Special Provisions In Listing Agreement

I made an offer to a list agent on behalf of my client, who offered to pay $1,500 in serious money. This listing agent checked the offer, but said he would not present it until he received the cheque. He said that if the seller accepted my client`s offer, then serious money is needed for the offer to become a binding contract. It`s true? Section 21 of the TREC contract stipulates that all communications from one party to another must be made in writing. TREC has announced the buyer`s “Contract Termination Notification” form to be used when a buyer helps a buyer provide the seller with the appropriate notification of the exercise of its termination option. While a buyer can use any form of written notification to terminate the contract, a buyer`s representative should be asked to help the buyer give the appropriate notification, should use the advertised form. Once the corresponding box of the form has been verified, the TREC form relating to the termination of the contract by the buyer specifies that the buyer intends to do so and that he communicates to the seller of his choice the appropriate notification of the termination of the contract in accordance with paragraph 23. While one would think that the buyer made the decision to terminate the contract as part of his termination option by sending the seller or his agent a signed form “Release of Earnest Money” showing that the serious money is unlocked to the buyer and that it indicates the release of all rights or liabilities under the contract , a court cannot agree that this letter meets the buyer`s termination requirements under paragraphs 21 and 23 of the contract. The preferred practice would be for a buyer`s representative to use a buyer who is considering exercising the termination option in paragraph 23 of the TREC notification relating to the termination of the buyer`s contract and send the signed form to the address indicated in paragraph 21 or by fax in accordance with this paragraph. The “Publication of Earnest Money” form could be signed and included in the notification form to facilitate the seller`s execution of this form. Practical notice: The same procedure for sending the TREC communication and unlocking serious financial forms to the seller can be used when the buyer notifies the seller of the termination of the contract in accordance with a paragraph of the contract or an additional contract. Discuss these points with your client. Declare that you are not a lawyer and that you are prohibited from practising law and that it requires you to make substantial changes to the standard contract form that go well beyond a factual statement or business details that could venture into the practice of law.

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