Q: If I have another agent working with a buyer for me while I’m on vacation, what forms do I need to use to ensure they are properly documented as representing the buyer during that time? A: Your firm may have policies on how to
Q: What is the best way to terminate a Buyer Representation Agreement? A: Both OREF 050 & 052 – which are the Exclusive and Nonexclusive versions of the OREF Buyer Representation Agreements – must be terminated by written notice. The best way to do so would
If a buyer or seller does not agree to an addendum presented to them, they simply do not sign it, and you can present another version to the other party for consideration. One common practice is to write ‘Rejected’ on the addendum and have your
If your buyer is concerned about drastic changes in interest rates, you may want to include a provision in the Additional Financing provisions that caps the rate at a level acceptable to the buyer. All comments and responses from OREF or its staff, managers, and
Q: What are the best forms to include in a buyer representation presentation? A: With the new laws and policies going into effect, now is a great time to polish up your buyer presentations. Here are the must-haves to get you started on your checklist:
OREF 048 – Seller Contributions Addendum, allows a buyer to effectively request and track seller contributions towards buyer expenses, ensuring transparency and smooth dealings for all parties involved. From requesting buyer agent compensation when there is not already an offer of compensation in place to
If a Buyer is looking for property in multiple areas throughout the state and working with a different agent in each area, each agent will want to specify in the Buyer Representation Agreement which specific area that agreement applies (or doesn’t apply) to. All comments
Q: OREF 054 – Agreement to Occupy After Closing states the seller must provide a certificate of insurance to the buyer. Can the seller provide it to the buyer’s agent instead if the buyer doesn’t feel comfortable providing their mailing address? A: Addresses are included
Q: Why doesn’t the Termination Agreement list the reason for termination? A: OREF 057—Termination Agreement was created to allow the parties to agree to terminate a transaction and identify how earnest money should be distributed. This one-page form should be provided to escrow to allow them
OREF 048 – Seller Contributions Addendum is now available to be used to negotiate seller-paid closing costs. While you can also use it to negotiate seller-paid buyer’s agent compensation, until the new NAR rules go into effect, you may not need it for that purpose.