To cancel a contract, please fill out the top half of the attached Contract
Release & Earnest Money Disposition form with the buyer, and return it to
your Chronos Solutions Closing Specialist via e-mail along with:
1. A written request to cancel from the buyer
2. Any supporting documentation you might have (lender den
i
al letter,
copy of the home inspection that lead to the cancellation, etc.)
Note th
at the lower half of the form is "To Be Completed by the AM
Contractor" only!
Plea
se refer to the Forfeiture of Earnest Money Policy, signed by the
buyer(s) in their contract package, for clarification on how earnest money is
dispositioned after cancellation.”
Thank you,
Chronos Solutions
Contract Release and Earnest Money Disposition Request Form
Notice is hereby given by Purchaser(s),
print clearly or type purchaser(s) name(s)
that closing will not occur on a certain real estate sales contract between Purchaser(s) and the Asset Manager (AM)
Contractor for the US Department of Housing and Urban Development (HUD) as the Seller. The contract form is
HUD-9548, more particularly described as:
Prope
rty Address:
Case #:
Contract Date:
Pur
chaser(s) and Seller do not intend to consummate the Contract described above, and hereby agree mutually to
release each other from any and all obligations, liabilities and claims arising from the execution of the Contract.
Purc
haser(s) and Selling Broker hereby release any and all of their rights, title and interests in and to the subject
property, and agree to accept and follow the earnest money disposition required in accordance with HUD
guidelines, set forth in the “Forfeiture of Earnest Money Addendum,” and as directed in this document.
Purc
haser Signature:
Purchaser Signature:
Selling Broker:
Phone: Date:
Purchaser(s) hereby request return of the earnest money deposit in the amount of $
and has provided
a letter of explanation and suitable documentation as to the reason.
Directions: Check must be made payable to “HUD”. Checks not properly completed will be returned.
Complete this form and mail the original and all supporting documentation to the AM Contractor.
To be Completed by the AM Contractor
As the Selling Broker or as the Closing Agent responsible for holding the earnest money deposit for this
transaction, you are hereby instructed to immediately:
Return 100% of the earnest money deposit to the Purchaser(s)
Return 50% of the earnest money deposit to the Purchaser(s) and remit 50% to HUD
c/o the AM Contractor
Remit 100% of the earnest money deposit to HUD c/o the AM Contractor
Comment
s:
The AM Contractor for the U.S. Department of Housing and Urban Development:
Signed:
Title:
Printed Name:
Date:
Directions: If you have been instructed to remit earnest money to the U.S. Department of Housing and Urban Development, please
make cashier’s check or money orders payable to HUD and mail to the correct Chronos Solutions office:
Chronos Solutions
5500 E. Atherton St.
Long Beach, CA 90803
3009 Glacier Pass Ln
Cedar Park, TX 78613
475 Metroplex Dr, Ste 208
Nashville, TN 37211
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