A buyer and seller in Wheeling, West Virginia enter into a fully executed purchase agreement. Three days before closing, the seller discovers that the property's assessed value is significantly lower than the agreed sale price and refuses to complete the transaction. The buyer wants to enforce the contract. Which legal remedy is most appropriate for the buyer to pursue under West Virginia law?
Correct Answer
C) Specific performance, which compels the seller to complete the sale as agreed
Specific performance is the appropriate remedy when a seller refuses to complete a real estate transaction. Because real property is considered unique, monetary damages are often considered an inadequate remedy. West Virginia courts recognize specific performance as an equitable remedy that compels the breaching party to fulfill their contractual obligations. The buyer would petition the court to order the seller to convey the property as agreed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
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