Contracts
A buyer in Indiana backs out of a purchase contract before inspection and without any contingency. The seller may:
AOnly relist the property
BRetain the earnest money as liquidated damages (if specified in the contract) and/or sue for specific performance or actual damages✓ Correct
COnly file a complaint with the IREC
DOnly seek reimbursement for broker commissions
Explanation
When a buyer defaults without justification, the seller may retain the earnest money as liquidated damages (if the contract so provides), or may sue for specific performance or actual damages, depending on the contract terms and applicable law.
Related Indiana Contracts Questions
- In Indiana, if a seller rejects a buyer's offer and makes a counteroffer, the original offer:
- In Indiana, a 'liquidated damages' clause in a real estate contract specifies:
- Indiana purchase agreements typically provide that if the property is destroyed before closing:
- An Indiana seller who defaults on a purchase contract by refusing to close allows the buyer to seek:
- An Indiana purchase contract subject to the sale of the buyer's existing home includes a kick-out clause. This means:
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- Indiana's residential purchase contract includes a 'possession' clause that specifies:
- An Indiana purchase contract 'subject to attorney review' means:
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