Tip of the month

TAR Form 1904, Termination of Contract and Release of Earnest Money, can be used to formalize the settlement of earnest money and contract termination issues. Brokers should remind the parties that they are releasing all liabilities under the contract and not just liability for the disbursement of earnest money. The same thing is true of forms used by most title companies.

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REALTORS®, visit www.tar.org.