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Cancellation Of Contract (Real Estate)

Cancellation Of Contract (Real Estate) Template for Switzerland

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Key Requirements PROMPT example:

Cancellation Of Contract (Real Estate)

"I need a Cancellation Of Contract (Real Estate) to mutually terminate a property purchase agreement dated January 15, 2025, for a commercial property in Zurich, with provisions for returning the 50,000 CHF deposit and releasing both parties from future obligations."

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Document background
The Cancellation Of Contract (Real Estate) document is essential in Swiss property transactions where parties mutually agree to terminate their existing real estate agreement or where termination is required due to specific circumstances. This document is used in situations including failed property transactions, mutual agreement to cancel, or when conditions precedent aren't met. It must comply with strict Swiss federal and cantonal requirements, particularly those outlined in the Swiss Civil Code (ZGB) and Code of Obligations (OR). The document includes crucial elements such as property details, party information, financial settlement terms, and land registry requirements. It's particularly important in Switzerland due to the formal nature of real estate transactions and the need for proper registration in the land registry system (Grundbuch).
Suggested Sections

1. Parties: Full legal identification of all contracting parties, including names, addresses, and registration numbers for legal entities

2. Background: Reference to the original contract including date, property details, and land registry information

3. Definitions: Key terms used in the cancellation agreement, including reference to the Property, Original Contract, and Effective Date

4. Cancellation Declaration: Clear and unequivocal statement of the mutual agreement to cancel the original contract

5. Effective Date: Specification of when the cancellation takes effect

6. Return of Documents: Provisions regarding the return of any original documents, keys, or other property-related items

7. Financial Settlement: Details of any financial settlements, including return of deposits or payments made

8. Land Registry Requirements: Specific provisions required for land registry updates and notifications

9. Governing Law: Confirmation of Swiss law as governing law and jurisdiction

10. Execution: Signature blocks and notarization requirements

Optional Sections

1. Mutual Release: Mutual release from future claims and obligations - used when parties want to ensure no future claims can be made

2. Third Party Rights: Provisions dealing with any third party rights or interests - used when there are mortgages, liens, or other encumbrances

3. Confidentiality: Provisions regarding confidentiality of the cancellation terms - used in sensitive commercial situations

4. Tax Implications: Specific provisions regarding tax consequences - used when significant tax implications exist

5. Broker Fees: Provisions regarding any real estate broker fees - used when brokers were involved in the original transaction

6. Force Majeure: Provisions relating to cancellation due to force majeure - used when cancellation is due to extraordinary circumstances

Suggested Schedules

1. Property Details: Detailed description of the property including land registry details and cadastral information

2. Financial Statement: Detailed breakdown of all financial settlements, including payments made and amounts to be returned

3. Original Contract: Copy of the original contract being cancelled

4. Land Registry Forms: Required forms for updating the land registry records

5. Powers of Attorney: If applicable, powers of attorney authorizing signatories to act on behalf of the parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























Clauses

























Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Development

Property Management

Commercial Property

Residential Property

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Operations

Administrative

Contract Management

Asset Management

Transaction Support

Risk Management

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Notary Public

Property Developer

Asset Manager

Real Estate Agent

Property Administrator

Compliance Officer

Contract Manager

Real Estate Portfolio Manager

Transaction Manager

Property Operations Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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