Contracts
Under Maine law, specific performance is a remedy available to a buyer when:
AThe seller fails to make required repairs
BThe seller refuses to convey the property after a valid contract exists✓ Correct
CThe property does not appraise at the purchase price
DThe closing is delayed beyond the contract date
Explanation
Specific performance is a court-ordered remedy requiring the defaulting seller to complete the sale. Because real estate is unique, courts may grant specific performance when a seller wrongfully refuses to convey property under a valid contract.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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