Contracts
Under Maine law, when a buyer is in default of a purchase contract, the seller's options typically include:
ARescission only
BRetaining earnest money as liquidated damages, suing for specific performance, or suing for actual damages✓ Correct
COnly filing for arbitration
DAccepting the default and relisting the property with no recourse
Explanation
When a buyer breaches a purchase contract, the seller may retain the earnest money as liquidated damages (if so stipulated), sue for specific performance to compel closing, or sue for actual damages suffered.
Related Maine Contracts Questions
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