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Yes . That is referring to commission.
No. That is not correct. You would pay that commission above the damages you have to pay. The damages are that you would owe the seller the full contract price. Went you have a binding agreement you can't change your mind and walk away.
At the same time the seller has a duty to mitigate damages had to try to sell the place again. If that happens then you will be off the hook.
I'm actually not permitted to talk to you on the phone in any event. The rules of my law society don't allow me to speak to you because you are not my client.
You will not be liable for the commission if the seller finds another buyer. But if the seller sells the house for less money then you will be liable for the difference.