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Specific Performance Clause May Not Be Enforced In Sale-Leasebacks
Specific performance is an important remedy in real estate transactions, and is typically specified when drafting agreements for the purchase and sale of real estate; in the event that the seller breaches its obligation to sell the property, the buyer can seek court intervention compelling the seller to follow through with the sale. However, a specific performance remedy is disfavored by the courts, and under certain circumstances (particularly in the case of sale-leasebacks), a specific performance clause, even if properly drafted, may not be enforced by the courts.
Specific Performance Generally
Specific performance is an equitable remedy for a breach of contract, in which a court will force the breaching party to perform its contractual obligations. Although courts generally prefer awarding monetary damages to the non-breaching party, they do have discretion to award specific performance.
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