For the contract to be terminated, a formal notice of termination must be sent to the breaching party. See Benton v. Benton , 280 Ga. 468, 470, 629 S.E.2d 204 (2006). Further, it is undisputed that the Sellers did not make any changes to the Property to accommodate these specific Buyers that caused the Sellers to incur additional expenses or that made the Property less attractive to other potential purchasers. The notice is sometimes called a notice of lis pendens, and is usually filed in the county clerk's office. The concept of specific performance arose in medieval England where land ownership was tied to social status and parliamentary voting rights. I really wish we could make them close!!! To be safe, REALTORS wishing to avoid arguments on this point should always, include an outside date of expiration even when there is an automatic renewal provision. (citations and punctuation omitted). Georgia Title | Guidance on Purchase and Sale Contract Due Diligence Real Estate Specific Performance Dispute Attorney | Schorr Law Laseter , 251 Ga. at 180 (2), 304 S.E.2d 72. Stat. As above, there is nothing in the record that would support a finding that $80,000, plus the proceeds of the sale of the Property to a different party, would not have constituted an adequate remedy at law under the circumstances presented. call for specific quality of title at closing (such as General Warranty Deed) allocation of closing expenses. Significantly, the record disproves any suggestion that the Sellers actually wanted the Buyers, specifically, to own the Property due to some prior relationship between the parties or the Sellers particular fondness for the Buyers. Finally, the Sellers argue that, because the Contract did not require them to accept the earnest money if the Buyers defaulted, but instead allowed them to choose "any lawful remedy" for the breach, they "had the absolute right" to choose specific performance. When one party to a sales agreement breaches the contract by not performing as required by the contracts terms, the harmed party often does not want monetary damages but desires actual performance. An executory agreement for the sale of real property expires one year and a day from the date specified in the agreement or 18 months and a day from the date it was signed. Laying Down the Law - Specific Performance as a Remedy in Real Estate The Buyers agent then obtained permission to show the Property to the Buyers on March 30, 2017, and by the end of the next day , the Buyers had viewed the Property and made an offer, their agent had drafted the Contract, and the parties had executed the Contract without any changes. The answer is yes under both federal and state law. What might the legal fees be to pursue this type of case. See Laseter, 251 Ga. at 180 (1), 304 S.E.2d 72; Southeastern Land Fund, 237 Ga. at 228-229, 227 S.E.2d 340 (The Court held that, even if a real estate contract does not mention specific performance as a remedy, specific performance is still available unless it is specifically excluded, although the contract in that case actually mentioned .
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