Is a Mutual Release Form (MR) for required in order for a transaction to be terminated?

Ideally (and perhaps a requirement of your company policy), both parties and brokers will agree and sign the Mutual Release, although this form is not legally required in order for the transaction to terminate. In the absence of this form, GRAR’s Legal Counsel recommends that the broker obtain an unequivocal statement in written form (which could be text or email) from the buyer saying that they are not, under any circumstances, proceeding with the transaction before placing the property back on the market. This reduces the risk to the seller of selling the property twice if a second offer is received. GRAR’s MLS will permit the listing to be returned to an active status (at the determination of the listing broker) even if the Mutual Release hasn’t yet been signed. However, GRAR recommends that any acceptance of a subsequent offer be written as contingent upon confirmation of the termination and/ or release of the prior transaction.