I signed a house purchase contract last friday and paid $1000 deposit and the contract says I'll pay another 16K within 5 days(5% of house price). But now we feel we don't really like the house and want to get out of the contract. But the contract says:
Buyer default: if buyer fails to perform this contract within the time specified, including timely payments of all depositis, seller may choose to retain and collect all deposits paid and agreed to be paid as liquidaetd damages or to seek specific performance as paragraph 16. And broker will upon demand, receive 50% of all depositis paid and agreed to be paid(to be split equally among broker)up to the full amount of the brokerage fee.

Does this mean I'll have to pay 16K besides losing the 1000 that I already paid?

thanks!