Notice Of Buyers Termination Of Contract {38-8}

TREC No. 38-8 - NOTICE OF BUYER’S TERMINATION OF CONTRACT. This form promulgated by the Texas Real Estate Commission (TREC) used by a buyer to formally notify the seller of their decision to terminate a real estate sales contract. This notice applies to a contract for the sale of a specific property and must identify the street address and city, as well as the names of the buyer and seller. The form provides several legally recognized reasons under which the buyer may terminate the contract, such as exercising an unrestricted right to terminate under Paragraph 5, being unable to obtain financing approval or property approval under the Third Party Financing Addendum, or terminating due to issues disclosed in the Seller’s Disclosure Notice or appraisal-related concerns. The buyer must indicate the applicable reason(s) and, in some cases, attach supporting documentation (such as a lender’s written statement or a copy of the appraisal). The form also clarifies that submitting the notice does not equate to a release of earnest money, which is governed separately by the contract. Buyers are cautioned to consult an attorney before signing, as real estate license holders are prohibited from offering legal advice. www.FormsWorkflow.com