Dear Forms Committee: What is the best way to terminate a Buyer Representation Agreement?

Both OREF 050 & 052 – which are the Exclusive and Nonexclusive versions of the OREF Buyer Representation Agreements – must be terminated by written notice. The best way to do so would be to use OREF 050A – Buyer Representation Agreement Addendum, signed by both the buyer and agent. However, any written format satisfies the “written notice” requirement. As a reminder, the new versions of these forms require 3 days’ written notice of termination, and may include an early termination fee if that was negotiated at the time the agreement was signed.

All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.