Real Estate ContractsBreach_and_remedies_flHARD
A buyer in Orlando deposited $5,000 as the initial escrow deposit, but the later additional deposit of $4,000 was never made. The buyer defaulted before paying that second deposit, and the contract permits the seller to retain deposits actually received as liquidated damages. How much may the seller retain?
Correct Answer
A) $5,000
Only the deposit actually received may be retained under the stated facts, so the amount is $5,000.
Answer Options
A
$5,000B
$4,000C
$9,000D
$4,500Why This Is the Correct Answer
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Background Knowledge for Real Estate Contracts
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Key Terms:
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