An owner signed a contract to sell an apartment building. Just before closing, the owner informed the buyers that the owner would NOT sell the property. A lawsuit filed by the buyers would most likely seek

Rationale

Specific performance is the most likely remedy sought by the buyers.

In real estate transactions, when a seller breaches a contract by refusing to transfer property, the buyers typically seek specific performance. This legal remedy compels the seller to fulfill their contractual obligations and complete the sale, as real property is considered unique and monetary damages may not suffice.

A (specific performance) CORRECT

This remedy is appropriate when the buyers want the court to enforce the contract as originally agreed upon, given the unique nature of real estate. The buyers are likely to argue that monetary compensation would not adequately remedy the situation since they specifically sought this apartment building.

B (lis pendens) YOUR ANSWER

Lis pendens is a legal notice indicating that a lawsuit has been filed concerning the property. While this may be relevant in the context of pending litigation, it does not directly address the buyers' desire for the sale to proceed. It merely serves to inform potential buyers or lenders of the existing dispute without providing a remedy.

C (quiet title action) YOUR ANSWER

A quiet title action is a lawsuit to establish ownership of property and clear any disputes regarding title. In this case, the buyers do not have a title issue; they are seeking enforcement of the sale contract. Therefore, this option does not align with the buyers' objective of completing the sale.

D (a deficiency judgment) YOUR ANSWER

A deficiency judgment arises when a property is sold for less than the amount owed on a mortgage, allowing lenders to recover the remaining balance. This is not applicable in this context, as the buyers are not dealing with a foreclosure or loan deficiency but rather a breach of contract situation.

Conclusion

In the scenario presented, the buyers' most logical course of action would be to seek specific performance to compel the owner to complete the sale of the apartment building. Other options, such as lis pendens, quiet title actions, and deficiency judgments, do not directly remedy the breach of contract that has occurred. Specific performance remains the primary legal recourse for enforcing real estate contracts when sellers fail to fulfill their obligations.

An owner signed a contract to sell an apartment building. Just before closing, the owner informed the buyers that the owner would NOT sell the property. A lawsuit filed by the buyers would most likely seek

Specific performance is the most likely remedy sought by the buyers.

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