Legal Hotline: Which Form For Buyer To Terminate
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- เผยแพร่เมื่อ 29 ก.ค. 2021
- Washington REALTORS® Legal Hotline Lawyer Annie Fitzsimmons clears up some confusion in the industry on which form you should use when your buyer wants to terminate the transaction. She also explains the difference between "terminate" & "rescind"....
The article link Annie referenced is here: www.warealtor.org/resources/m...
For more information on Washington REALTORS®, visit www.warealtor.org
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Legal Hotline Video featuring Annie Fitzsimmons, Washington REALTORS® Legal Hotline Lawyer - The Legal Hotline is a Washington REALTOR® Member only benefit. These videos are intended for Washington REALTOR® members. If you have questions and are a primary member in good standing with Washington REALTORS®, visit www.warealtor.org to contact the Legal Hotline Lawyer. You will need your NRDS ID and password to inquire with the Legal Hotline or search the database.
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I'm amazed you still have to bring this up as many times as you have. Thank you for the great work that you do "trying" to keep us out of trouble. Basic real estate 101!
We're ALL so Lucky to have you! I love your videos. I learn something every time...and I've been a Broker for 15 years! Thank you!!
Love the video and would love for you to also add at the end; for Residential Termination, use this form, for Vacant Land Termination, use this form...that'd be super helpful!
Fabulously helpful, as always! Thanks Annie.
Annie, After learning these from you many years ago, it still amazes me how many times I get into conversations with realtors as to how to properly Terminate using a Series 90 Form with a Form 50 and to not us the Form 51. I loved your passion in this video.
Two comments.
1. If you can't find the form to terminate, re-read the form that you are relying on to terminate. It may specify a specific form to use.
2. If you are a seller and have "non-refundable earnest money," then signing a rescission may result in your having to return the non-refundable EM.
Here is the link to the referenced article:
www.warealtor.org/resources/member-resources/REmagazine/blog_post/remagazine-online/2017/10/19/let's-terminate-use-of-the-word-rescind
What needs to be done when the holder of the earnest money will not release the earnest money without a rescission agreement?