What exactly is Specific Performance? It’s the term that applies to a Buyer’s right to purchase the home in which they entered in a contract for the purchase. It is their right to initiate legal action to force a Seller to sell to them should the Seller decide later they want to remain in the home and are now refusing to sell.
What Sellers don’t fully understand is that once you acceptance an Offer to sell your home, you no longer have the same rights to the home as before you accepted an Offer. In reality, the home, by means of a legal and binding contract, belongs now to the Buyer and unless the Buyer terminates the contract or defaults in some manner, the home belongs to the Buyer pending the legal transfer of ownership taking place at a formal closing.
Sellers often do not understand the seriousness of wanting to stay in a home they have legally sold. The Buyer has costs associated with borrowing money, inspections and an appraisal fee. In some cases, the Buyer may have locked in a good interest rate they may lose if they apply for a later loan due to having to find another home to purchase. They may have even given notice to vacate their present home or worst yet, they have sold the home they are currently living in.
As a Seller, you need to be very certain you want to sell and be prepared to surrender your home once you have signed a legal contract for the sale of your home.