Ohio REALTORS® Releases Two New Forms for Statewide Contract Use
The Executive Committee has approved two new forms drafted by the Ohio REALTORS® Forms Committee. Both forms are tailored exclusively for the use of our Statewide Residential Real Estate Purchase Contract and are voluntary for use.
The Mutual Release of Residential Real Estate Purchase Contract and Notice of Termination of Residential Real Estate Purchase Contract are now available to members through the Ohio REALTORS®’ Legal Library Forms.
The Mutual Release of Residential Real Estate Purchase Contract form allows both parties to mutually agree to terminate the statewide contract and provides clear written instructions for the proper disbursement of any earnest money held in a brokerage’s trust account. This form protects all parties by ensuring that the termination process is straightforward and that funds are distributed according to mutual agreement.
The Notice of Termination of Residential Real Estate Purchase Contract form serves as a unilateral notice from one party to the other party in a transaction. Our statewide contract references several clauses where written notice of termination may be required. This form is designed to meet those requirements by offering a standardized, professional method for providing such notice. It includes two sections, the seller’s right to terminate and the buyer’s right to terminate, allowing the notifying party to select the appropriate basis for termination. This ensures that the end of a transaction is handled as clearly and professionally as its beginning, helping to reduce the risk of misunderstandings or legal issues.
These new forms are part of our ongoing efforts to support Ohio REALTORS® members with practical, easy-to-use resources that reflect best practices in real estate transactions.
