Specific Performance in Real Estate Transactions

Unfortunately, every so often, a buyer and a seller get into a situation that one of them wants to back out of. In many cases, the other party wants the transaction to continue; whether it is the selling or purchasing of an Orange County home. As the aggrieved party, what is your legal recourse? Generally, real estate contract is binding once a seller and buyer agree on a price for a property and sign the contract. Under California law, you might be able to sue for Specific Performance due to breach of contract. An alternative to monetary damages, specific performance is an order of a court which requires a party to perform a specific act, usually what is stated in a contract, such as go through with the sale or purchase of a home.

Buyer’s Remedy of Specific Performance

In California, if the seller of real estate is able but unwilling to perform on the contract, the buyer may bring a lawsuit for specific performance. This is because on certain occasions, CA courts have recognized that each parcel of land is unique and that a monetary award may be an inadequate resolution. Therefore, the seller is ordered to convey the property to the buyer, according to the terms of the contract. A buyer may also seek specific performance from the seller when the seller can’t convey the entire property covered by the contract, such as when some defects in title are uncovered.

Seller’s Remedy of Specific Performance

Alternatively, California law allows the seller of real estate to file a lawsuit against a defaulting buyer for specific performance of the sales contract. In this instance, the relief actually obtained by the seller is the recovery of money. However, if the contract provides for a specific, exclusive remedy in the event of the buyer’s breach, the seller is precluded from bringing a lawsuit for the purchase price.

In all cases, specific performance is granted at the court’s discretion.

For more information about real estate transactions in Orange County, contact experienced South Orange County real estate agent Cheryl Marquis today.

By teammarquis|2013-12-20T16:00:02+00:00December 20, 2013|South Orange County|Comments Off

About the Author: teammarquis

Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 29 years where she has assisted clients in finding, aggressively negotiating, and settling in to their dream homes and communities. Cheryl is a firm believer that an unwavering dedication to your passions is the key to success-it is this very philosophy that forms the basis of her strategy as a real estate professional. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. Additionally, Cheryl is a member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). Cheryl received her Bachelor of Arts in Communications from San Diego State University. Go Aztecs!

Find Your Dream Home Today!

If you are looking to buy or sell residential real estate in the Orange County, CA area, you have come to the perfect place. Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 30 years where she has assisted clients in finding, aggressively negotiating, and settling in to their dream homes and communities.

Specific Performance in Real Estate Transactions