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How much will it cost to sue for Specific performance and what are my chances to win ?
Anonymous8 views3 answers
I have a signed purchase agreement and the Seller keeps stalling to close. He had arearage of taxes he didn't divulge so we offered to pay more down payment at closing. Now he wants to cancel the sale. He even says he has someone else for the property that will work with him to get it squared away (?). It has now been 5 months of stalling. He now claims he was inexperienced and should of ask for more money and for the Buyer to pay title fees.
James C. HiggsEstate Planning AttorneyMount Pleasant, MI ·
As long as all your side of the terms of the contract are met, it is usually not too difficult to get specific performance for the buyer of real estate. Just be certain you have done everything right. In addition, it will not speed things up, as the seller would be entitled to a full trial if he alleges you have not complied with the terms of the contract. It could easily cost a few thousand dollars and I usually would set a $1500 minimum fee and charge hourly on those. Sometimes just a sternly worded letter from an attorney making the threat ($50) would get the job done without having to litigate.
Generally if you have a signed purchase agreement you can get specific enforcement if you are willing to close and you performed 100%. Further, with the recent rise in home prices in SE MI I would bet he could get more $ for the house now.
It does not matter if he was inexperienced.. hire an attorney..
The answer on specific performance will depend on the language of the purchase agreement. If you have complied with all of your requirements under the contract and there are no contingencies that the other party can point to, you will have an argument that specific performance should be granted. Of course, as you noted, you need to think about the cost of proceeding forward if litigation will be required. I suggest that you consult with an attorney about a) a demand letter, b) the cost of filing a lawsuit, and c) whether pursuing this matter is in your best interest and how to best utilize your time and money. Ultimately, the decision will likely come down to how much you want this particular property and what steps you are willing to take to force the deal - if everything is documented in the contract.
