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Category: Dear Forms Committee

Dear Forms Committee: If the transaction doesn’t close by the closing deadline agreed upon due to the lender’s delay, who is entitled to the earnest money?

Dear Forms Committee: If the transaction doesn’t close by the closing deadline agreed upon due to the lender’s delay, who is entitled to the earnest money?

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In OREF 001 – Residential Sale Agreement, Section 33.2, item C states the seller is entitled to the earnest money if “Buyer fails to complete this transaction in accordance with the material terms of this Agreement.” Section 33.1, item C states the buyer is entitled

Dear Forms Committee: I need help understanding when to use different versions of the OREF Sale Agreements. Can you provide some insight?

Dear Forms Committee: I need help understanding when to use different versions of the OREF Sale Agreements. Can you provide some insight?

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The OREF 000 Guide to Using OREF Residential Library Forms is a great resource for this question! Here is a quick summary of the Sale Agreements available and the types of transactions they would typically be used for. All addenda in the OREF Residential Library

Dear Forms Committee: OREF 059 – Receipt of Reports/Removal of Contingencies was recently updated, allowing the seller to provide access to HOA documents on a website. Does this impact the seller’s responsibility to provide the documents requested?

Dear Forms Committee: OREF 059 – Receipt of Reports/Removal of Contingencies was recently updated, allowing the seller to provide access to HOA documents on a website. Does this impact the seller’s responsibility to provide the documents requested?

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No, because website access simply offers another avenue for the delivery of HOA documents. The seller remains obligated, as stated in the OREF 011 – Residential Condominium Sale Agreement or OREF 024 – Homeowners Association Addendum, to furnish the documents at their sole expense. Sellers

Dear Forms Committee: What if a buyer is unable to obtain homeowners insurance on a property they are purchasing?

Dear Forms Committee: What if a buyer is unable to obtain homeowners insurance on a property they are purchasing?

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The Insurance section of OREF Sale Agreements (for example, Section 9 of OREF 001 – Residential Sale Agreement) recommends that buyers promptly verify insurance availability and costs. Best practices for a buyer’s agent would be to remind buyers early on to secure insurance, and for

Dear Forms Committee: What is the difference between a fixture and personal property?

Dear Forms Committee: What is the difference between a fixture and personal property?

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All fixtures originate as personal property. They become fixtures after being brought to real property. To distinguish fixtures from personal property, consider the following criteria: Method of attachment: Is it affixed permanently using screws, bolts, or buried underground like utilities? Could it be easily be

Dear Forms Committee: On OREF 046 – Woodstove/Wood-Burning Fireplace Insert Addendum, why isn’t there an ‘unknown’ option when asking the seller whether or not the woodstove or wood-burning fireplace insert is DEQ/EPA certified?

Dear Forms Committee: On OREF 046 – Woodstove/Wood-Burning Fireplace Insert Addendum, why isn’t there an ‘unknown’ option when asking the seller whether or not the woodstove or wood-burning fireplace insert is DEQ/EPA certified?

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If a home has a solid fuel burning device, other than a cookstove, that is not certified by Oregon DEQ or the U.S. EPA, Oregon law requires the device to be removed and destroyed before (or within 30 days after) the home is sold. So

Dear Forms Committee: What is the best way to determine who is responsible for paying any applicable HOA transfer fee?

Dear Forms Committee: What is the best way to determine who is responsible for paying any applicable HOA transfer fee?

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In many transactions, the HOA documents (CC&Rs or Bylaws) specify who is responsible for paying any applicable transfer fee.  Links to the CC&Rs and Bylaws are typically included in the Preliminary Title Report, although it may take some hunting through them to find the answer.

Dear Forms Committee: In OREF 083-Buyer’s Contingent Right to Purchase Addendum, why is the buyer not able to waive the contingency?

Dear Forms Committee: In OREF 083-Buyer’s Contingent Right to Purchase Addendum, why is the buyer not able to waive the contingency?

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Section 3 of the OREF 083 – Buyer’s Contingent Right to Purchase Addendum incorporates the terms of OREF 083A – Contingent Right to Purchase – Notice to Seller and OREF 083B – Contingent Right to Purchase – Notice to Buyer into the contingency terms. Section

Dear Forms Committee: 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?

Dear Forms Committee: 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?

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OREF 083 – Buyer’s Contingent Right to Purchase Addendum is only necessary if the buyer’s property is not yet pending. If the property is already pending, the buyer must identify that as a contingency in Section 4 of the Sale Agreement. Be sure to include

Dear Forms Committee: In the OREF Sale Agreements, does the buyer need to include funds from a lender in the Buyer Representation of Funds section?

Dear Forms Committee: In the OREF Sale Agreements, does the buyer need to include funds from a lender in the Buyer Representation of Funds section?

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The contingency regarding funds from a lending institution is covered in the “Financed” section of the Sale Agreement (Section 6). If the buyer selects “Financed,” then the buyer does not need to include a representation in Section 4 regarding any contingency for funds from a