Notice to seller that buyer is exercising their right to terminate the vacant lot offer

NOTICE TO SELLER THAT BUYER IS EXERCISING THEIR
RIGHT TO TERMINATE THE OFFER TO PURCHASE AND
CONTRACT -VACANT LOT/LAND (FORM 12-T)

Buyer: ________________________________________________________(“Buyer”)
Seller: ________________________________________________________(“Seller”)
Property Address: _____________________________________________(“Property”)

1. Contract. Buyer and Seller entered into a contract for the purchase and sale of the Property on the Offer to Purchase and Contract-Vacant Lot/Land (form 12T) (“Contract”). The Effective Date of the Contract is __________________________________.

2. Termination by Buyer. Buyer hereby terminates the contract between Buyer and Seller for the Property for the following reason(s) (check all applicable boxes):

__Inability to obtain one or more of Reports described in subsection (a) of Alternative 1 of paragraph 11 of Contract

__Sewer not performing function for which intended and is in need of immediate repair (see Subsection (b) of Alternative 1 of paragraph 11 of Contract)

__Inability to obtain Improvement Permit or written evaluation described in subsection (b) of Alternative 1 of paragraph 11 of Contract

__Property does not appraise at a value equal to or exceeding the purchase price (see Subsection (c) of Alternative 1 of paragraph 11 of Contract)

__Exercise by Buyer of option to terminate under Alternative 2 of the Contract (see Subsections (a) and (b) of Alternative 2 of paragraph 11 of Contract)

__Inability of Buyer to obtain the loan as set forth in Paragraph 3(a) of the Contract

THE NORTH CAROLINA ASSOCIATION OF REALTORS®, INC. MAKES NO REPRESENTATION AS TO THE LEGAL VALIDITY OR ADEQUACY OF ANY PROVISION OF THIS FORM IN ANY SPECIFIC TRANSACTION.

Buyer_____________________________________Date_____Time ________

Buyer _____________________________________Date_____Time________

RELEASE OF EARNEST MONEY BY SELLER*

Seller acknowledges that Buyer is entitled to a refund of any earnest monies received in connection with the contract as a result of Buyer's termination of the contract for the reason(s) set forth above, and hereby agrees that Escrow Agent may disburse any such earnest monies to Buyer.
Seller____________________________________ Date_____

Seller____________________________________ Date_____

*Seller's written release is not required before Escrow Agent may lawfully disburse any earnest money deposit to Buyer. However, as set forth in paragraph 2(a) of the Contract, in the event of a dispute between Seller and Buyer over the return or forfeiture of earnest money held in escrow by a broker, the broker is required by state law to retain said earnest money in the broker's trust or escrow account until a written release from the parties consenting to its disposition has been obtained or until disbursement is ordered by a court of competent jurisdiction.

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Greg Cremia
Terry Rush Cremia
Broker/Owners
Shore Realty
800-647-1868
e-mail
PO Box 1977
Nags Head, NC 27959

More real estate forms:
Working With Real Estate Agents / Vacation Rental Addendum / Termination of Contract / Residential Property Disclosure /Request Loam Commitment / Repair Agreement / Offer To Purchase / Offer To Purchase Lot / Notice To Seller / Contingent Sale / Exclusive Buyer / Dual Agency / Lead Paint / List For Sale / List Lot For Sale / Amend Contract / Agency Disclosure