The material provided here is used solely for information purposes and is not designed as legal advice for your respective cases and should not be considered legal advice. You should contact your lawyer for advice on a particular problem or problem. The applicability of the legal principles discussed in this material can vary considerably in some situations. A saleswoman under a list agreement wants me to remove her property from the market. Do I have to finish the offer to do so? I`m afraid the seller with another broker will make a list in a few days. Section 21 of the TREC contract stipulates that all communications from one party to another must be made in writing. TREC has announced the buyer`s « Contract Termination Notification » form to be used when a buyer helps a buyer provide the seller with the appropriate notification of the exercise of its termination option. While a buyer can use any form of written notification to terminate the contract, a buyer`s representative should be asked to help the buyer give the appropriate notification, should use the advertised form. Once the corresponding box of the form has been verified, the TREC form relating to the termination of the contract by the buyer specifies that the buyer intends to do so and that he communicates to the seller of his choice the appropriate notification of the termination of the contract in accordance with paragraph 23. While one would think that the buyer made the decision to terminate the contract as part of his termination option by sending the seller or his agent a signed form « Release of Earnest Money » showing that the serious money is unlocked to the buyer and that it indicates the release of all rights or liabilities under the contract , a court cannot agree that this letter meets the buyer`s termination requirements under paragraphs 21 and 23 of the contract. The preferred practice would be for a buyer`s representative to use a buyer who is considering exercising the termination option in paragraph 23 of the TREC notification relating to the termination of the buyer`s contract and send the signed form to the address indicated in paragraph 21 or by fax in accordance with this paragraph.
The « Publication of Earnest Money » form could be signed and included in the notification form to facilitate the seller`s execution of this form. Practical notice: The same procedure for sending the TREC communication and unlocking serious financial forms to the seller can be used when the buyer notifies the seller of the termination of the contract in accordance with a paragraph of the contract or an additional contract.