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Archive for December, 2015

Specific Performance: Court Finds Vacant Land “Unique”

When a commercial real estate transaction goes south, purchasers often ask their lawyers if they can advance a claim for specific performance of the contract. The answer is often “no”, due to the fact that specific performance is only granted in instances where the property is unique, such that damages would not be a satisfactory remedy for the aggrieved purchaser. “Uniqueness” may lend itself to residential property, but often not to commercial property given that commercial property is being acquired for profit and therefore there are other, similar, properties available to be acquired.

 

However, recent decisions, including one released . . . [more]

Posted in: Case Comment, Substantive Law: Judicial Decisions