Credit: Tero Vesalainen/Shutterstock Specific Performance of a Sale-Leaseback
Although specific performance is an important remedy in real estate transactions, it is a remedy disfavored by the courts. In their Transactional Real Estate column Peter E. Fisch and Salvatore Gogliormella discuss how, under certain circumstances, particularly in the case of sale-leasebacks, a specific performance clause may not be enforced by the courts.
October 11, 2022 at 10:00 AM
10 minute read
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.
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