Contracts
The Florida FAR/BAR Residential Contract provides that if the buyer defaults, the seller's 'sole and exclusive remedy' with the liquidated damages election is:
ASuing the buyer for the full purchase price
BRetaining the deposit as full settlement✓ Correct
CFiling a complaint with FREC against the buyer's agent
DRequiring the buyer to pay the seller's attorney's fees
Explanation
When the seller elects liquidated damages as their remedy under the FAR/BAR contract, retaining the deposit (after broker fees) is the seller's sole remedy — they cannot also sue the buyer for additional damages. This option must be checked in the contract.
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