Guam 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.
The plaintiff must prove several elements to obtain specific performance. First, the plaintiff must show that there is a valid and enforceable contract between the parties. Second, the plaintiff must demonstrate that they are ready, willing, and able to perform their obligations under that contract.
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.
Specific performance is likely an available remedy when a seller can sell the property as agreed but simply has changed their mind about the transaction. In this case, the purchaser likely would have the right to sue the seller and insist upon specific performance.
The purpose of a specific performance clause is to provide protection for both parties to a contract or agreement when simple monetary compensation would not be adequate. This could involve the purchase or sale of unique property such as real estate, artwork, or other valuables.