Legal Question in Real Estate Law in California
We are the buyers and have changed our mind on purchasing the house. Contingencies have been released. Can the sellers force us to buy: specific performance? Thank you for your response.
Asked on 10/20/11, 10:48 pm
1 Answer from Attorneys
No. Specific performance is only available where there is inadequate remedy in monetary damages. Buyers can force specific performance because real estate is considered unique, particularly residences, so money can't replace the obligation to convey a particular property, but since the seller was only going to get money anyway, they are limited to money damages. Furthermore, if you both signed off on the liquidated damages clause in the standard CAR form contract, the seller waived any other remedies.
Answered on 10/20/11, 10:57 pm
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