Accomplishes two purposes: First, it allows a Buyer or Seller to document that a contract is being cancelled and why. Second, it allows the Buyer and Seller to document a mutual agreement on the release of any deposit money held by escrow.
Paragraph 2C(2) was modified to reflect that the 3% cap on liquidated damages only applies if the property is residential, with one to four units, one of which the buyer intends to occupy. Paragraph 2C(4) was added to address the situation where escrow needs to be cancelled but no deposit has been
Revised June 2022