What is a common remedy for a breach of a real estate contract?

A common remedy for a breach of a real estate contract is the pursuit of monetary damages or specific performance. When a party fails to uphold their obligations under a real estate contract, the injured party typically has the right to seek compensation for the financial losses incurred, which constitutes monetary damages. This serves to put the injured party in the position they would have been in had the breach not occurred.

Additionally, specific performance is an equitable remedy where the court orders the breaching party to fulfill their contractual obligations, typically used in real estate cases because each piece of property is considered unique. Therefore, monetary damages might not suffice to remedy the breach, making specific performance a viable option to enforce the original terms of the contract.

Renegotiation of terms, termination without penalties, and immediate eviction do not represent standard remedies for breach of a real estate contract. While renegotiation can occur, it would require mutual agreement rather than being imposed as a remedy. Termination of the contract without penalties typically applies to situations where the breach results in a cancellation rather than a demand for enforcement or compensation. Immediate eviction is also generally unrelated to a breach of contract regarding purchase agreements, as it pertains more to landlord-tenant relationships.