Downpayment Disputes & Specific Performance
Are you having a dispute regarding the downpayment that was placed in escrow for a real estate transaction? Alternatively are you trying to force the seller to sell based on an existing contract? If so our real estate litigation attorneys can assist. WWe require a $5,000 retainer to either file a lawsuit or defend a lawsuit. Please Contact Us for additional information.
WE ASSIST WITH THE FOLLOWING
- Purchases cannot close either for a legitimate (or sometimes a non legitimate reason). We represent the Purchase who wants his or her downpayment returned OR the seller who wants to retain the downpayment.
- Seller cannot close either for a legitimate (or sometimes a non legitimate reason). We represent the Purchaser who wants to sue to force the seller to sell (specific performance) or the Seller to defend against such a lawsuit.
WHAT ARE DOWNPAYMENT DISPUTES?
With most real estate contracts, the Purchaser places a percentage of the purchase price in escrow. Frequently a dispute will arise regarding this downpayment if the Purchaser fails to close. We have represented and can represent either side in such a dispute. We can assist you in trying to get your downpayment back if you are the buyer. If you are the seller, we can assist you in trying to keep the downpayment. Each case is unique and the facts are certainly important in ultimately determining who will prevail.
WHAT IS SPECIFIC PERFORMANCE?
Specific performance is a legal remedy that requires a party to perform its obligations under a real estate contract. In other words, if one party breaches a contract sell real estate, the other party can seek specific performance to force the breaching party to fulfill its contractual obligations.
HOW DOES SPECIFIC PERFORMANCE WORK?
If you seek specific performance, you will need to file a lawsuit and prove that the other party breached the contract. If successful, the court will order the breaching party to perform its obligations under the contract, such as closing on the sale of the property.
CAN I SEEK SPECIFIC PERFORMANCE IF I AM THE BREACHING PARTY?
In most cases, a party cannot seek specific performance if they are the breaching party. This is because specific performance is a remedy that is intended to protect the non-breaching party’s interests.
WHAT FACTORS ARE CONSIDERED IN A SPECIFIC PERFORMANCE LAWSUIT?
The court will consider a variety of factors when deciding whether to grant specific performance, including the terms of the contract, the nature of the breach, and whether monetary damages would be an adequate remedy.
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