February 14, 2018
Author: Peter Christensen
Legally Minded – With the new REPC come changes to other forms as well in order to make sure they work best with the new contract. This is the case here. But with this change, we not only get an update that works better with the new REPC, we get a better form altogether.
The rights to cancel are the same in the new version of the REPC (the most common being the Due Diligence contingency and the Finance contingency.) But how we approach these in the new Buyer’s Notice of Cancellation Of Real Estate Purchase Contract form is different. The old form simply had a bunch of check boxes and the Buyer would choose the appropriate box and check it. The new form still has a few checkboxes but now the approach is based on timing as well as the reason for canceling.
For a more in-depth look at this form read an article I wrote for our newsletter (link below).
As always, this post is for informational purposes only and is not intended as specific legal advice and should not be relied on as such. Consult your legal counsel before making decisions concerning your situation.