Residents of Florida who enter into a real estate agreement have an option if a contract dispute arises. A specific performance clause is in place to protect people when a breach of contract has been committed.
Overview of specific performance clauses
A specific performance clause is something added to a real estate contract to provide a remedy in the event that one party breaches the contract. It doesn’t necessarily include financial relief directly as it typically involves some other type of relief that satisfies the interests of the party abiding to the contract agreement.
For example, a man agrees to sell his home to a coworker, but the homeowner ends up backing out of the deal at the last minute. The coworker is left in a bind because he has already given his landlord notice that he would be moving by the end of that month. With a specific performance clause as part of the contract between the two men, the homeowner could be ordered by the court to abide by the terms of the agreement and sell the home to his coworker as originally promised.
When specific performance is ordered
When a breach of contract arises between parties, the court will only determine that the specific performance clause should be abided by if the contract is fair and equitable. If there is no way to settle the matter through financial means, then the specific performance would be enforced as an appropriate remedy.
However, it’s up to the court to decide whether specific performance is an appropriate solution. If it’s found that both parties have failed to hold up their respective ends of the contractual agreement, it would not be enforced.
When you have an agreement in place relating to real estate, it’s frustrating and unfair when the other party suddenly backs down. The specific performance clause could be a lifesaver.