Specific performance is an equitable remedy that can be ordered by a court when a contract is breached. Specific performance forces the breaching party to perform the contract pursuant to the terms of the contract. In the context of real estate, a specific performance lawsuit is commonly the buyer forcing a breaching seller to sell the property to the buyer pursuant to the terms of a contract.
A seller that wants to cancel a real estate contract should be careful. Oftentimes, sellers have no way to unilaterally cancel a real estate contract in Florida. Unless a seller has a clear legal right to unilaterally cancel a contract or both parties agree to cancel the contract, a seller should hire an experienced real estate attorney to assess the seller’s options to cancel the contract.
If you are a seller contemplating unilaterally cancelling a contract and the buyer is threatening to sue you for specific performance, be aware that a specific performance lawsuit could tie up your property for years if the buyer actually files. During which time, the seller would have to endure deteriorating real estate market conditions, costs of litigation (attorney’s fees), property taxes, mortgage payments, utility fees, homeowner’s insurance, costs of maintaining the property during the litigation period etc.