Termination Letter

How to terminate a real estate contract?

A real estate agreement can be of many types. It can be for a seller who is giving her property to a certain realtor for listing. Or it can be a rental contract between landlord and tenant. Similarly it can be a lease agreement. And there can be a number of reasons you might wish to terminate the agreement. It could be because the other party is not abiding by the terms or the realtor is not working in your best interests or you just want to use your property yourself from now on. Whatever the case may be, termination is never easy. Most of the contracts do not contain any clause regarding termination. Thus, you will not find the process to terminate in the agreement. You will have to find a way yourself. Things may vary from state to state, but generally it starts with a termination letter. You send this letter to the other party to notify them that you wish to terminate the ongoing contract. If should clearly describe why want to do so. As it could change into a legal matter if the other party refuses to terminate, your termination letter should be in accordance with the law. You should hire an attorney to prepare this letter or find a sample on the internet.

 

When the other party receives your letter and agrees to terminate, you will have to get the termination contract prepared. Hire an expert for that. Sign the contract and you are legally out of it.

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