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.
West Virginia 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
The complaining party must prove four elements to show that a contract existed. These elements are offer, consideration, acceptance, and mutuality.
Specific performance is an equitable relief granted by the Court to enforce contractual obligations between the parties. It is a remedy in performance as opposed to a claim sounding in damages for breach of contract where pecuniary compensation is granted as relief for failure to carry out the terms of the contract.
Payment Plan Aside from the agreed-upon price, including any adjustments or deposits, your sales contract should outline: How and when the buyer will receive an invoice. The timeline for payment. Acceptable payment methods, like email transfer, bank draft, certified check, cash, etc.
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 which circumstances would a buyer most likely sue for specific performance? The seller backed out of the original sales contract.
Essential elements of an agreement of sale of immovable property are: parties (buyer & seller); price (purchase price); subject of sale (immovable property); prescribed formalities (agreement must be in writing and signed by the parties).
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: 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.
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.
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.