Definition of "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.

Comments for Termination Clause

Jonie Jonie said:

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  21:20:09

 
Real Estate Agent

Dear 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  07:39:04
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Taken out on property to replace or repair it if it malfunctions. It covers parts and/or service. An example is a warranty a homeowner takes out on a stove, refrigerator, or dishwasher. It ...

Foreign-born individual not qualifying as a citizen of the country in which he or she resides. ...

To enter illegally. For example, entering property without permission. ...

Operating property for business use, such as managing an office complex. ...

Date of the valuation of property, usually contained in a report. ...

Insurance contract providing coverage for risks primarily associated with negligence and acts of omission associated with third-party injuries or property losses. Property and casualty ...

Corporation having only one person, A corporation sole is primarily used for the purposes of a nonprofit ecclesiastic church related organization. Ina church, the corporation sole is headed ...

The legal requirement of a debtor, obligor, to pay a debt and the legal right of a creditor, obligee, to demand satisfaction of a debt or enforce payment in the event of default. ...

Rezoning of land from a higher density use to a lower density use. ...

Popular Real Estate Questions