court issues an order requiring a party to perform a specific act, and to specifically perform according to the terms of a contract.
Specific performance is an equitable remedy in Texas where a party (almost always the buyer) asks a court to force the seller to transfer the property according to the terms of an earnest money contract.
Specific Performance: Overview When a contract is for the sale of a unique property, for instance, mere money damages may not remedy the purchaser's situation. Example: Rina offers to buy Beth's house and Beth accepts, but later decides to keep the property. Real estate is considered to be unique.
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.