In March 2014, a Texan couple entered into a contract to buy a unique piece of property from their Neighbor in Burnet County.
However, less than 24 hours after both parties had agreed to the terms of the contract, and a last minute increase in sales price, the Buyers were stunned to hear from the Neighbor’s broker that the Neighbor was now unwilling to close on the property.
Despite the Buyers’ protestations, the Neighbor remained adamant that he would now not sell the property for any price.
The Buyers quickly hired Pete Reid Law to represent them in a breach of contract lawsuit. It was apparent to Pete Reid that the contract was valid and enforceable but that immediate action was necessary.
As he has done many times, Pete Reid worked through the night, and the following morning, to draft and file a lawsuit that included a request for injunctive relief and specific performance against the Seller.
Specific Performance is a contractual remedy in which the court orders a party to actually perform its promise as closely as possible, because monetary damages are somehow inadequate to fix the harm.
Facing the possibility that the Court would order the sale to go through, and that he would have to pay the legal costs of the Buyer, the Neighbor accepted the Court’s suggestion to try an early mediation.
A mediation was hastily arranged at the Lakeside Mediation Center in Austin and after an intense day of negotiations, the Neighbor agreed to sell the property to the couple, with the Neigbor’s broker contributing his commission to the sale’s price.
Less than 10 weeks after receiving notice from the Neighbor that he would not sell his property for any amount, the Buyers closed on the property for a discounted price. Satisfied with the outcome, the Buyers wrote to Pete Reid Law to say that they “can’t thank you enough for all your help!”