ERASMUS Students Guide

NWMLS Form No. 51
Rev. 6/97
RESCISSION OF PURCHASE AND SALE AGREEMENT
GENERAL COMMENTS:
A. Use. This form is used to rescind a Purchase and Sale Agreement, after the sale has failed.
B. Purpose. To protect the listing office (and the parties) you should make every effort to get this
signed. Otherwise, the Property is “back on the market” without the certainty that the sale is
really “dead.” Equally important, this form tells the Selling Broker how to disburse the Earnest
Money - and avoid being caught between conflicting demands by the Buyer and Seller for
return of the Earnest Money.
C. Refusal to Sign. Some Buyers and/or Sellers may refuse to sign this form. They do not legally
have to sign it. The refusal of either party to sign is an indication that trouble is on the way.
If anyone refuses to sign this form, notify the listing office immediately.
D. Notify Listing Office. Immediately notify the listing office when this Agreement is signed (or
if it is not). Send the listing office a copy.
E.
NWMLS Report - Sale Fail. Regardless of whether this form is signed, the listing office
has to report the “sale fail - back on the market” on NWMLS Status Report Form 19, within 12
hours of learning it has failed. Do not hold up giving this notice just because you do not have a
signed rescission agreement. Instead, where you think there may be a claim or suit or other
reason that the Property is presently unsalable, send a Status Report form to NWMLS to insert
in the “remarks” section that, for instance, “future sale subject to signed rescission agreement.”
F.
Distribution. Do not send this rescission form to NWMLS. Instead, just send the Status
Report Form 19.
ASSISTANCE FILLING IN THE BLANKS: The following numbers refer to the numbers on the
sample form shown in this Manual.
1.
Date of Purchase and Sale Agreement. Date at the top of the first page of the Purchase and
Sale Agreement.
2.
Address. The Property’s street address, city and zip code, as it appears in the Purchase and Sale
Agreement.
3.
How to Disburse Earnest Money. Examples: “All to Buyer;” “$500 to Seller and $500 to
Buyer;” or “All to John Smith, Attorney, in trust for Buyer and Seller.”
4.
Commission on Future Sale. This is a so-called “Extension Clause.” It protects you if, for
instance: (a) the purpose of the rescission is to avoid payment of your commission and the
parties really intend to enter into a new sale agreement after this one is rescinded; or (b) although
the parties really intend to rescind, they change their minds later and enter into a new sales
agreement.
Insert either a dollar amount or a percentage of the sale price - not both.
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NWMLS Form No. 51 (continued)
Rev. 6/97
RESCISSION OF PURCHASE AND SALE AGREEMENT
5.
Signatures. Buyer’s and Seller’s signatures (both husband and wife) and the date they signed.
It helps to type or print their names under the lines.
6.
Listing and Selling Broker. Listing and Selling Broker’s names as licensed, e.g., “XYZ Realty.” Include the date this form is signed on behalf of the company.
7.
Listing Agent and Selling Licensee’s Signature. The Listing Agent and Selling Licensee’s
signatures, or someone authorized to sign for the Brokers. Also include the printed name of the
person who signs.
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© Copyright 1997
Northwest Multiple Listing Service
ALL RIGHTS RESERVED
NWMLS Form No. 51
Rescission of Purchase & Sale
Rev. 6/97
RESCISSION OF PURCHASE & SALE AGREEMENT
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RELEASE. The undersigned agree that the Agreement between them dated __________________
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for purchase and sale of the property whose address is, ________________________________
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_________________________________,Washington,
Zip_____________and
all other agreements or
undertakings between them in respect to said property are hereby rescinded; and each releases the
other and all real estate brokers and licensees involved with this sale from any and all present or future
liability thereunder and/or in connection with said sale, other than as set forth hereinafter, provided, that
nothing herein shall be construed to terminate any existing agency relationships unless otherwise
agreed in writing.
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EARNEST MONEY. The party holding the earnest money is authorized and directed to immediately
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disburse the earnest money as follows: ____________________________________________
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___________________________________________________________________________
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___________________________________________________________________________
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___________________________________________________________________________
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COMMISSION IF SOLD IN FUTURE. If Seller shall, within six (6) months after the date hereof, sell 14
said property to Buyers or someone acting on Buyer's behalf, Seller shall pay Listing Broker a 15
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commission of (check one) ❑ $ ______________________
or ❑ ____________________
% 16
of the sales price, less any portion of the above earnest money retained by Listing Broker. Provided 17
if a commission is paid to another member of NWMLS in conjunction with such a sale, the amount 18
of commission payable to Listing Broker shall be limited to the amount of commission which would 19
have been payable pursuant to the Listing Agreement less any commission so paid to another 20
member of NWMLS. “Sell” means a Purchase and Sale Agreement signed during said six months, 21
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regardless of when it closes.
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______________________________________
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Buyer's Signature
Seller's Signature
Date
Date
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______________________________________
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_______________________________________
Buyer's Signature
Seller's Signature
Date
Date
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______________________________________
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_______________________________________
Selling Broker
Listing Broker
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______________________________________
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_______________________________________
Selling Licensee's Signature
Listing Agent's Signature
Date
Date
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