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Category: Dear Forms Committee

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: 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

Dear Forms Committee: In OREF 054 – Agreement to Occupy After Closing, is day one considered the date of closing or the day after closing?

Dear Forms Committee: In OREF 054 – Agreement to Occupy After Closing, is day one considered the date of closing or the day after closing?

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When selecting the number of “days after closing” in section 2 of OREF 054 – Agreement to Occupy After Closing, since the time frame indicated is “days after closing,” day one would be considered the day after closing. See also Item (8) of the “Miscellaneous”

Dear Forms Committee: Can you please help clarify if the seller is responsible for repairs proposed on the Seller’s Repair Addendum if the buyer did not accept it before the inspection deadline?

Dear Forms Committee: Can you please help clarify if the seller is responsible for repairs proposed on the Seller’s Repair Addendum if the buyer did not accept it before the inspection deadline?

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Dear Forms Committee, In a situation where the buyer and seller agree to the provisions in the Property Inspection period and have selected Licensed Professional Inspections (or are using OREF 058 – Professional Inspection Addendum), a seller rejects OREF 022A – Buyer’s Repair Addendum and