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Termination of Real Estate Contract by Buyer Sample Letter Form

Termination of Real Estate Contract by Buyer Sample Letter Form

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Instructions and help about Termination Of Real Estate Contract By Buyer Sample Letter

Today's video addresses when to use the form "Notice of Buyer's Termination of Contract" or more specifically, when not to use it. I've received several questions and copies of Notice(s) when paragraph 8 of the form has been filled in by the Buyer. Paragraph 8 is "Other." It is a little like Paragraph 11 Special Provisions of the Contract - statements get inserted which are often ambiguous, have unintended consequences or have no consequences. The Notice of Buyer's Termination is only necessary when the Buyer is given the right to terminate the contract either under the option period or based on a contingency not being met such as Buyer Approval, Property Approval, delivery of Seller's Disclosure Notice, curing of title objections, Buyer's sale of other property, delivery of Subdivision Information etc. These are rights which are clearly set forth in the contract giving the Buyer the opportunity to terminate the contract, receive a refund of the earnest money, and be freed of any f

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