Contracts
Under Georgia law, if a buyer defaults on a Purchase and Sale Agreement, the seller's typical remedy (as stated in the GAR contract) is:
ASue for the full purchase price
BRetain the earnest money as liquidated damages✓ Correct
CFile for specific performance immediately
DCancel the listing and relist immediately
Explanation
The GAR Purchase and Sale Agreement typically provides that in the event of buyer default, the seller may retain the earnest money as liquidated damages, which is a common and agreed-upon remedy for breach.
Related Georgia Contracts Questions
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