Termination Protocol: Using The Right Forms to End a Transaction Cleanly

Make sure to properly document the reason for terminating a transaction. Most termination reasons are covered by OREF 109 – Notice from Buyer to Seller and OREF 064 – Buyer’s Notice of Unconditional Disapproval. If the termination is based on the Seller’s Property Disclosure Statement, you only need OREF 056 – Buyer’s Notice to Seller of Revocation and Demand for Refund. If you are terminating for any reason not covered by these forms, be sure to document it clearly in an addendum to help protect your buyer’s earnest money.

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.