Real Estate Contract Release Form
[Month Day, Year]
This Real Estate Contract Release Form is a legal document designed to efficiently terminate a previously agreed-upon real estate contract between the Seller and the Buyer. To complete the form efficiently, both parties must carefully review its terms, sign where indicated, and ensure all required information is accurately provided.
Parties Involved
Seller: |
Address of Property: |
City, State, Zip: |
Buyer: |
Address of Property: |
City, State, Zip: |
Background
This Real Estate Contract Release Form is entered into by and between [Name], the Seller, and [Name], the Buyer, with reference to the real estate contract dated [Date], concerning the property located at [Property Address]. Both parties entered into the aforementioned contract with the intention of completing the sale of the property, but unforeseen circumstances have arisen necessitating the termination of the contract.
Release Agreement
Mutual Release: The Seller and the Buyer hereby mutually release and discharge each other from any and all obligations, claims, liabilities, and responsibilities arising out of or related to the aforementioned real estate contract, including but not limited to any claims for specific performance, damages, or other remedies.
Termination of Contract: The parties agree that the real estate contract dated [Date], is hereby terminated in its entirety, and all parties shall be released from their respective duties and obligations under the contract, effective immediately upon the execution of this release form.
Return of Earnest Money: In consideration of the termination of the contract, the Seller agrees to promptly return the earnest money deposit in the amount of $[00] to the Buyer within 5 business days of the execution of this release form. The Buyer acknowledges receipt of the earnest money deposit and agrees that no further payment or compensation shall be due from the Seller.
No Further Claims: Both parties agree that upon the execution of this release form, they shall have no further claims or demands against each other arising from or related to the terminated real estate contract. This includes any claims arising from inspections, appraisals, financing, or other contingencies outlined in the original contract.
Acknowledgment
The Seller and the Buyer both acknowledge and confirm that they have thoroughly read and comprehended the information contained within this Real Estate Contract Release Form. Furthermore, they willingly and voluntarily give their agreement and acceptance to abide by the stated terms and conditions outlined within the form.
Governing Law
The regulations and interpretation of this Real Estate Contract Release Form will be supervised and determined according to the laws that are enforced and acknowledged in the State of [State].
Signatures
I, [Name], the Seller, hereby acknowledge that I have read and understand the terms of this Real Estate Contract Release Form, and I voluntarily agree to its terms.
[Date]
I, [Name], the Buyer, hereby acknowledge that I have read and understand the terms of this Real Estate Contract Release Form, and I voluntarily agree to its terms.
[Date]
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