Do you need an attorney for an action for Specific Performance in Cook County or one of the counties surrounding the Chicago area?
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Sometimes you sign a real estate contract and the other side does not wish to complete the deal. You can force the otherside to complete the transaction. A judge may order the sale to be consumated. This is an equitable right and after a trial a judge can grant specific performance.
If the judge grants specific performance, then you acquire the property under the terms of the contract everyone agreed to. In Illinois the contract has to be in writing and signed by the owner.
Specific performance can only be granted where there is a valid and enforceable contract. The contract terms must be so certain and unambiguous that the court can require the specific thing contracted for to be done.
- For the sale of real estate, the essential contractual terms include the
- Names of buyers and sellers;
- Description of the property sufficiently definite to enable a surveyor to locate the property;
- The sales price or means of determining the price and the terms and conditions of the sale; and
- The signature of the party charged.
To be enforced the contract must be for valuable consideration; however, if there has been no fraud or unfair advantage a court of equity will allow specific performance even though consideration is grossly inadequate. Also, a contract must have mutuality of obligation before a court will enforce it; that is at the time the contract was made either party could enforce it against the other.
A mutuality of obligation issue arises where one party has the unfettered right to terminate the contract. To alleviate this issue, courts have inserted into this unfettered right to terminate the obligation that it be exercised only in good faith. In addition, where one’s obligation under a contract is subject to the occurrence of a condition precedent, the courts require the person for whose benefit the condition precedent runs to use reasonable efforts to have it occur. If the party cannot remove the condition precedent, then there is no contract and specific performance will not be granted.
If you believe we can help you with your Chicago area specifc performance case, please contact us for a free, no obligation consultation.
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