Contracts (alternative)
A Maryland real estate contract that requires one party to perform a specific act (convey title, pay the purchase price) may be enforced through:
AAn award of punitive damages only
BA court action for specific performance✓ Correct
CMREC arbitration only
DA county property lien
Explanation
Specific performance is an equitable remedy that a court may order requiring a party to perform their contractual obligations (such as conveying title or completing a purchase) when monetary damages are inadequate.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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