Mutual Release and Termination Agreement (Canada)

Agreement between a buyer and a seller of a property terminating the purchase agreement and releasing one another from all claims under the purchase agreement.

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Agreement between a buyer and a seller of a property terminating a pre-existing purchase agreement and releasing one another from all claims under the purchase agreement.

This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Mutual Release and Termination Agreement

 

 

THIS AGREEMENT made as of [Date of Agreement (ie. July 1, 2006)] between [Name of Seller] (the "Seller") of [Address of Seller] and [Name of Buyer] (the "Buyer") of [Address of Buyer].
WHEREAS:
(A)   Pursuant to an agreement of purchase and sale [Date (ie. January 31, 2005)] (the "Purchase Agreement") between the Buyer and the Seller, the Buyer agreed to purchase from the Seller a property municipally known as [Municipal Address of Property (ie. 123 Anywhere Street, Toronto, Ontario)] (the "Property"); and
(B)   The parties hereto now desire to terminate the Purchase Agreement, and wish to release each other from any and all claims that they may have arising under (or in connection with) the Purchase Agreement, and have accordingly entered into this Agreement in order to evidence same;
NOW THEREFORE in consideration of the recitals, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   The Purchase Agreement, together with any and all addenda thereto or amendments thereof, is hereby terminated, and of no further force or effect.
2.   Forthwith upon the execution of this Agreement by both parties hereto, the Seller shall refund and remit to the Buyer the sum of [Amount of any deposit(s) paid by Buyer to Seller (ie. $10,000.00)], representing the aggregate of all deposit monies heretofore paid by the Buyer to the Seller on account of the purchase price of the Property (the "Deposit Monies").
3.   The parties hereby mutually release each other, and each of their respective heirs, executors, administrators, successors and assigns, from and against any and all costs, damages, actions, proceedings, demands and/or claims whatsoever which either of the parties hereto now has or may hereafter have, against the other party hereto, by reason of, or in connection with, the Purchase Agreement (and any and all addenda thereto or amendments thereof) and/or the termination thereof pursuant to the foregoing provisions hereof.
4.   Without restricting the generality of the foregoing, it is expressly understood and agreed that the Buyer shall not make or pursue any claim(s) or proceeding(s) with respect to the Purchase Agreement, the Property and/or the Deposit Monies against any other person or corporation which might claim contribution or indemnity from the Seller in connection with the Purchase Agreement or the termination thereof.
5.   Upon the execution of this Agreement by both parties hereto, all of the estate, title and interest of the Buyer in and to the Property (both at law and in equity, and whether in possession, expectancy or otherwise) shall be automatically released and quit-claimed to and in favour of the Seller and its successors and assigns forever.
6.   This Agreement shall enure to the benefit of, and be binding upon, the parties hereto and their respective heirs, executors, administrators, successors and assigns.
7.   This Agreement shall be read and construed with all changes of gender and/or number as maybe required by the context, and if more than one individual comprises the Buyer, then all of the foregoing covenants and agreements of the Purchase shall be deemed and construed to be joint and several covenants and agreements thereof.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
 
 
 
 
Witness
 
[NAME OF BUYER]
 
 
 
Witness
 
[NAME OF SELLER]
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28706
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Mutual Release and Termination Agreement

 

 

THIS AGREEMENT made as of [Date of Agreement (ie. July 1, 2006)] between [Name of Seller] (the "Seller") of [Address of Seller] and [Name of Buyer] (the "Buyer") of [Address of Buyer].
WHEREAS:
(A)   Pursuant to an agreement of purchase and sale [Date (ie. January 31, 2005)] (the "Purchase Agreement") between the Buyer and the Seller, the Buyer agreed to purchase from the Seller a property municipally known as [Municipal Address of Property (ie. 123 Anywhere Street, Toronto, Ontario)] (the "Property"); and
(B)   The parties hereto now desire to terminate the Purchase Agreement, and wish to release each other from any and all claims that they may have arising under (or in connection with) the Purchase Agreement, and have accordingly entered into this Agreement in order to evidence same;
NOW THEREFORE in consideration of the recitals, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   The Purchase Agreement, together with any and all addenda thereto or amendments thereof, is hereby terminated, and of no further force or effect.
2.   Forthwith upon the execution of this Agreement by both parties hereto, the Seller shall refund and remit to the Buyer the sum of [Amount of any deposit(s) paid by Buyer to Seller (ie. $10,000.00)], representing the aggregate of all deposit monies heretofore paid by the Buyer to the Seller on account of the purchase price of the Property (the "Deposit Monies").
3.   The parties hereby mutually release each other, and each of their respective heirs, executors, administrators, successors and assigns, from and against any and all costs, damages, actions, proceedings, demands and/or claims whatsoever which either of the parties hereto now has or may hereafter have, against the other party hereto, by reason of, or in connection with, the Purchase Agreement (and any and all addenda thereto or amendments thereof) and/or the termination thereof pursuant to the foregoing provisions hereof.
4.   Without restricting the generality of the foregoing, it is expressly understood and agreed that the Buyer shall not make or pursue any claim(s) or proceeding(s) with respect to the Purchase Agreement, the Property and/or the Deposit Monies against any other person or corporation which might claim contribution or indemnity from the Seller in connection with the Purchase Agreement or the termination thereof.
5.   Upon the execution of this Agreement by both parties hereto, all of the estate, title and interest of the Buyer in and to the Property (both at law and in equity, and whether in possession, expectancy or otherwise) shall be automatically released and quit-claimed to and in favour of the Seller and its successors and assigns forever.
6.   This Agreement shall enure to the benefit of, and be binding upon, the parties hereto and their respective heirs, executors, administrators, successors and assigns.
7.   This Agreement shall be read and construed with all changes of gender and/or number as maybe required by the context, and if more than one individual comprises the Buyer, then all of the foregoing covenants and agreements of the Purchase shall be deemed and construed to be joint and several covenants and agreements thereof.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
 
 
 
 
Witness
 
[NAME OF BUYER]
 
 
 
Witness
 
[NAME OF SELLER]
 

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