Specific Performance - Posted by big dog

Real Estate Investing Real Estate Law
1

Posted by big dog on December 16, 2004 at 09:18:14:

Thanks for your reply.

Ok…how in the world do you know that?

Barring specific performance, do you think I could recover damages, if any,
for a lower eventual sales price and interim expenses, etc.?

2

Specific Performance - Posted by big dog

Posted by big dog on December 15, 2004 at 15:31:41:

Under Texas law what are a Seller’s issues regarding Specific Performance in the case of a Buyer not closing with the following facts:

  1. Buyer did not notify Seller until a few hours before closing time that Buyer would not be closing, citing “family emergency”. (It is unclear at this point if Buyer will show up to close on a subsequent day.)

  2. Contract deadline for closing has passed with no request for extension.

  3. Title company has rcvd funds from Lender and is ready to disburse, pending Buyer signing. No other items are outstanding.

  4. Seller is not interested in taking earnest money as liquidated damages.

What chance does the Seller have that a court would enforce Specific Performance by the Buer under the contract, and what other damages, if any would the Seller be enititled to?

Thanks.

3

Re: Specific Performance - Posted by Scott T.

Posted by Scott T. on December 16, 2004 at 08:52:54:

Dog,

I know you probably do not want to hear this, but here goes anyway: When Specific Performance is utilized in a court of law (by the way, this very, very, very rarely is ruled by a Judge) 99.9999999999% of the time, it forces a seller to sell. Honestly, there is not a chance in hell a Judge will rule that a buyer must buy!!! Ask me how in the world I know this…

Thanks and I hate to be the bearer of bad news!!

Good Luck with your situation,

Scott T.