Most contracts dealing with the sale and purchase of commercial real estate provide the purchaser with two primary remedies if the seller defaults: 1) the right to terminate the contract and receive a return of any amounts paid by the purchaser as a deposit under such contract; and 2) the right to seek specific performance of the seller’s obligations under the contract.
Availability of Specific Performance In Commercial Real Estate
Most contracts dealing with the sale and purchase of commercial real estate provide the purchaser with two primary remedies if the seller defaults, one of which is the right to seek specific performance of the seller’s obligations under the contract. This article explores some situations where specific performance may be available, as well as certain requirements that must be satisfied in order to obtain an order of specific performance.
By
Jeremy Herskowitz and Aishlinn Bottini
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