Ralph Mantica President at Ohio REALTORS | LinkedIn
Ralph Mantica President at Ohio REALTORS | LinkedIn
The Ohio REALTORS Executive Committee has approved two new forms for statewide contract use. The Mutual Release of Residential Real Estate Purchase Contract and the Notice of Termination of Residential Real Estate Purchase Contract are now available to members through the Ohio REALTORS’ Legal Library Forms.
The Mutual Release form allows both parties to agree to terminate a contract and provides instructions for disbursing any earnest money held in a brokerage’s trust account. This form ensures that the termination process is clear and that funds are distributed according to mutual agreement.
The Notice of Termination form serves as a unilateral notice from one party to another in a transaction. It includes sections for both the seller’s and buyer’s right to terminate, ensuring that transactions end clearly and professionally.
These forms aim to support Ohio REALTORS members with practical resources reflecting best practices in real estate transactions.
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