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.
Wyoming Contract for the Lease and Mandatory Purchase of Real Estate - Specific performance clause
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Multi-State
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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
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 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.
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.
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.
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.
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.
An equitable remedy to compel a party to perform the specific terms of a contractual provision, rather than simply pay monetary damages as compensation for a breach.
Specific performance is an order of the court requiring a party to a contract to perform their obligations under the contract. Before the court makes an order for specific performance, a party must establish that there is a binding contract on foot and that the other party has breached.
In which circumstances would a buyer most likely sue for specific performance? The seller backed out of the original sales 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.