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Termination Of Contract And Release Of Earnest Money Form for Canada

Termination Of Contract And Release Of Earnest Money Form Template for Canada

A legal document used in Canadian jurisdictions to formally terminate an existing contract and provide instructions for the release of earnest money held in escrow. This document serves as a mutual agreement between parties to end their contractual obligations and specify the terms for returning or distributing the earnest money deposit. It includes detailed identification of the original contract, specific instructions for fund distribution, and comprehensive releases from all parties involved. The document ensures compliance with both federal and provincial Canadian regulations regarding contract termination and the handling of trust funds.

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What is a Termination Of Contract And Release Of Earnest Money Form?

The Termination Of Contract And Release Of Earnest Money Form is a crucial document used in Canadian business and real estate transactions when parties mutually agree to terminate their contractual relationship. This document is typically employed when a transaction cannot or will not proceed to completion, and the parties need to formally document their agreement to terminate and specify how the earnest money deposit will be handled. The form ensures compliance with Canadian federal and provincial regulations regarding contract termination and trust fund handling. It protects all parties' interests by clearly documenting the termination agreement, release of claims, and specific instructions for the distribution of earnest money. This document is particularly important in real estate transactions but can be used in any situation where a contract termination involves the release of held funds.

What sections should be included in a Termination Of Contract And Release Of Earnest Money Form?

1. Parties: Full legal names and addresses of all parties involved (buyer, seller, and any escrow agents or brokers holding the earnest money)

2. Original Contract Details: Identification of the original contract including date, subject matter, and any relevant reference numbers

3. Termination Statement: Clear statement that all parties agree to terminate the contract and release each other from all obligations

4. Earnest Money Details: Specific amount of earnest money held and location/holder of funds

5. Distribution Instructions: Clear instructions for the distribution of earnest money, including amounts and recipient details

6. Mutual Release: Statement that all parties release each other from any claims or obligations related to the original contract

7. Execution: Signature blocks for all parties, including dates and witness provisions

What sections are optional to include in a Termination Of Contract And Release Of Earnest Money Form?

1. Dispute Resolution: Include when parties want to specify how any future disputes about the termination will be handled

2. Confidentiality: Include when parties wish to maintain confidentiality about the terms of termination

3. Survival Provisions: Include when certain provisions from the original contract should survive termination

4. Costs and Expenses: Include when there are specific agreements about who bears the costs of termination

5. Broker Provisions: Include when real estate brokers are involved and need to acknowledge the termination

What schedules should be included in a Termination Of Contract And Release Of Earnest Money Form?

1. Schedule A - Original Contract: Copy of the original contract being terminated

2. Schedule B - Earnest Money Receipt: Copy of original earnest money receipt or deposit confirmation

3. Schedule C - Distribution Authorization: Detailed instructions for financial institution regarding the release of funds

4. Schedule D - Proof of Authority: If applicable, documentation proving authority to sign for corporate entities or trusts

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Canada

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions

























Clauses




















Relevant Industries

Real Estate

Construction

Commercial Property

Residential Property

Banking and Finance

Legal Services

Property Development

Business Services

Retail

Manufacturing

Relevant Teams

Legal

Real Estate

Sales

Compliance

Risk Management

Operations

Finance

Business Development

Contract Administration

Transaction Processing

Relevant Roles

Real Estate Agent

Property Manager

Contract Administrator

Legal Counsel

Escrow Officer

Transaction Coordinator

Business Development Manager

Sales Manager

Corporate Lawyer

Compliance Officer

Real Estate Broker

Title Officer

Risk Manager

Operations Manager

Finance Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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