What happens when you terminate an offer?
Terminating an offer will terminate an executed contract.
When can you terminate an offer?
The option to terminate an offer will be available:
After an offer has been executed
How to terminate an offer as a:
How to terminate an offer as the buyer's agent:
From the Offer page, click Terminate.
Enter the effective date of the termination. Today's date will be preselected. You can update the date by clicking within the field.
Select whether or not you want to include the "Notice of Buyer's Termination of Contract (TXR 1902)" or the "Release of Earnest Money (TXR 1904)."
If you choose to include either of these forms, you will be assigned a new task for each document.
Press Save.
If you chose to include the "Notice of Buyer's Termination of Contract (TXR 1902)," click into the task.
Select a reason for terminating the contract. Press Save.
Review the document and press Mark as Done. The termination notice will then be assigned to your client to complete.
If you chose to include the "Release of Earnest Money (TXR 1904)," click into the task.
The document will be prefilled with the relevant information. Click where it says "Sign here." Press Save & Submit. The release of earnest money will then be assigned to your client to complete.
After your client has signed the documents, you'll be notified that the termination documents are complete and ready to be delivered to the buyer's agent.
You'll have the option to include a personal note to the buyer's agent that will be included in the notification they receive.
Press Send.
Who will be notified:
The buyer—if the buyer was assigned any required documents
The listing agent—after the buyer has signed any required documents and you have reviewed and submitted the termination
How to terminate an offer as the listing agent:
If the offer was received in Jointly:
From the Offer page, click Terminate.
Next, you can choose to "Start Termination" or "Mark as Terminated"
If the contract was already terminated, select "Mark as Terminated"
If you're just starting the termination process, select "Start Termination"
If you select "Start Termination":
You'll be assigned a new task: "Notice of Contract Termination by Seller"
Click into the task and select a reason for termination.
Press Save.
Once you've reviewed the form, select Mark as Done.
Next, review and sign the "Release of Earnest Money" form.
The document will be prefilled with the relevant information. Click where it says "Sign here." Press Save & Submit.
You'll have the option to include a personal note to your client. Press Save.
Once saved, your client will be assigned the "Notice of Contract Termination by Seller" and both forms will be sent to your client to complete.
After your client has signed the documents, you'll be notified that the termination documents are complete and ready to be delivered to the buyer's agent.
You'll have the option to include a personal note to the buyer's agent that will be included in the notification they receive.
Press Send.
Who will be notified:
The seller—when the seller is assigned the termination documents
The buyer's agent—after the seller has signed any required documents and you have reviewed and submitted the termination
If you select "Mark as Terminated":
Enter the effective date of the termination. Today's date will be preselected. You can update the date by clicking within the field.
Select whether or not you want to include the "Notice of Seller's Termination of Contract (TXR 1950)" or the "Release of Earnest Money (TXR 1904)."
If you choose to include either of these forms, you will be assigned a new task for each document.
Press Save.
If you chose to include the "Notice of Seller's Termination of Contract (TXR 1950)," click into the task.
Select a reason for terminating the contract. Press Save.
Review the document and press Mark as Done. The termination notice will then be assigned to your client to complete.
If you chose to include the "Release of Earnest Money (TXR 1904)," click into the task.
The document will be prefilled with the relevant information. Click where it says "Sign here." Press Save & Submit. The release of earnest money will then be assigned to your client to complete.
Who will be notified:
The seller—if the seller was assigned any required documents
The buyer's agent—after the seller has signed any required documents and you have reviewed and submitted the termination
If the offer was received outside of Jointly:
From the Offer page, click More.
Next, select Mark as Terminated.
Press Confirm.
Enter the effective date of the termination. Today's date will be preselected. You can update the date by clicking within the field.
Select whether or not you want to include the "Notice of Seller's Termination of Contract (TXR 1950)" or the "Release of Earnest Money (TXR 1904)."
If you choose to include either of these forms, you will be assigned a new task for each document.
Press Save.
If you chose to include the "Notice of Seller's Termination of Contract (TXR 1950)," click into the task.
Select a reason for terminating the contract. Press Save.
Review the document and press Mark as Done. The termination notice will then be assigned to your client to complete.
If you chose to include the "Release of Earnest Money (TXR 1904)," click into the task.
The document will be prefilled with the relevant information. Click where it says "Sign here." Press Save & Submit. The release of earnest money will then be assigned to your client to complete.
Who will be notified:
The seller—if the seller was assigned any required documents
Once an offer is terminated, you can:
Clone the offer (only for offers received in Jointly)
Reopen the offer
Invite to resubmit the offer
Archive the offer