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Agreement to Rescind Contract - Real Property

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Agreement to Rescind Contract - Real Property Powered By Docstoc
					This is an agreement between a buyer and seller to cancel a contract for a sale of real
property. This agreement is for parties that have already executed a sale of real
property and now wish to rescind and terminate the contract of sale. This short-form
template can be customized to fit the needs of the drafting parties. This agreement to
rescind is useful to individuals or businesses that wish to rescind and terminate a
contract of sale for real property.
            AGREEMENT TO RESCIND CONTRACT OF SALE
THIS AGREEMENT (this “Agreement”), effective as of ____________ [Instruction: Insert
Date] (the “Effective Date”), between ___________________ [Instruction: Insert Name of
Seller], _______________________ [Instruction: Insert Address] (“Seller”), and
____________________ [Instruction: Insert Name of Buyer], ______________ [Instruction:
Insert Address] (“Buyer”).

WHEREAS, on ______________ [Instruction: Insert Date], Buyer and Seller executed a
contract of sale of property (the “Contract of Sale”) regarding property located in
______________ [Instruction: Insert County] County, ______________ [Instruction: Insert
State], and described as: ______________ [Instruction: Insert Legal Description] (the
“Property”).

WHEREAS, Seller and Buyer each desire to rescind and terminate the Contract of Sale.

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein,
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto agree as follows:

1. Buyer and Seller, respectively, agree that the Contract of Sale of the Property is hereby
rescinded and terminated.

2. Seller hereby waives and releases all rights and claims against Buyer, and Buyer waives and
releases all rights against Seller and all right, title, and interest in the described Property.

3. The deposit made by Buyer pursuant to the Contract of Sale shall be [Instruction: Choose
One: returned to Buyer OR retained by Seller].

4. All escrow costs and charges incurred to date shall be [Instruction: Choose One: shared
and paid equally by the parties OR borne and paid by Seller OR borne and paid by Buyer].

5. Each party to this Agreement represents and warrants to each other party that such party has
read and fully understands the terms and provisions hereof. Parties further agree that each has
had sought independent legal advice.

6. This Agreement contains the entire agreement of the parties and there are no other promises
or conditions in any other agreement whether oral or written. This Agreement supersedes any
prior written or oral agreements between the parties.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written.


BUYER:


________________________________ [Instruction: sign]
By: ___________________________ [Instruction: Insert Name of Signatory]


SELLER


________________________________ [Instruction: sign]
By: ___________________________ [Instruction: Insert Name of Signatory]




© Copyright 2013 Docstoc Inc. registered document proprietary, copy not       3

				
DOCUMENT INFO
Description: This is an agreement between a buyer and seller to cancel a contract for a sale of real property. This agreement is for parties that have already executed a sale of real property and now wish to rescind and terminate the contract of sale. This short-form template can be customized to fit the needs of the drafting parties. This agreement to rescind is useful to individuals or businesses that wish to rescind and terminate a contract of sale for real property.