Did your agent run out of toner for the printer or something? It will take 30 seconds to draft and he/she assuredly has a template already made. It is such a small effort to have yourself 100% protected that I don't see why you wouldn't do it.

As a practical matter, yes, you would probably be fine without officially terminating the contract. If the seller is doing a short sale, they aren't getting any money out of the deal anyway. They would have no incentive and little ability to tie you up in court. They could theoretically sue you, but they would lose. They probably don't have the money to hire a lawyer, and they would have a hard time finding one willing to take this case anyway. However, there is no upside to chancing it, so go ahead and dot all your i's and cross all your t's.

And, seriously consider hiring an attorney who is licensed to practice RE law in your state in any future RE deals, unlike your agent.

If Seller has signed, then you have an executed contract, &, in the opinion of this not-an-attorney-just-a-real-estate-broker-person, you need to terminate.

if Seller hasn't signed, all you have to do is withdraw your offer.

darned if I'd pay an attorney to draw up a form that's promulgated by the Real Estate Commission, a form that, as someone said, can be printed in about one blink of an eye.

but I might have a talk with my Realtor to make sure that what she's saying is what I'm hearing, & if not, I'd get clarification.

what state are you in? In my area, an offer is an offer, nothing more and you can simply withdraw your offer by saying so. (we dont even have paperwork for a termination agreement, NY)

"In my area, an offer is an offer, nothing more and you can simply withdraw your offer by saying so. (we dont even have paperwork for a termination agreement, NY)"

Luckily most places do NOT follow the attorney RE model of NY.

An offer is a contract signed by one party (normally the purchaser).
Once the second party signs the contract is binding.

A house seriously damaged between contract ratification and closing normally voids the contract.

The house cannot be delivered in the same condition at closing as when the offer was made and accepted.

If you have a valid contract, send a termination notice based on the damage.

OP, please remember that this is an internet forum, & that legal-sounding advice isn't advice from an attorney.

I wish you the best.

Thank you all very much for the advice. I just think an agreement is an agreement (especially on paper), and somehow/someway, the agreement should be terminated. Appreciate your help and opinions.

"And, seriously consider hiring an attorney who is licensed to practice RE law in your state in any future RE deals, unlike your agent."

Good advice. The last time we used an agent (and took their word for it), we were sued by the seller. The agent had told us her agency would use their legal representation if we had any problems, but when push came to shove we were on our own. We would have been better off using an attorney in the first place.

Brickeye, I can't say that I disagree with you that parts of New Yorks real estate model needs to be changed, however;

An offer is a contract signed by one party (normally the purchaser).
Once the second party signs the contract is binding.

AN OFFER, in my part of NY is NOT A CONTRACT

It is in most of the rest of the country.

You write the actual purchase contract on the spot, sign it, and it is 'presented' to the seller.

If they sign it without any changes the the property is SOLD.

The NY model of 'offers' hat do not bind anyone, followed by attorneys doing the negotiation has been out of control for years.

The 'sales agents' in NY hardly do anything for their commission.

Almost every other place in the country uses a signed, binding contract as the 'offer.'

The seller can accept it 'as is,' or make changes and return it to the buyer as a 'counter-offer.'

The 'negotiations' are IN WRITING and become binding when signed by both parties.

While some folks use an attorney during this process, the vast majority in many areas do the whole thing with their RE agent on a 'standard contract' promulgated by the local Realtor association.

It is cheap, fast, and has worked very well for a few hundred years.

I use an attorney only when their are complications in the transaction.

Going through the process hundreds of times over the years on both investments and personal residences saves money.

And I can always have my wife (an attorney) review anything that looks different.

The NY model of 'offers' hat do not bind anyone, followed by attorneys doing the negotiation has been out of control for years

Attorneys don't do the negotiations, the two agents do along with the buyer and seller.

I'm with Brickeye on this, I live in NY. I hate this system.

Something that is quick and simple for the rest of the country can take weeks from the time you have an "offer" to the time there is something binding.

An offer is a binding contract "in most of the rest of the country"?????

How do you figure that, what with one party not having signed it?

so is a wedding a marriage after one party has said "I do"?

Again, OP, *do not* take advice or "information" from any forum as legal advice, don't even take it for granted that the "information" is accurate, & be skeptical of anyone who claims legal expertise, especially if you aren't paying for it.

Here in Texas, an *offer* is presented on a contract form;
once the buyer & seller have negotiated price & terms & all parties have signed it & initialed all changes, *then* it's an executed *contract.

Until then, it's just an offer in negotiation;

Either party can notify the other party that he/she/they are withdrawing from negotiations, & that's the end of it.

& if the seller gets a better offer or if the buyer finds a more appropriate property, the other party is just out of luck.

A Termination Agreement, or Notice of Termination in situations in which the buyer has an Option period, ends an executed contract;
the termination agreement must be signed by buyer & seller, but the Notice doesn't necessitate the seller's agreement, since the buyer has purchased the right to terminate.