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Your search for "termination%20of%20agency" returned
115 results

Effect of non-delivery of termination form before end of Due Diligence Period

QUESTION: At 4:58 p.m. on the last day of the Due Diligence Period, an agent representing a buyer under contract using the Offer to Purchase and Contract (form 2-T) sent the following email to the agent in our firm handling the listing: “My clients do not wish to move forward in the purchase of the property.…

Is the contract terminated if the seller doesn’t sign Form 390-T before the end of Due Diligence?

QUESTION: Toward the end of the Due Diligence Period, my buyer signed Form 390-T (“Termination of Contract by Mutual Agreement with Release of Earnest Money Deposit”), and I sent it to the listing agent. In the termination, my client asked for the Earnest Money Deposit (“EMD”) and the Due Diligence Fee (“DDF”) as a result…

Do the new contract termination notice forms give additional rights of termination to buyers and sellers?

Do the new contract termination notice forms give additional rights of termination to buyers and sellers?

How should I use revised Form 390-T?

QUESTION: My buyer wants to terminate their purchase contract, but as part of the termination, they also want the Earnest Money Deposit, a return of the Due Diligence Fee, and reimbursement of their inspection costs. My broker-in-charge said I could use the revised Termination Agreement (Form 390-T) to terminate, but the Due Diligence Period ends…

Failure to Check the Correct Box on the Termination Form

QUESTION: Yesterday was the last day of the Due Diligence Period for one of my buyer-clients, and of course my client informed me late in the afternoon that they no longer wanted to purchase the property. I quickly sent over Form 350-T (Termination of Contract (Form 2-T) by Notice to Seller from Buyer) for my…

Termination Date on the Cooperative Compensation Agreement (Form 220)

QUESTION: I have been sending out the Cooperative Compensation Agreement (Form 220) to agents who have an interested buyer for my listings. Recently, one of my sellers asked that we reduce the cooperative compensation he authorized me to offer selling agents as provided in the signed listing agreement. Unfortunately, some of the forms I sent…

Is a contract terminated if the buyer and seller exchange competing termination forms and cannot agree on who gets the due diligence fee?

QUESTION: During the due diligence period, my seller received a Form 390-T signed by the buyer stating that the buyer would receive both the earnest money deposit and the due diligence fee on termination. My client disagreed with the due diligence fee portion of the buyer’s 390-T, and responded by sending the buyer a revised…

July 2023 – Summary of July 2023 Residential Forms Changes

The following residential forms have been revised effective July 1, 2023. A summary of the significant changes to each form is included. A marked-up copy of each form showing the exact changes may be viewed by clicking on the name of the form.

July 2021 – Summary of July 2021 Residential Forms Changes

The following residential forms have been revised effective July 1, 2021.  A summary of the significant changes to each form follows the list. A marked-up copy of each form showing the exact changes may be viewed by clicking on the name of the form immediately preceding the summary of the forms. Jointly-Approved Forms (approved by…

Can you explain the recent change to the termination of agency agreement?

QUESTION: I noticed that a new paragraph 4 has been added to Standard Form 720 - the "Termination of Agency Agreement and Release". The new paragraph has the heading "Protection Period Preserved". Can you explain what is being preserved? ANSWER:  If an agent and a client signed the old version of Form 720, and thereby…

The Duty of Good Faith and Fair Dealing

Learn about a recent piece of litigation that the NC REALTORS® Legal Action Committee heard about and agreed to support, which ultimately resulted in a very important decision for REALTORS® across North Carolina.

July 2022 – Summary of July 2022 Property Management Forms Changes

The following property management forms have been revised effective July 1, 2022. A summary of the significant changes to each form is included. A marked-up copy of each form showing the exact changes may be viewed by clicking on the name of the form.

What happens to the protection period if an agreement to terminate a listing is signed?

QUESTION: I've been approached by the owner of a property who wants to list it for sale with me. He told me he'd previously had it listed with another firm but that the listing agreement had been terminated. He shared copies of the listing agreement and the termination agreement with me. The property had been…

Summary of 2025 Changes to NC REALTORS® Residential Forms

The following forms have been revised for 2025. This summary only covers the material changes that were made to each form. Click on the hyperlinks below to see all changes made. 1. MAJOR REVISION Form 2-T – Offer to Purchase and Contract – Much like the residential agency agreements earlier this cycle, Form 2-T has…

Is an email from a buyer’s agent “terminating” a contract effective?

QUESTION: I have several questions. I am a listing agent and my client signed a contract several weeks ago. I just received an email from the buyer’s agent stating that his client was  terminating that contract. The email was received before the expiration of the due diligence period. Is an email from a buyer’s agent,…

Is the contract effective if a termination form and an extension request arrive in the same email?

QUESTION: The Due Diligence Period for one of my listings expires today, and I received an email from the buyer’s agent this morning. In the email, the buyer’s agent has requested an extension of the Due Diligence Period and said that if my seller does not agree, his client will terminate. There are two forms…

What time of day controls if notice is sent from or to a different time zone?

QUESTION: I’ve just read that paragraph 20 of the Offer to Purchase and Contract (Form 2-T) was recently amended to make it clear that electronic notice is considered to have been delivered when it has been sent rather than when it has been received. That got me wondering—suppose a notice of termination of contract is…

July 2022 – Summary of July 2022 Residential Forms Changes

The following residential forms have been revised effective July 1, 2022. A summary of the significant changes to each form is included. A marked-up copy of each form showing the exact changes may be viewed by clicking on the name of the form.

Back-Up Contracts, Notice of Primary Status, and the Due Diligence Fee

QUESTION: My buyer submitted a back-up offer that was accepted about a month ago, and the listing agent emailed me last week to say that our back-up contract was now primary and that he expected to have a signed termination of the primary contract soon. Yesterday, the listing agent called me and demanded to know…

When may a buyer terminate a contract if there is a problem with the seller’s title?

QUESTION: My buyer client is under contract using the Offer to Purchase and Contract (Form 2-T). As a result of his inspections, the buyer wants to negotiate either a reduction in the purchase price or a substantial credit in lieu of repairs. I was preparing an Agreement to Amend Contract (form 4-T) to present to…

How Does Foreclosure Affect Tenancy?

QUESTION:   I am a property manager. A tenant in a property I manage recently received a formal notice of a foreclosure sale. The tenant called me and said he is not going to pay next month’s rent. He also claims that because of the foreclosure, he is entitled to a refund of his entire…

Am I required to terminate a listing at the seller’s request?

QUESTION: The seller on one of my listings recently called to tell me that although I’ve been doing a fine job, he needed to terminate the listing. When I asked him why, he told me that his favorite niece has just gotten her real estate broker’s license and he wants to give the listing to…

Must seller sign buyer’s notice of termination if no earnest money has been paid?

QUESTION: My seller entered into a contract on the Offer to Purchase and Contract (form 2-T).  The contract provided that the EMD was to be delivered within 5 days of the Effective Date.  Before the 5 days was up, and before the EMD was delivered, the buyer agent sent me notice signed by the buyer…

July 2024 – Summary of July 2024 Residential Forms Changes

The following forms have been revised for 2024. This summary only covers the material changes that were made to each form. These forms have been reviewed by legal counsel to be in compliance with NC law and the practice changes required under the recent NAR Settlement Agreement. Click on the hyperlinks below to see all…