Authorization to Release Earnest Money Agreement of Mutual Cancellation Form - Chicago Association of Realtors - Illinois

The Authorization to Release Earnest Money Agreement of Mutual Cancellation Form is used in real estate transactions in Illinois, specifically by the Chicago Association of Realtors. This form allows the parties involved to mutually cancel the agreement and release any earnest money that was deposited during the course of the transaction.

The form "Authorization to Release Earnest Money Agreement of Mutual Cancellation" is typically filed by the Chicago Association of Realtors in Illinois.

FAQ

Q: What is the Authorization to Release Earnest Money Agreement of Mutual Cancellation Form?
A: The form is used in real estate transactions in Illinois, specifically by the Chicago Association of Realtors.

Q: What does the form authorize?
A: The form authorizes the release of earnest money in a real estate transaction.

Q: What is earnest money?
A: Earnest money is a sum of money paid by a buyer as a deposit to demonstrate their seriousness and commitment to the transaction. It is typically held in escrow until the closing of the sale.

Q: When is the form used?
A: The form is used when both parties involved in a real estate transaction agree to cancel the agreement and release the earnest money.

Q: Who can use this form?
A: This form is specifically designed for use by realtors who are members of the Chicago Association of Realtors in Illinois.