Specific Performance in Colorado | Boulder Real Estate Attorney
To understand specific performance it is essential to understand that it is categorized as an equitable remedy. This is opposed to a legal remedy. When a court awards monetary damages to a party that court is invoking its power as a court of law. When a court orders a party to do anything other than pay money damages it is invoking its power as a court of equity. An injunction is the quintessential example of an equitable remedy. Specific performance is a mandatory injunction (one in which the court order an affirmative action by the defendant rather than the cessation of an action) by another name. Mandatory injunctions are, as a general rule, disfavored by courts. However, given that land is considered unique and money to be an inadequate substitute, under the appropriate circumstances courts must order a defendant property owner to sell real estate to a plaintiff purchaser.
The power to force the other party to specifically perform in real estate transactions is found in the standard form contracts to buy and sell real estate put out by the Colorado Real Estate Commission. Depending on the circumstances specific performance may be provided as a remedy for the seller, for the buyer, or both.
The distinction between equitable and legal power is not simply a semantic one. There is a considerable amount of law surrounding the application of specific performance provisions. A competent attorney is indispensable when enforcing or defending against a demand for specific performance by the other side in a real estate transaction.
If you believe a lawsuit seeking specific performance may be necessary, or if you are facing a lawsuit seeking specific performance, and you are looking for a Boulder Real Estate Attorney with a results oriented approach tailored to your matter’s specific needs, contact Newell Law. We have the experience and knowledge to achieve the best results possible for your case.