What Happens When a Real Estate Contract is Broken?
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Miami Commercial Litigation Attorney on Specific Performance and Compensatory Damages
When a real estate contract is broken, there are different remedies that the wronged party may seek to rectify the situation. These remedies are known as specific performance and compensatory damages. In this video, Miami commercial litigation attorney Patrick Montoya explains specific performance and compensatory damages as well as how to seek out your preferred broken contract remedy in the court of law.
Commercial litigation cases are very complicated. Sometimes, people are looking for different remedies. One of those remedies is specific performance. Specific performance requires a party to take a specific action. For example, if a party was required to build a building to a height of 40 feet and the building came out at 35 feet, the remedy you may want is for your building to be 40 feet. That would be specific performance. On the other hand, you may want compensatory damages, and you may want to place a value on that five feet of building that you didn’t get. That’s compensatory damages. At our firm, we look at both angles. If the contract calls for specific performance and that’s the remedy that you want, we will seek it for you. If it’s compensatory damages you want, we have the skill, the legal experience and the team of experts to put a value on those compensatory damages for you.