Specific Performance in Property Transactions Research

Specific Performance in Property Transactions
(Student’s name)
Law
(Institutional affiliation)
Specific Performance in Property Transactions
Specific performance pertains to the solution given in case there is a breach of contract, which means the defaulting party needs to meet the requirements of the contract. In property transactions, the seller needs to relay the property to the buyer based on the purchase agreement. However, there are still questions that can be raised according to the context of specific performance in property transactions and some them are:
1. When can a seller file a lawsuit against a buyer?
A lawsuit can be filed for a specific performance of the contract made for the sales. The recovery money obtained from this lawsuit is a relief because judgment can only be entered by the court that requires the payment of the property.
2. Does the seller get to keep the earnest money?
If the seller is ready and can sell the property, but the buyer declines to close the deal, the seller has every right to have the contract terminated. In addition, the seller gets to keep the earnest money even if the amount paid by the buyer is bigger than the damages done to the seller due to breach of contract. And this is usually a legal situation.
3. Whe...