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.