Termination Clause
Provision in a contract that upon a certain occurrence or event the contract is canceled, An example is a contractual term that the written agreement is terminated if one of the party's commits a criminal act in the use of the property.
Popular Real Estate Terms
Listing Agreement A.K.A. Listing is basically a contract allowing a real estate agent or broker to list a home for sale and act as the home seller agent representing his/her interests ...
All expenses related to maintaining and operating a household. These expenses include the cost of rent or mortgage payments, taxes, utilities, maintenance and structural improvements. The ...
Complete estimated itemization of all costs in constructing a structure including site acquisition and preparation, material, and labor costs. A quantity survey is necessary for a ...
A closed-end mortgage is a mortgage in which the collateralized property cannot be used as security for another loan. See also open-end mortgage for a better understanding of the ...
Money raised by a syndicate promoter and placed into a fund prior to selecting the specific property in which funds will be invested. ...
A contract between a lessor and a lessee to use property for a specified time period at an agreed to rental charge. Gross lease: A total amount of rental dollars from which the landlord ...
Legal obligation to pay taxes associated with owning property or earning income. For example, a real estate owner must pay property taxes. ...
Also called trust deed. A document that conveys title to a neutral third party during the period in which the mortgage loan is outstanding as collateral for a debt. ...
Latin for through the life of another. A life estate in property is granted to an individual so long as a third person is alive. ...
Comments for Termination Clause
We have a contract that did not mention a termination clause, however, we were sent a digital letter after meeting with the broker, it referred to the cancellation of listing by the broker of record/ office manager. We did not receive anything with regards to us canceling the actual contract. We no longer need their services, because the contract was not executed properly, therefore, it became invalid. We also decided to provide our own Real Estate Contract termination letter and have it certified with their signature. In addition, the Agent has never shown our home or even listed it on MLS for 3 months since the contract had been signed on April 15, 2019, and prepared date 04/12/2019. Feeling a little uneasy . Thank you.
Jul 15, 2019 21:20:09Dear Jonie, we are sorry for your situation. This kind of events hurt the entire real estate industry. What you must know is that not everybody has what it takes to become a successful real estate agent. Whenever you look for real estate agents in California, check testimonials, reviews, and credentials. In your case, is there a rescission clause? That would allow you to terminate the contract unilaterally under certain circumstances. If not, then you can terminate the contract even if there is no termination clause by simply notifying the other party involved. Let us know if you have any other questions.
Jul 18, 2019 07:39:04Have a question or comment?
We're here to help.