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Hi everyone here's a quick tip Tuesday how to terminate a contract, so I just did three videos on the most popular contingencies in a contract the mortgage the appraisal and the inspection contingency so what happens if the appraisal comes in too low, and you want to cancel it or there's too many inspection items that need to be fixed, and you can't negotiate with the seller to get them done so you want to cancel or something happens where you cannot qualify for the loan anymore, so there's a simple form that you fill out if there is a deposit involved then this is the form that you want to fill out it's a notice of termination of the agreement of sale and then at the bottom it's the agreement of sale release and distribution of deposit monies so what the buyer does is they will be the terminating party, and you put in what paragraph that is based on so which contingency and then the bottom half of the addendum is for the money, so it says how much money is held in deposit and where the deposit goes and at the bottom there's a place for the seller to sign off so the agreement or the contract cannot be terminated until it is signed by both the buyer and the seller thank you so much for watching and be sure to come back every Tuesday from Music you
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