Contracts
If a buyer defaults on a NJ real estate contract, the seller's most common contractual remedy is:
ACriminal prosecution of the buyer
BRetention of the earnest money deposit as liquidated damages✓ Correct
CRequiring the buyer to complete the purchase at any price
DReporting the buyer to NJREC
Explanation
When a buyer defaults, the seller typically retains the earnest money deposit as liquidated damages as specified in the contract, compensating the seller for time off market and related costs.
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