Virginia Bill of Complaint for Specific Performance regarding Sale of Real Estate
Description Is A Bill Of Sale Required In Virginia
How to fill out Virginia Bill Of Complaint For Specific Performance Regarding Sale Of Real Estate?
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FAQ
When a buyer defaults, a seller has the option to sue for specific performance. This is an equitable remedy and an alternative to collecting monetary damages. It is a claim that is pursued through litigation, and if it is granted, a court will order a buyer to go to closing on a home.
Terms: Specific Performance: A court ordered remedy that requires the breaching party to actually perform on the contract.In contracts for the sale of goods, the test for determining a buyer's right to specific performance, according to the U.C.C., is whether or not the goods that are being contracted for are unique.
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.
While sellers can sue for specific performance against a buyer over a failure to perform on a real estate contract, the remedy is rarely applicable and even more rarely sought.The seller is then free to market the property and enter into a contract with a new buyer.
A buyer facing a seller who refuses to perform can sue the seller for specific performance of the contract. Specific performance is equitable relief and will only be awarded when damages would not make the buyer whole. Since real estate is considered unique, a real estate contract qualifies.
When a buyer defaults, a seller has the option to sue for specific performance. This is an equitable remedy and an alternative to collecting monetary damages. It is a claim that is pursued through litigation, and if it is granted, a court will order a buyer to go to closing on a home.
Specific performance is a specialized remedy used by courts when no other remedy (such as money) will adequately compensate the other party. If a legal remedy will put the injured party in the position he or she would have enjoyed had the contract been fully performed, then the court will use that option instead.
A suit for specific performance can be filed by any party, in a court of competent jurisdiction, who has suffered loss due to non-performance of contract on part of the other party to the contract. Remedy of specific performance which is affected in case of breach of contracts is provided by the equity courts.