If a buyer defaults on a contract and the seller seeks to compel the buyer to close on the home, this request is for what legal remedy?

The request to compel a buyer to close on a home in the event of a default on the contract is referred to as specific performance. This legal remedy is uniquely designed for situations involving the sale of real property, where monetary damages alone may not adequately compensate the seller for their losses. Real estate is often considered unique, and the seller typically has a strong interest in ensuring the sale is completed as originally agreed upon.

Specific performance mandates that the buyer fulfill their contractual obligations and proceed with the sale. This action seeks to enforce the contract rather than provide financial damages, reinforcing the principle that the parties should be held accountable to the terms they agreed to. This legal remedy is particularly relevant in real estate transactions, where the subject matter (the property) cannot simply be replaced or equated with another equivalent item, making it imperative for contractual obligations to be honored.

Other remedies, such as monetary compensation, may not reflect the true loss a seller suffers when a buyer defaults, especially in markets where property values fluctuate. Contract dissolution, on the other hand, would terminate the agreement without requiring performance, which is contrary to the seller's intention to complete the sale. A declaratory judgment typically involves a court declaring the rights of parties under a contract but does not compel action or