At this point, you may be thinking about what happens if I have to cancel an offer to buy and contract for new construction or empty land. You`re lucky. The North Carolina Bar Association and the North Carolina Association of Realtors®, Inc. also have specific termination forms for these contracts, similar to those discussed above. In accordance with North Carolina`s offer to purchase and contract, both the buyer and the seller have the right to terminate the contract «after written notification» to the other party in some cases. Fortunately, the North Carolina Bar Association and the North Carolina Association of REALTORS®, Inc. submitted termination forms covering virtually all redundancy situations. In particular, when the standard form 2-T-Kauf- und Vertrags-Angebot is terminated, four termination forms are available: both communication to the buyer and communication to the seller are used when either the buyer or the seller has the right to unilaterally terminate the contract through the contract. The correct reason for termination must be selected or marked on the form. On the second page of the notification to the buyer that the seller is exercising his right of unilateral termination, the buyer and seller must complete and sign that the buyer and seller accept or refuse that the down payment to the buyer can be paid to the buyer. Similarly, on the second page of the communication to the seller, the seller acknowledges that the buyer exercises his right of unilateral termination, that the buyer is entitled to a refund of the down payment of the money that was terminated on the first page by the buyer.
This second page MUST be signed by the seller so that the agent can unlock the deposit of money on arrival. Both termination of the contract by mutual agreement with the release of Earnest deposit money and without unlocking Earnest money are used when both parties agree to terminate the contract. The determining factor of the form to be used depends on whether the parties agree on where the bond will be released. 1) Notifying the buyer that the seller is using his unilateral right to terminate the offer to purchase and contract is just as important as the correct conclusion of a contract to ensure that you are protecting your customer.