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Author: Ashley Folse

Ensure Timely Ordering of an Appraisal with a Simple Email Before the Inspection Deadline

Ensure Timely Ordering of an Appraisal with a Simple Email Before the Inspection Deadline

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Appraisal Ordering: OREF Sale Agreements state the buyer must authorize the lender to order the appraisal of the property before the expiration of the inspection period. Authorizing the lender to order the appraisal can be as simple as sending them an email letting them know

OREF 083 Unveiled: A Reminder that Buyer Contingency Waivers May Require Seller Approval

OREF 083 Unveiled: A Reminder that Buyer Contingency Waivers May Require Seller Approval

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Q: In OREF 083-Buyer’s Contingent Right to Purchase Addendum, why is the buyer not able to waive the contingency? A: Section 3 of the OREF 083 – Buyer’s Contingent Right to Purchase Addendum incorporates the terms of OREF 083A – Contingent Right to Purchase –

OREF 054 – Agreement to Occupy After Closing: Key Conversations to Have with Your Buyer to Avoid Post-Close Surprises

OREF 054 – Agreement to Occupy After Closing: Key Conversations to Have with Your Buyer to Avoid Post-Close Surprises

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OREF 054 – Agreement to Occupy After Closing: When preparing the Agreement to Occupy, make sure to have thorough discussions with your buyer client about how to best address the following items: a) the amount of the security deposit, and b) the property’s condition once

When to Use OREF 083: Contingent Offers and What to Do If Your Buyer’s Property Is Already in Escrow

When to Use OREF 083: Contingent Offers and What to Do If Your Buyer’s Property Is Already in Escrow

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Q: If my buyer’s offer is contingent on the closing of their property, which is already in escrow, do I still use OREF 083 – Buyer’s Contingent Right to Purchase Addendum? A: OREF 083 – Buyer’s Contingent Right to Purchase Addendum is only necessary if

OREF 064 & 057: Why Sending Both Forms Matters for a Clean Escrow Termination

OREF 064 & 057: Why Sending Both Forms Matters for a Clean Escrow Termination

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Although a buyer may be entitled to send the seller an OREF 064 – Notice of Unconditional Disapproval and thereby terminate the Sale Agreement, that termination is only a unilateral termination, not a joint termination.  Title companies almost always require joint instructions to terminate escrow

OREF Sale Agreements: Do Buyers Need to Disclose Lender Funds in the Representation of Funds Section?

OREF Sale Agreements: Do Buyers Need to Disclose Lender Funds in the Representation of Funds Section?

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Q: In the OREF Sale Agreements, does the buyer need to include funds from a lender in the Buyer Representation of Funds section? A: The contingency regarding funds from a lending institution is covered in the “Financed” section of the Sale Agreement (Section 6). If

Identifying Strong Contingencies: Key Elements for Clarity and Compliance

Identifying Strong Contingencies: Key Elements for Clarity and Compliance

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Identifying a proper contingency: You see a lot of contingencies throughout your business. Here are some things to look out for to ensure an adequately written contingency: Deadline for When the contingency Must be Met: For example, “February 15th, 2024”; Specific Terms: For example, “Seller