May 15, 2009

WORD: Mutual Release

And the WORD for Today is:

Mutual Release—is a document used in real estate transaction which basically says “we both agree to end our relationship and neither of us will bring legal action against the other.” When the parties have reached an impasse, which they have tried to resolve, but without success, then a mutual release is a good option for both parties. A word of caution: such a release is not binding until ALL parties involved in the transaction sign it. A mutual release may be used to end a listing contract or cancel a purchase agreement, among other things. 

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You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

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