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.
Wisconsin Contract for the Lease and Mandatory Purchase of Real Estate - Specific performance clause
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US-00120
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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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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.
(4) When a part of a contract which, taken by itself, can and ought to be specifically performed, stands on a separate and independent footing from another part of the same contract which cannot or ought not to be specifically performed, the court may direct specific performance of the former part.
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.
Definition: a lien or charge against a specified parcel of property, such as a mortgage, an attachment , or a mechanic's lien. Pronunciation: \\spi-02c8si-fik\\\\02c8l0113n\\ Used in a Sentence: When the builder failed to pay the plumber for the work done, the plumber filed a specific lien against the property.
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.
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 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.
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.
In which circumstances would a buyer most likely sue for specific performance? The seller backed out of the original sales contract.