Cancellation of contract

[Michael Aanerud]

Hello BP network,

I have another question? Is there a formal "contract" or letter to use to cancel a contract if for some reason we have to exercise the contingency plan?

So say we have a contract for a price, but we were unable to assign the property so now we want to back out. Now what??

Thanks for the help,

-Mike

[Will Barnard]

In CA, we have a form for cancellation of the purchase contract. Have the agent or escrow draft the doc and both buyer and seller are to execute it. This document will have instructions as to what appends to the EMD and in your case, it would be fully refunded to buyer since you are within your inspection period.

That said, you must not have locked a good deal, otherwise you would have easily been able to sell it. That should be your largest lesson here.