Understanding the Loan Contingency in OREF 001

The 2026 OREF Residential Real Estate Sale Agreement (OREF 001) introduced a new Loan Contingency section, replacing the former financing contingency language.  

Under the new structure, the Loan Contingency applies when the buyer selects box (b) in the Financing Type section, indicating they will obtain financing from a third-party lender. The agreement now includes a default deadline of twenty business days for loan approval, replacing the previous open-ended timeline that extended through closing. 

In the video below, we explain how the Loan Contingency works, how it differs from the Appraisal Contingency, and what agents should keep in mind when managing the Loan Contingency Deadline. 

Watch or read the handout to better understand how to apply this section of the 2026 OREF Sale Agreement in your transactions. 

Download the OREF 001 Section 8 – Loan Contingency Handout here! 

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Always check with your principal broker or legal counsel to ensure that you are following any policy requirements of your brokerage. All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.