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Virginia notice of termination of right to cancel real estate purchase contract Form: What You Should Know
Cancel Notice must be served upon any person who is a party to a real estate purchase, sale or lease to terminate a particular contract. The notice must be in writing and signed by the buyer or the seller. The Notice may be served personally or by first class mail. Termination by Buyer — Notice of Cancellation. Before we begin any transaction such as a real estate purchase of property, you must give the Contractor written notice of your desire to cancel the contract. Real Estate Cancellation Letter. If you are canceling a commercial lease, the Cancellation Letter may be sent directly by mail along with a signed copy of the agreement and a receipt for all your payments and deposits to cancel the lease. In this circumstance, a “quit the contract” receipt showing that you received a copy of the contract to Quit the Contract Form 660. Notice to Sellers, Lenders, or Brokers. Notice should also be given to the Seller of the purchase of the property, the Lender or Broker to whom the payment under the contract is due, and as applicable, as well as to the Real Estate Agent for sale to the purchaser. To determine which party to notify, you may contact the appropriate party directly by contacting them at the address on the Contract. Termination by the Seller of Contract. If you want to cancel, you may send a letter to the Contractor stating: Your name, address, telephone number and any contact information, and a copy of the receipt showing all the payments that were made for such purchase. The Notice must be sent within fourteen (14) days after the transaction has been completed, and you have received your payment. If you did not receive a copy of your payment, and your Contractor is still owed any fee, you can send him a written request to cancel the contract. The fee owed shall be set forth on the Form 660. Termination by the Buyer of contract. If you want to cancel, you must use the same procedure to terminate the contract, as detailed above. However, there would be little reason for the Buyer to notify the Contractor. For two reasons: 1. The Buyer does not owe any fee to the Contractor, and the Contractor has already informed the Buyer. 2.
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