In Chicago, Illinois, a Complaint for Specific Performance of Real Estate Contract is a legal document filed in court to enforce a real estate contract when one party fails to fulfill their obligations as stated in the agreement. This lawsuit seeks to compel the non-performing party to carry out the terms of the contract as originally agreed upon. Keywords: Chicago, Illinois, Complaint for Specific Performance, Real Estate Contract, legal document, filed in court, enforce, obligations, agreement, lawsuit, non-performing party, terms, originally agreed upon. Here are a few different types of Chicago Illinois Complaint for Specific Performance of Real Estate Contract: 1. Residential Specific Performance Complaint: This type of complaint involves a residential real estate contract, where the plaintiff seeks to force the defendant to fulfill their contractual obligations such as transferring ownership or delivering possession of the property. 2. Commercial Specific Performance Complaint: This complaint pertains to a commercial real estate contract and focuses on compelling the breaching party to perform specific actions, such as transferring the title, completing construction, or handing over the premises as agreed. 3. Land Specific Performance Complaint: In cases involving land contracts, this complaint aims to enforce the contract's terms related to the sale or transfer of land, such as boundary disputes or failure to convey the agreed-upon property. 4. Investment or Rental Property Specific Performance Complaint: This type of complaint is filed when a party fails to adhere to the contractual obligations related to an investment property or rental agreement. It seeks to enforce terms like maintaining the property, providing income, or allowing access to the property. 5. New Construction Specific Performance Complaint: This complaint focuses on enforcing a real estate contract concerning new construction projects. It aims to compel the non-performing party to complete construction, meet quality standards, or provide necessary approvals. By filing a Complaint for Specific Performance of Real Estate Contract in Chicago, Illinois, the aggrieved party seeks the court's assistance in enforcing their rights and ensuring that the breaching party fulfills their obligations as agreed upon in the original contract.
Chicago Illinois Complaint for Specific Performance of Real Estate Contract
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How to fill out Chicago Illinois Complaint For Specific Performance Of Real Estate Contract?
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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.
Specific performance is a court order requiring a party that caused a loss to perform their promise as closely as possible, often in cases where a cash payment can't replace what was lost. In a typical civil lawsuit where specific performance comes up, there is a plaintiff (?claimant?) and a defendant (?respondent?).
For example, a contract for the sale of a specific piece of property, in 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.
If you are the buyer seeking specific performance, then the key factors contributing to whether the court will grant an award of specific performance is whether you have performed your obligations under the contract and remain ready, willing and able to purchase the property at all times.
When is Specific Performance Ordered? Courts will enforce specific performance only if the underlying contract was fair and equitable. Other commodities that courts have found to support specific performance include works of art, custom-made products, and goods in short supply.
(1) Except as otherwise provided in this Act, specific performance of a contract shall, be enforced when the act agreed to be done is in the performance wholly or partly of a trust. (2) A contract made by a trustee in excess of his powers or in breach of trust cannot be specifically enforced.
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.
Specific performance is often considered an exceptional remedy and is not always realistically available in a contract dispute for various reasons. Simply put, specific performance requires the parties to move forward and complete the contract as they previously agreed, as if there had never been a breach by one party.
A court may order specific performance when monetary damages aren't enough to compensate the injured party.