medium · National Real Estate Exam contracts
A buyer enters into a contract to purchase a house, but shortly before closing, the buyer decides to purchase a different house instead and refuses to close. The contract contains no liquidated damages clause.
The seller's most likely first step to address the default is to:
- Keep the earnest money and sue the broker for the remaining loss.
- File a criminal complaint for fraud.
- Sue for compensatory damages or specific performance.
- Declare the contract void and sell to someone else immediately.
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