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August 2022 Form of the Month: OREF 043 – Electronic Funds Advisory

Have you ever been a victim of online fraud? Even if you’ve been fortunate enough to avoid that fate, it’s highly likely that a criminal has at least attempted to gain access to your personal information or assets. This month’s form aims to protect your clients from such a scenario.

Electronic funding fraud is so frequent that we updated the Wire Fraud Advisory to include all the various forms of electronic funds transfers that buyers and sellers may employ.

The OREF 043 Electronic Funds Advisory, which replaced the Wire Fraud Advisory, is intended to be presented to buyers and sellers in every transaction. The advisory warns your clients about electronic fraud and now covers ACH, real-time transfers, online banking, and wire transfers. It also suggests ways buyers and sellers can protect their money transfers from being stolen and instructs them on how to report any instance of fraud.

The new OREF 043 form is available in the OREF library through licensed transaction management platform providers.

Supporting Oregon real estate brokers in protecting their clients motivates the team here at OREF every day. We are always looking for ways to continue to improve our forms to protect you and your clients and aid in a smooth transaction. Please send us your thoughts and input here.

Disclaimer: On occasion OREF staff, Managers, or Forms Committee volunteers may provide Forms subscribers with general information and education regarding the proper selection and use of OREF Forms. Neither OREF nor its staff, Managers or volunteers are attorneys or are authorized to practice law, and no information or educational materials provided by them are intended to constitute legal, tax, accounting or other professional advice of any kind. All such information and materials are non-legal opinions offered for general educational purposes, and each Forms subscriber must rely solely upon his or her principal broker or personal legal counsel for specific advice and instruction. Brokers and their clients should independently confirm that the Form(s) being used are legally suitable for the purposes intended, and that they are current with respect to all laws and regulations.