What is the need of termination letter
A termination letter is a letter to end the contract between two parties. The contract could be between the employer and the employee, between the real estate agent and the property owner to assist in the sale of the property or for that matter any two parties that have entered in a contract would need the termination letter sample for terminating the contract either with immediate effect or from a date in future.
The content of the termination letter
The termination letter should be framed carefully keeping all the legal issues that can be raised by the other party.
- Correct name and address of both the parties should be mentioned
- The reason for termination of the contract
- The time from which the termination of contract will be effective
While dealing with termination one must keep in mind that the reasons provided by you may not be enough or acceptable to the other party which may lead to law suit. Therefore it is advisable that the framing of contract be as fool proof as humanely possible. The reasons for termination of contract can be:
- Non performance of the real estate agent in getting a good property or a buyer for the property you intend to sell
- Nonpayment of the fees to the agent on time or at all
- Your agent leaving the brokerage company to join another company
- Fraudulent behavior of either the brokerage company or the other party during the duration of contract