If the non-breaching party can prove there was a contract and that he was willing and able to perform on the contract, he may be able to bring a successful specific performance action. The Buyers  lost their loan approval, were laid-off from their employment, etc., etc. You can also sue for specific performance – in other words, force the buyer to settle. Fax: 469-283-1787 Zillow has 129,091 homes for sale in Texas. Real Estate Law (52) Real Estate News (14) Construction Law (10) Texas Supreme Court Updates (8) Rural Water Utilities (8) Development Law (7) Property Owners Associations (6) Mortgage Lending (5) Water Law (5) Utility and Transmission Line Easements (4) View More Topics 04-09-00662-CV, 2010 WL 3160000, at *3 (Tex.App.-San Antonio Aug. 11, 2010, no pet.) It requires a defendant to actually go through with a certain action he promised to do, instead of just paying money for not keeping his promise. Download Form (docx, 42.67 KB) Download Form (pdf, 1.02 MB) Form Number: Pro Se 9. The contract contains provisions each must comply with, provisions that are legally binding. In those cases, reality dictates that the Seller not “throw good money after bad” because —  even in the face of a court order compelling a Buyer to close — compliance is an impossibility if the purchase money is not available. Beth would be compelled to go through with the sale. DiGiuseppe v. Lawler, 269 S.W.3d 588 (Tex. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Specific performance is not the only remedy. If Seller fails to comply with this contract, Seller will be in default and Buyer may (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money, thereby releasing both parties from this contract. Fax: 713-255-4426 The threat must pose a real possibility that a party will breach the contract. The breach of contract must be either actual or anticipated. 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. This is an equitable remedy and an alternative to collecting monetary damages. It is typically available in the sale of land law, but otherwise is not generally available if damages are an appropriate alternative. Parties can also recoup losses for things such as title search costs, inspections and mortgage application fees. In my experience (particularly in the residential context), Buyers most often fail to close on a purchase due to a change in finances. The Forms Professionals Trust! Zillow has 129,091 homes for sale in Texas. (mem.op.) Unless expressly authorized by a contract (note on this below), whether to award specific performance is within the discretion of the Judge. CHAPTER 58 Table of Contents . A home seller might potentially do the following if the buyer decides not to go through with the purchase: retain the initial earnest money payment and terminate the contract; sue for breach of contract, or; bring an action for specific performance. However, in real life (as opposed to the sometimes theoretical world of the law) pursuing specific performance against a Buyer is often futile. It's not just the seller … Specific performance is allowed in real estate contracts because each parcel of land is unique and monetary damages are not adequate. View listings, statistic, market overview and many real estate search options. 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. It is an available remedy since real estate is considered to be unique and one of a kind, so courts often grant this remedy on the basis that monetary damages are not sufficient to compensate a buyer for suffering the loss of the property. The Forms Professionals Trust! An idle threat will not be sufficient. Telephone: 713-255-4422 An anticipatory breach, on the other hand, occurs where one party threatens to refuse to perform their obligations under the contract. Specific performance is referred to under the law as an equitable remedy. Effective on December 1, 2016. And the math on real estate exams is based on information you probably learned by 10th grade. The subject matter of the contract must be unique, or an action for damages would be the proper remedy. App.– Fort Worth 2008, pet. About These Forms In General. The equitable remedy of specific performance can by difficult to navigate, and it is imperative that a party contact a competent real estate attorney to assist in an initial evaluation and any ensuing litigation. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. For example, as the seller, you might have agreed only to keep the earnest money if the buyer breaches the purchase and sale agreement. Under Texas law, contractual breaches can subject the breaching party to damages and attorneys’ fees. The past year saw some notable rulings in the area of real property in Pennsylvania including a pair of results regarding specific performance … DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money as liquidated damages, thereby releasing both parties from this contract. You can also sue for specific performance – in other words, force the buyer to settle. As the seller, you can keep the buyer’s earnest money. If the other party has done substantially more work than the other or seeks a monetary damages award, other types of resolution such as rescission will not be possible. Occasionally, the lost sale causes a domino effect whereby the Seller is unable to use the sale proceeds to purchase other real property, or to satisfy an immediate financial obligation that necessitated the sale. Real estate is considered to be unique. In Florida, not every contract can be granted specific performance, no matter how much the injured party wants to force the other side to go through and comply with the terms of the contract. Specific Performance and 'Replevin' Buying or Selling Real Estate? Since there is no other piece of property or house exactly like Beth's, Rina may be entitled to specific performance on the contract. denied). The action is usually one that has been previously detailed in a contract. Houston, TX 77018 TREC Form 30-12 (Residential Condominium Contract) (paragraph 15), TREC Form 24-14 (New Home Contract – Completed Construction (paragraph 15). All of the TREC-promulgated purchase contract forms expressly provide the remedy of  Specific Performance in their provisions related to “Default” (see below). This and the other pleading forms available from the www.uscourts.gov website illustrate some types of information that are … The remedy of specific performance is definitely available under law to force a Buyer to close upon an agreed purchase. Texas Real Estate homes for sale and rent in Texas. DiGiuseppe v. Lawler, 269 S.W.3d 588, 593-94, 601 (Tex. Once a seller and buyer agree on a price for a property, a real estate contract is signed. (a) This code is enacted as a part of the state's continuing statutory revision program, begun by the Texas Legislative Council in 1963 as directed by the legislature in the law codified as Section 323.007, Government Code. As such, the buyer will be forced to plead and prove the required elements of specific performance. The threat of specific performance is often an effective tool for buyers when a seller gets cold feet and threatens to cancel a real estate contract. It is common for a seller or the seller's real estate broker to send some sort of notice to the buyer purporting to cancel the contract and declaring a refusal to sell the property. Texas; Utah; Vermont; Virginia; Washington; West Virginia; Wisconsin; Wyoming; US Legal Forms; Complaint for Specific Performance of Real Estate Contract; Complaint for Specific Performance of Real Estate Contract. Substantial Performance. denied), DiGiuseppe v. Lawler, 269 S.W.3d 588, 593 (Tex.2008), TREC Form 20-13 (One to Four Family Residential Contract), TREC Form 9-12 (Unimproved Property Contract), TREC Form 25-11 (Farm and Ranch Contract), TREC Form 30-12 (Residential Condominium Contract), Real Estate Fraud & Disclosure Deficiencies. Seller, you can keep the buyer ’ s liability Adverse Possession Claim in many years of performance!, force the buyer must tender the purchase and sale of land is unique and monetary damages inadequate. 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