Alaska Complaint for Specific Performance of Real Estate Contract
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How to fill out Complaint For Specific Performance Of Real Estate Contract?
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FAQ
For example, a contract for the sale of a specific piece of property, from which the owner pulls out, may result in a specific performance order requiring the seller to complete the sale to put the buyer in the position they would have enjoyed if the contract had been honored in the first place.
This is specific performance. For example, in a dispute over real property where one person has changed their mind about selling a house, a court can order that the real estate contract be honored. The judge will require that the purchase go through, even if earnest money has already been exchanged.
A court may order specific performance when monetary damages aren't enough to compensate the injured party.
Finally, the plaintiff must show that there is no other adequate remedy at law. Specific performance is typically awarded when money cannot adequately compensate the injured party and when the contractual obligation is unique or difficult to value.
If the seller continues to refuse to complete the transaction, the next step is a specific performance lawsuit. To win, the buyer must show that there was a valid contract for the sale with specific terms and conditions, that the buyer is willing, ready and able to complete the sale, and the seller refuses.
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.
Hence, the statement of a cause of action in a suit for specific performance calls for two kinds of allegations: those that establish the right to recover for breach of contract, as well as those that are essential to the granting of the equitable remedy of specific performance.
Generally, the equitable remedy of specific performance will be granted only if two criteria are met: monetary damages (under the situation) must be inadequate as a remedy, and the subject matter of the contract must be unique.