Q: If a purchaser terminates a real estate contract and forgoes the deposit - is there a special legal termination form?
What is the termination form called ?
A: The buyer’s attorney (or the buyer if there is not attorney) would notify the seller’s attorney of the intent to cancel. Of course the contract will have a “notice” section which would control the means and manner of any notice to be made concerning the contract.
Steven Warren Smollens agrees with this answer
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A:
I think the only "form" would probably be a mutual release whereby the parties agree that they each settled the matter and that there remain no obligations by or between the parties thereafter.
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