TERMINATION OF CONTRACT FOR FAILURE TO PROVIDE LOAN COMMITMENT LETTER OR WAIVER OF LOAN CONDITION

Page 1 of 3

North Carolina Association of REALTORS



, Inc.

STANDARD FORM 353-T

Revised 7/2019

NOTICE TO BUYER THAT SELLER IS EXERCISING THEIR UNILATERAL RIGHT TO TERMINATE

THE OFFER TO PURCHASE AND CONTRACT—VACANT LOT/LAND (FORM 12-T)

TERMINATION OF CONTRACT (FORM 12-T– VACANT LOT/LAND) BY NOTICE TO BUYER FROM SELLER

Buyer:______________________________________________________________________________________________(“Buyer”)

Seller:_______________________________________________________________________________________________(“Seller”)

Property Address:___________________________________________________________________________________(“Property”)

1. Contract. Buyer and Seller entered into a contract for the purchase and sale of the Property on the Offer to Purchase and

Contract—Vacant Lot/Land (form 12-T) (“Contract”). The Effective Date of the Contract is ________________________________.

2. Termination by Seller. Seller hereby terminates the Contract for the following reason(s) (check all applicable boxes):

 Buyer’s failure to timely deliver the Due Diligence Fee or Initial Earnest Money Deposit by cash, official bank check, wire

transfer or electronic transfer following written notice from Seller (see Paragraph 1(d) of the Contract)

 Buyer’s failure to timely deliver (Additional) Earnest Money Deposit by cash, official bank check, wire transfer or electronic

transfer following written notice from Seller (see Paragraph 1(d) of the Contract).

 Buyer’s delay in Settlement and Closing beyond the time permitted under the terms of the Contract (see Paragraph 9) and any

amendment thereof (see Agreement to Amend Contract, form 4-T).

 Exercise by Seller of right to terminate under Paragraph 4 of Short Sale Addendum (form 2A14-T) at any time prior to

Notice of Approval of Short Sale

THE NORTH CAROLINA ASSOCIATION OF REALTORS



, INC. MAKES NO REPRESENTATION AS TO THE LEGAL

VALIDITY OR ADEQUACY OF ANY PROVISION OF THIS FORM IN ANY SPECIFIC TRANSACTION.

_______________________________________________________ _________________ _____________________

Seller Date Time

________________________________________________________ _________________ _____________________

Seller Date Time

Mailing Address: ____________________________________________________________________________________________

Entity Seller: ________________________________________________________________________________________________

(Name of LLC/Corporation/Partnership/Trust/etc.)

By: _____________________________________________________________Date:__________________Time:_______________

Name: _____________________________________________________________________Title:____________________________

NOTE: This form is for use by Seller to notify Buyer that they are exercising a unilateral right to terminate an Offer to

Purchase and Contract—Vacant Lot/Land (Form 12-T). Use Form 352-T to unilaterally terminate an Offer to Purchase

and Contract (Form 2-T).

Page 2 of 3

STANDARD FORM 353-T

Revised 7/2019

RELEASE OF EARNEST MONEY DEPOSIT*

Seller  AGREES  DOES NOT AGREE that Escrow Agent may disburse any Earnest Money Deposit received in connection with

the Contract to Buyer as a result of Seller’s termination of the Contract for the reason(s) set forth above.

_______________________________________________________ __________________________

Seller Date

________________________________________________________ __________________________

Seller Date

Mailing Address: ____________________________________________________________________________________________

Buyer  AGREES  DOES NOT AGREE that Escrow Agent may disburse any Earnest Money Deposit received in connection with

the Contract to Seller as a result of Seller’s termination of the Contract for the reason(s) set forth above.

_______________________________________________________ __________________________

Buyer Date

________________________________________________________ __________________________

Buyer Date

Mailing Address: ____________________________________________________________________________________________

*As set forth in Paragraph 1(f) of the Contract, in the event of a dispute between Seller and Buyer over the return or forfeiture of the

Earnest Money Deposit held in escrow by a broker, the broker is required by state law (and Escrow Agent, if not a broker, has agreed)

to retain said Earnest Money Deposit in the Escrow Agent’s trust or escrow account until a written release from the parties consenting

to its disposition has been obtained or until disbursement is ordered by a court of competent jurisdiction. Alternatively, if the broker

or an attorney licensed to practice law in North Carolina (“Attorney”) is holding the Earnest Money Deposit, the broker or Attorney

may deposit the disputed monies with the appropriate clerk of court in accordance with the provisions of N.C.G.S. §93A-12.

NOTE: BUYER’S FAILURE TO SIGN THIS RELEASE DOES NOT AFFECT THE VALIDITY OF SELLER’S

UNILATERAL TERMINATION OF THE CONTRACT.

Page 3 of 3

STANDARD FORM 353-T

Revised 7/2019