Yes, there should be an etiquette for a cancelled escrow only because, who knows, the following could happen:
1. You will in all probability work with that agent again
2. You may even have another go at the property you just cancelled out of
3. And you need to be ok with your client, buyer or seller.
No, it's not fun to get the message that the buyer is backing out. Your seller certainly won't be happy when you tell him the news. In all likelyhood, the seller wants to try to hold onto the earnest money. You, the agent, have to tell him that he can't because etc. etc. If the other agent has handled the transaction in a professional manner, he/she has protected the buyer.
And you, the agent, need to take the news in a professional manner as well and continue with the cancellation paperwork to make sure there is a clean break. No animosity!!
If there is any animosity from any of the parties involved, it is bound to carry over into the future:
1. The seller may fire the listing agent, after all the deal went into escrow and the agent did not caution them that anything can happen to the deal until they get to the closing table and have signed everything.
2. The buyer may fire the buying agent (especially if they lose the earnest money).
3. The two "opposing" agents might make it a little personal, and that's not good for future business between them. Each needs to keep the respect of the other, and put this particular transaction behind them.
ALWAYS KEEP IT PROFESSIONAL.
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