Category: Dear Forms Committee

Q: What happens to the buyer’s earnest money deposit if they are unable to obtain their loan after the Loan Contingency Deadline has passed? For example, what if the lender denies the loan shortly before closing or the buyer unexpectedly loses their job? Since these

Q: Why doesn't OREF 001 – Residential Real Estate Sale Agreement include a specific penalty if a seller waits until near the inspection deadline to respond to a buyer's repair request? A: The OREF Forms Committees have discussed this issue several times and have consistently

Q: In the inspection contingency contained in OREF 001 – Residential Real Estate Sale Agreement there is language that states that unless the seller requests a copy of the inspection report, the buyer is not supposed to send it to the seller. I have two

Q: In OREF 001 – Residential Real Estate Sale Agreement, Section 12.2(a) requires that invasive inspections be disclosed in advance. However, it’s becoming more common to see general language like “home inspection” used instead of specifying invasive inspections. If an invasive inspection is not disclosed,

Q: Why does OREF 021 – Lead Based Paint Disclosure Addendum have another buyer initial area on page 1 in Section 4 on the right side of the page? A: The initial lines in Section 4 (lines 38–39) of OREF 021 – Lead Based Paint

Q: I noticed forms OREF 113 – Buyer's Agent's Instructions to Escrow and OREF 114 – Seller's Agent's Instructions to Escrow, and had a question about their purpose. Since OREF 091 – Notice of Real Estate Compensation is already available, when should Forms 113 and 114

Q: I have a buyer under contract who is paying cash for a property. In Section 3 – Financing Type, they selected “Yes” for the appraisal contingency. We’ve now received the appraisal, and it came in $5,000 below the purchase price. The contingency deadline has

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

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

Q:  I’m preparing an offer for a buyer on a property listed by another agent in my firm, and I have a question about OREF 041 – Disclosed Limited Agency Agreement for Buyers.  In Sections 2(a) and (b), the form only addresses whether I, as the buyer’s agent, am authorized to act as a