Definition
A court remedy compelling a party to complete a contract rather than pay damages.
Example
Because each parcel is unique, specific performance is more available in real estate than in other contracts.
Related terms
- Abstract of Title
- Adverse Possession
- Affidavit of Title
- Certificate of Occupancy
- Chain of Title
- Cloud on Title
Frequently asked questions
What does Specific Performance mean in real estate?
A court remedy compelling a party to complete a contract rather than pay damages.
How is Specific Performance used in practice?
Because each parcel is unique, specific performance is more available in real estate than in other contracts.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.