Here is the release of sales contract that was in the NVAR library. It is NVAR K1116 dated 7/94.
This form is signed buy both the Sellers and Purchasers. The listing and selling brokers also need to sign the form. This form is still valid and able to be used.
The advantage of this form is on B. 2. It says:
2. Seller and Purchaser, Listing Company D Yes □ No, Selling Company □ Yes □ No, mutually release and fully discharge each other from any and all claims, demands, damages, actions, or liability of any kind and nature whatsoever for, on account of, based on, or growing out of the negotiation, execution, performance, termination and release of this Contract, both as to all matters and things now known or unknown, and also as to all matters and things which may hereafter be discovered.
In the new version ONLY the Sellers and Purchasers have to sign the release. The broker and agents have no protection and is left vulnerable.
We feel that using NVAR K1116 dated 7/94 is better protection for not only the Seller and Purchaser but also the brokers and the agents. When you use a release form, protect your clients the best way possible.
Remember to consult your Broker for any real estate advice.
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