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
A binding arbitration is a way to solve disputes without going to court. An alternative to the more expensive and lengthy legal procedures, a binding arbitration is basically the process ...
A legal procedure to sell a mortgage property to the highest bidder in order to satisfy a mortgage claim from a mortgagee against the value o the property. A foreclosure sale can occur from ...
Series of sloping horizontal slats most frequently mounted in doors and windows permitting the passage of air while restricting vision and preventing rain from entering the building. ...
Language commonly used in a fee simple title conveyance. The significance is whether the title is clear and can be passed on to the purchaser's estate including all heirs and those who may ...
(1) The interest rate charged on a construction loan. (2) The rate at which construction loan progress payments are made. See also bridge loan; bullet mortgage; development loan. ...
person's behavior partly genetic and partly learned through experience over time. Some people have good personal traits while others have poor ones. ...
In everyday discourse, a merger defines the combination of two entities, be it real estate or two companies, into a single and legit one. We should make a difference between a merger and ...
Same as term financial institutions: Institutions acting as intermediaries between suppliers and users of money. The financial markets are where those wanting funds are matched with those ...
Interest rate on a loan that varies periodically based on some related measure. If interest rates are currently high and a prospective buyer of a home believes future interest rates will be ...
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.