In the event a buyer of a single-family, owner-occupied residence defaults under a purchase contract in which both parties had initialed the Liquidated Damages Clause, the maximum the seller can retain would be:
a. 50% of the deposit, not to exceed 2 1/2% of the purchase price.
b. 3% of the purchase price, not to exceed the amount of deposit.
c. the entire deposit, regardless of the amount.
d. nothing.
Answer: b. 3% of the purchase price, not to exceed the amount of deposit.
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