A buyer and seller have a firm and binding Purchase Contract. The buyer subsequently decides they no longer want the property and unilaterally informs their real estate agent they will not close. The seller sustained damages totaling $15,000 due to the buyer's breach. What legal remedy is the seller MOST likely to pursue?

Question: A buyer and seller have a firm and binding Purchase Contract. The buyer subsequently decides they no longer want the property and unilaterally informs their real estate agent they will not close. The seller sustained damages totaling $15,000 due to the buyer's breach. What legal remedy is the seller MOST likely to pursue?

Answer options: ✅ Damages for the loss incurred due to the breach.

• Specific performance to compel the buyer to purchase the property.
• Rescission of the contract with no further action.
• Liquidated damages as stipulated in the contract.

Correct answer: Damages for the loss incurred due to the breach.

Explanation: When a buyer breaches a firm Purchase Contract, the seller is typically entitled to pursue damages to compensate for the financial losses incurred due to the breach, which could include costs like relisting fees, carrying costs, and difference in resale price.