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Author: Ashley Folse

Dear Forms Committee: I heard that silence is no longer approval of property condition in the commercial sale agreement. Is that true?

Dear Forms Committee: I heard that silence is no longer approval of property condition in the commercial sale agreement. Is that true?

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Yes. In previous versions of the OREF Commercial Sale Agreement, if the buyer didn’t provide unconditional disapproval of the property before the end of the inspection period, the buyer was deemed to have accepted the property’s condition. After considering the typical procedure for conducting due

Dear Forms Committee: How do I calculate the buyer revocation period for OREF 020 – Seller’s Property Disclosure Statement?

Dear Forms Committee: How do I calculate the buyer revocation period for OREF 020 – Seller’s Property Disclosure Statement?

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Under the terms of the real estate sale agreement (see Section 16 of OREF – 001 Residential Sale Agreement), the buyer has five business days (unless the buyer has waived this right in writing) to revoke the buyer’s offer. This period begins after the effective date

Dear Forms Committee: Why don’t the OREF Sale Agreements state the exact requirements for smoke and carbon monoxide detectors?

Dear Forms Committee: Why don’t the OREF Sale Agreements state the exact requirements for smoke and carbon monoxide detectors?

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The smoke/carbon monoxide detector section of the OREF Sale Agreements (Section 25 of OREF 001 Residential Sale Agreement) isn’t to instruct the parties about the required details for alarms and detectors. Rather, it serves to advise them that there are requirements. If you review OREF

Dear Forms Committee: Does the OREF Sale Agreement state that the buyer gets possession of the property once the deed is recorded?

Dear Forms Committee: Does the OREF Sale Agreement state that the buyer gets possession of the property once the deed is recorded?

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Section 35 of OREF 001 Residential Real Estate Sale Agreement provides specific options for when the buyer will take possession of the property. Buyers and sellers can use the pre-printed options or add other terms to the Additional Provisions section. If the buyer and seller

Dear Forms Committee: What does “unconditional disapproval” mean in the OREF Sale Agreements?

Dear Forms Committee: What does “unconditional disapproval” mean in the OREF Sale Agreements?

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The term “unconditional disapproval” is used many times throughout the OREF Sale Agreements. To disapprove of an item truly unconditionally (for example, verification of funds, condition of the property, etc.), the seller or buyer must disapprove of the item with no conditions attached. Perhaps the

Dear Forms Committee: Do the same obligations survive termination that survive closing? What about earnest money?

Dear Forms Committee: Do the same obligations survive termination that survive closing? What about earnest money?

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No, the list of things that survive termination differs from those that survive closing. In the previous blog post on survival, we pointed out that one of the two types of obligations that survive closing includes those “…which, by their terms, can reasonably be expected

Dear Forms Committee: What is considered ‘Notice’ in the OREF Sale Agreement?

Dear Forms Committee: What is considered ‘Notice’ in the OREF Sale Agreement?

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“Notice” is defined in the OREF Sale Agreement as a written statement delivered using the “Notification Method” described in the Miscellaneous section of the Sale Agreement. The written statement can be in any form that complies with the chosen Notification Method – addendum, email, even

Dear Forms Committee: If the seller would like to accept an offer after the offer expiration, is a standard addendum sufficient to extend the offer expiration date?

Dear Forms Committee: If the seller would like to accept an offer after the offer expiration, is a standard addendum sufficient to extend the offer expiration date?

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Yes, if the addendum covers both the extension and the acceptance, and everyone signs and delivers it, you have a valid contract. Legally, any response to an offer that does not precisely match the terms of the offer is a counteroffer, even an extension of