News & Events

Terminating A Real Estate Agreement of Sale

by | Nov 29, 2017 | Goldsmith, James L, Industry News, Real Estate & Land Use

By Jim Goldsmith, Esq.

Terminating an agreement of sale falls into one of three categories: 1) termination based on law; 2) termination based on a contractual right; and 3) termination unsupported by law or contract. Most terminations are based on a contractual right to do so and most of those fall into rights granted under the mortgage contingency clause or the inspection contingencies. The document that is used to exercise a right of termination granted by the agreement is the Notice of Termination of Agreement of Sale (TER).

Read Full Article