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Author: Ashley Folse

Laying the Groundwork: A Guide to OREF C-514 Letter of Intent to Purchase (Commercial Library)

Laying the Groundwork: A Guide to OREF C-514 Letter of Intent to Purchase (Commercial Library)

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A letter of intent can help commercial buyers and sellers determine whether they are aligned on the key terms of a transaction before investing time and resources into negotiating a sale agreement. It provides a framework for describing the most significant points, including purchase price, financing terms,
Why Does the Appraisal Contingency Have Its Own Deadline?

Why Does the Appraisal Contingency Have Its Own Deadline?

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Q:  Lenders often wait to order the appraisal until after the inspection is resolved, which can make it challenging to meet the Appraisal Contingency Deadline. What was the intent behind establishing a defined timeframe in the Sale Agreement as well as separating it from the financing contingency?    A:  The Appraisal Contingency was introduced
Understanding OREF 064 – Notice of Buyer’s Unconditional Disapproval

Understanding OREF 064 – Notice of Buyer’s Unconditional Disapproval

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When a buyer has the right to unconditionally disapprove of a property and terminate a transaction, using the correct form—and delivering it on time—is critical. That’s where OREF 064 – Notice of Buyer’s Unconditional Disapproval comes in.  This form is designed to help buyers properly exercise contingencies that allow unconditional termination,
OREF 058 Has Changed—Here’s How Inspections Are Handled Now

OREF 058 Has Changed—Here’s How Inspections Are Handled Now

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Q:  With the removal of OREF 058 – Professional Inspection Addendum and its replacement with OREF 058 – Advisory to Buyer Regarding Due Diligence, where should buyers and agents now identify requested inspections and who is responsible for paying for them?     A:  Section 12.2(a) of OREF 001 – Residential Real Estate Sale Agreement contains the standard inspection contingency language. It
OREF 058: New Name, New Purpose

OREF 058: New Name, New Purpose

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OREF 058, formerly the Professional Inspection Addendum, has been converted to the Advisory Regarding Due Diligence, reflecting its primary role as a buyer advisory. Under OREF 001 – Residential Real Estate Sale Agreement, Section 12.2(a), buyers may conduct as many inspections as they choose during the inspection period,