Contracts
A seller who breaches a purchase contract by refusing to close may be subject to:
AOnly forfeiture of the earnest money to the buyer
BSpecific performance requiring the sale, monetary damages, or return of earnest money✓ Correct
COnly a fine from OREC
DNo legal remedy as the seller owns the property
Explanation
If a seller defaults, the buyer may seek specific performance (court order to complete the sale), monetary damages, or return of earnest money. Because real property is unique, courts may grant specific performance to force the sale.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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