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.
New Mexico Contract for the Lease and Mandatory Purchase of Real Estate - Specific performance clause
State:
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
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract.
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.
Succinctly, specific performance is available when there exists: 1) a valid and binding contract; 2) definite and certain terms; 3) mutuality of obligation and remedy; 4) freedom from fraud and overreaching; and 5) lack of remedy at law. Shreeve, 65 Ariz.
Requirements for Specific Performance: 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.
In which circumstances would a buyer most likely sue for specific performance? The seller backed out of the original sales contract.
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract.
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.
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.