Specific Performance in Miami Real Estate Contracts
Specific performance is a legal remedy to compel someone to do something according to a contract. Specific performance in Miami real estate contracts was front and center recently. On March 10, 2021, the 3rd District Court of Appeal issued its opinion in the case of Mori v. Fortune Capital Partners, Inc. If you are involved in real estate contracts and the other side won’t do what you think they should, read this case. And read the Miami real estate contract. We have previously blogged about Florida real estate litigation and a Florida condo sale. To read more about a seller’s duties under a real estate contract, and a desire to get out of the contract, CLICK HERE.
Real Estate Litigation
What do you do when a party to a real estate contract won’t perform? “The first thing to do” says litigation attorney John Pankauski “is read the real estate contract.” Pankauski, who has litigated, drafted and reviewed numerous real estate contracts over his career, should know. He knows a thing or two about specific performance and real estate litigation. What does Florida Real Estate Law say about real estate deeds and conveyances? You can read the entire Chapter 689 for free. Beyond understanding how real estate is transferred, or conveyed, the contract holds many of your legal keys.
What Does Your Real Estate Contract Say?
To read this 3rd DCA opinion on Specific Performance in Miami Real Estate Contracts, CLICK THIS LINK. How long do you have to enforce your rights? Chapter 95 Florida Statutes provides the statutes of limitations. Note that while there are many statutes related to real estate, don’t be confused. If you are talking about a buyer or seller ignoring a contract, that statute of limitations is five years. See Fla. Stat. 95.11 (2)(b). How do you define specific performance? Specific performance is a real estate remedy to require someone to do something which they agreed to do in a Florida contract. “But be careful” warns Pankauski, who has Florida real estate lawsuits pending right now. “Sometimes purchase and sale agreements limit your rights.” Sometimes there is a liquidated damages clause in a contract. Other times, one’s damages are limited to the initial deposit. Look out for lopsided contract remedies. One side may have the exclusive right to specific performance, but the other side does not. In some cases, that may not be permissible.