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

NOTICE TO SELLER THAT BUYER IS EXERCISING THEIR RIGHT TO TERMINATE THE OFFER TO PURCHASE AND CONTRACT (FORM 2-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 (form 2-T) (“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):

__Non-receipt of a signed copy of the N.C. Residential Property Disclosure Statement prior to the signing of this Offer to Purchase and Contract (see paragraph 12 of Contract)

__Seller's election not to complete necessary repairs requested by Buyer (see Subsections (a) and (c) of Alternative 1 of paragraph 13 of Contract)

__Seller's election not to remediate or failure of attempted remediation to bring radon level within satisfactory range (see Subsection (d) of Alternative 1 of paragraph 13 of the Contract)

__Reasonable estimate of total cost of repairs required by (a) and (b) and/or remediation required by (d) of Alternative 1 equals or exceeds agreed-upon amount (see Subsection (e) of Alternative 1 of paragraph 13 of the Contract)

__Property does not appraise at a value equal to or exceeding the purchase price (see Subsection (f) of Alternative 1 of paragraph 13 of the Contract)

__Exercise by Buyer of option to terminate under Alternative 2 of the Contract (see Subsections (a) and (b) of Alternative 2 of paragraph 13 of the Contract)

__Inability of Buyer to obtain the loan as set forth in Paragraph 5(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 4(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 / Termination of Lot / Contingent Sale / Exclusive Buyer / Dual Agency / Lead Paint / List For Sale / List Lot For Sale / Amend Contract / Agency Disclosure