True" Music. Hi, I'm Annie Fitzsimmons, I'm your Washington Realtors legal hotline lawyer. And we're going to have a discussion that you might feel like we've had before, but it seems that there is either confusion or forgetfulness in the industry about which form you should use when your buyer wants to terminate the transaction. To understand this video, you have got to be aware of the distinction between the word terminate and rescind. They are not the same. When a buyer terminates a purchase and sale agreement, and the seller could terminate the purchase and sale agreement, but more often than not, by a long shot, it's the buyer who is terminating the agreement. When they terminate, that means they are exercising a contractual unilateral right to end the transaction. It doesn't unwind or undo or take us back to the beginning of time. It just stops us dead in our tracks in this contract and says we're done, we're not going forward. When a party terminates a contract, they have the unilateral right to do so, meaning that in order to effect the termination, all they have to do is sign a notice of termination and deliver it to the other party. With the delivery of that termination notice, they terminate the transaction, and assuming they have the right to terminate it, they are not in breach. Meaning that if it's the buyer, they're going to recover their earnest money and go away. Now set aside for a moment the fact that there's disputes over earnest money because I'm not talking about what could happen if parties don't adhere to the terms of the contract. I'm talking about what the contract requires. So in a scenario where a buyer has an inspection contingency, for example, or a 22T a form 22T...
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Video instructions and help with filling out and completing Dd 1750
