There are different approaches and laws defining what a solicitation sale is but mainly, it is described as a deal in which a buyer approaches to a house and by offering his deal, the buyer and seller agree to sell the house. This means that if you like a house and meet with the owner and offer him a deal to buy his house, this will be described as a home solicitation sale. When this kind of sale is made, both parties enter into an agreement known as the home solicitation contract.
Introduction to the Cancellation of Home Solicitation Contract:
When two parties engage in a deal and the owner of a house agrees to sell the house to a buyer who approached her for a home solicitation purchase, they sign a mutual agreement known as the home solicitation contract. In this contract, there are different elements added depending on the type of property and the amount of money but the most important element of this contract is the right of the buyer to cancel the contract within the provided time frame. This can be a week or a month which means if the buyer wants to back out of the deal i.e. doesn’t want to purchase the house, he can do it before the date of cancellation expires. This is done by sending a notice to the seller and informing him that the buyer has decided not to buy the house and wants the seller to refund his initial payment as soon as possible.
Brief Description of the Cancellation of Home Solicitation Contract:
Usually, when it comes to the purchase of houses and apartments, people prefer hiring a realtor and letting him find the right buyer or seller for their property. But, this means that if the seller and buyer agree to sell the house, both of them will be required to pay the realtor his commission in the deal. This is why some people approach the sellers by themselves in order to save the commission of a realtor. In this situation, they first look for the house that they like and once they find it, they meet with the owner. In the meeting, they make an offer to the owner and if they both agree on a mutual price, the buyer gives an initial payment to the seller and signs a contract with him. Later, if the buyer decides not to buy the house, he has to right to inform the seller and ask him to refund his initial payment. This is done by sending a formal notice of cancellation of the home solicitation contract.
Key Elements to Include in the Cancellation of Home Solicitation Contract:
- Name of the buyer with complete address
- Name of the seller with complete address
- Details of the property i.e. home being sold with solicitation
- Date when both parties enter into the contract
- Reference number of the agreement
- Precise statement by the buyer that he doesn’t want to buy the house anymore
- Reasons for cancellation of the solicitation contract (if applicable)
- Date when the notification is sent to the seller
- Date before which the buyer wants the seller to refund his initial payment
- Signature of the buyer
Here is a preview of a Free Sample Cancellation of Home Solicitation Contract created as a fillable PDF form,
Here is the download link for this Cancellation of the Home Solicitation Contract,
