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
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Income reporting to the Internal Revenue Service using form 1099 stating income earned. For example, An employing real estate broker uses form 1099 to report commissions earned by a real ...
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?
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