Release From Prior Agreement #3

This is another clause, used by real estate agents:

Release from Prior Agreement

“This Offer is conditional upon the seller being released from the agreement of purchase and sale dated (BLANK) Unless the Seller gives notice in writing delivered to the buyer not later than ___________ p.m. on the day of, 20, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction. This condition is included for the benefit of the Seller and may be waived at the Sellers’s sole option by notice in writing to the buyer within the time period stated herein.”

Clause broken apart

“This Offer is conditional upon

the seller being released from the agreement of purchase and sale dated (BLANK)

Unless the Seller gives notice in writing delivered to the buyer

not later than ___________ p.m. on the day of, 20,

that this condition is fulfilled,

this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction.

This condition is included for the benefit of the Seller and

may be waived at the Sellers’s sole option by notice in writing to the buyer within the time period stated herein.”

Clause with commentary in ITALICS

“This Offer is conditional upon

conditional

the seller being released from the agreement of purchase and sale dated (BLANK)

we are looking for a release from the first deal

Unless the Seller gives notice in writing delivered to the buyer

Notice provision

not later than ___________ p.m. on the day of, 20,

time period

that this condition is fulfilled,

namely, that the Seller does in fact have a release in hand

this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction.

Consequence for no release

This condition is included for the benefit of the Seller and

Seller’s benefit, Therefore, the Seller can evaluate their options and proceed if they wish

may be waived at the Sellers’s sole option by notice in writing to the buyer within the time period stated herein.”

Seller’s choice here in terms of determining the risk of going ahead.

Brian Madigan LL.B. Broker

www.OntarioRealEstateSource.com

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