The CABR Contracts Committee has been made aware of confusion among members as to the appropriate use of current CABR termination and release forms. In order to simplify the termination and release processes, the Committee determined that current forms should be updated, discontinued or combined and that explanations as to use of the forms should be included on the forms themselves. The following changes will be made to the CABR Contracts Library:
- To amend the Notice of Termination for use by CABR members (to include detailed language for use)
- To discontinue the Release of Earnest Money (to become part of a combined form)
- To discontinue the Release from Contract to Purchase (to become part of a combined form)
- To discontinue the Release from Contract to Purchase (Without Earnest Money Disbursal) (to become part of a combined form)
- To approve the Mutual Release of Contract and Disposition of Earnest Money (NEW FORM to replace the current Release of Earnest Money, Release from Contract to Purchase and Release from Contract to Purchase (Without Earnest Money Disbursal)
The Board of Directors approved the changes on May 23 and the forms will be available on the CABR website, Dotloop and Zipform.
Click Here to read the Guide to the CABR Contract Release and Termination Forms for details on the changes and use of the forms.