Have your client complete this form and include the reason for termination. A buyer’s reason could be an unsatisfactory home inspection while a seller’s reason may be that the buyer did not close on time. This makes it clear that your client definitely wants to end the transaction and avoids sending mixed messages. Your clients will sign the notice but the other party does not
Release of Purchase and Sales Agreement and Escrowed FundsYour client should also complete a release to make clear how your client wants the deposit to be paid. Both your client and the other party will need to sign the release before the deposit funds can be paid. These forms can be sent separately or as a combined form.
For more information, please contact the RIAR Legal Department at 401-432-6945 or email [email protected].
