Virgin Islands Complaint for Specific Performance of Real Estate Contract

State:
Multi-State
Control #:
US-CMP-10065
Format:
Word; 
Rich Text
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This is a multi-state form covering the subject matter of the title.
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  • Preview Complaint for Specific Performance of Real Estate Contract
  • Preview Complaint for Specific Performance of Real Estate Contract
  • Preview Complaint for Specific Performance of Real Estate Contract

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FAQ

The Anglo-American rule (in theory) partitions the remedy into two mutually exclusive categories: cases where damages are adequate, in which case money is the exclusive remedy; and cases where damages are not adequate, in which case specific performance is the exclusive remedy.

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. Most commonly ordered in cases involving real property and rare chattels.

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.

Definitions (feel free to skip) Performance Agreement: An arrangement between an employer and an employee, or a business and a contractor, which outlines the terms, expectations, goals, and standards of performance for each party.

One core strategy for defending against the implementation of specific performance is showing there is another adequate remedy at law that should apply instead. For example, the defendant could show this by alleging the item or transaction is not unique enough to require specific performance.

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.

If a buyer decides not want to go through with a sale, the seller may file a lawsuit for specific performance of the sales contract.

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Virgin Islands Complaint for Specific Performance of Real Estate Contract