The real estate business is hopping in Miami. Deals are being made at a rapid clip and you need to be on the ball lest you miss out on the next big opportunity.
But, let's say you were able to secure the purchase of a great piece of property. You have signed a real estate contract and everything appears ready to move forward. Then, you get some very bad news: the owner of the property has decided to back out of the deal.
Now the plans you have made regarding that property appear to be going out the window. This is not only disappointing, but it may cost you in other ways. If you had other deals lined up contingent upon this initial purchase, then those plans may be in jeopardy as well.
However, all may not be lost. It is possible for a court to remedy such cases through the granting of what is called "specific performance." Specific performance can be used in cases where a contract's subject is unique and the enforcement of the agreement may be the only equitable means of compensating the injured party.
Because no two pieces of real estate are absolutely identical, then each may be considered unique. Therefore, a court could invoke specific performance, compelling a completion of its contracted sale.
Having someone back out of an important transaction can have serious repercussions on your ability to successfully complete a project. You could lose time, money and even your good name if you are put in the position of failing to make good on your promises.
If someone you are working with does not want to follow through on their contractual obligations, you may consider issuing a legal response. A Florida attorney, who handles contract dispute cases, may be able to go over the agreement and help you chart a course toward fixing the situation.