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
Levied on those benefiting from the installation of a sewer. ...
Standard unit of area that is used to measure a parcel or real estate. Square footage is computed by multiplying the length and width dimensions of a room, building, lot, etc. ...
Assures that the title is free of any legal claims including encumbrances. It includes covenants of seizin, freedom from encumbrance, express warranties of title, right to quiet enjoyment, ...
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. ...
The accelerated cost recovery system is a depreciation system for tax purposes mandated by the Economic Recovery Tax Act of 1981. In 1986 the Accelerated Cost Recovery System (ACRS) was ...
Vertical window built through a sloping roof having its own gable and forming its own roofline. ...
A prefabricate house constructed in a factory with final assembly and erection on site. Because of economies of scale and modern factory production techniques, modular housing is ...
Suppose you wish to become a legit professional in a specific domain. In that case, you have to get a license, an official permit, or a document. A license acknowledges your studies and ...
To fulfill , complete, implement, perform, or carry out terms of an agreement including completing a signature on a contract and delivering a document to the intended party. ...
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.