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Category: Dear Forms Committee

Dear Forms Committee: My buyer’s offer included OREF 048 – Seller Contributions Addendum, asking the seller to contribute towards buyer agent compensation. The seller accepted the offer but did not sign the version of OREF 048 provided; instead, they wrote their own version of OREF 048 and returned it to me with the signed offer. Is my buyer committed to this purchase?

Dear Forms Committee: My buyer’s offer included OREF 048 – Seller Contributions Addendum, asking the seller to contribute towards buyer agent compensation. The seller accepted the offer but did not sign the version of OREF 048 provided; instead, they wrote their own version of OREF 048 and returned it to me with the signed offer. Is my buyer committed to this purchase?

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Not if the seller’s version made a material change to the offer. When included in the initial offer, OREF 048 – Seller Contributions Addendum is no different than an addendum regarding personal property, Agreement to Occupy, or other material term. If the seller is making a

Dear Forms Committee: Can a buyer terminate based on the LBP contingency without having a risk assessment done?

Dear Forms Committee: Can a buyer terminate based on the LBP contingency without having a risk assessment done?

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Yes, the Lead-based Paint Hazard Rule doesn’t require an assessment. It requires disclosures. The three disclosures sellers must provide are (1) the EPA pamphlet “Protect Your Family from Lead in Your Home,” (2) the Lead-based Paint Disclosure (OREF 021), and (3) any information, records, or

Dear Forms Committee: If my buyer provided a pre-approval letter with their offer, can they switch lenders later to get a better interest rate?

Dear Forms Committee: If my buyer provided a pre-approval letter with their offer, can they switch lenders later to get a better interest rate?

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In the Buyer’s Obligations Regarding Financing section of the Sale Agreement, the buyer promises in item (d) not to replace the lender or loan program without the seller’s written consent. If the buyer wants to switch lenders or loan types (for example, Conventional to VA),

Dear Forms Committee: What is the difference between the seller providing a deed or contract at closing, as identified in Section 1 of the Sale Agreement?

Dear Forms Committee: What is the difference between the seller providing a deed or contract at closing, as identified in Section 1 of the Sale Agreement?

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When a buyer and seller enter into a Sale Agreement that requires seller-carried financing, they can choose between two different methods of documenting the financing: (1) a Promissory Note and Trust Deed, or (2) a Land Sale Contract (also known as a Contract of Sale).

Dear Forms Committee: If I have another agent working with a buyer for me while I’m on vacation, what forms do I need to use to ensure they are properly documented as representing the buyer during that time?

Dear Forms Committee: If I have another agent working with a buyer for me while I’m on vacation, what forms do I need to use to ensure they are properly documented as representing the buyer during that time?

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Your firm may have policies on how to handle this, so be sure to check with your Managing Principal Broker. However, an easy way to handle this would be to use the OREF 050A—Buyer Representation Agreement Addendum and identify the agent and time frame they

Dear Forms Committee: OREF 054 – Agreement to Occupy After Closing states the seller must provide a certificate of insurance to the buyer. Can the seller provide it to the buyer’s agent instead if the buyer doesn’t feel comfortable providing their mailing address?

Dear Forms Committee: OREF 054 – Agreement to Occupy After Closing states the seller must provide a certificate of insurance to the buyer. Can the seller provide it to the buyer’s agent instead if the buyer doesn’t feel comfortable providing their mailing address?

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Addresses are included in this form because the agency relationship typically terminates after closing, and real estate agents no longer have any obligation to be involved after that point. If a party wants an agent to do something after closing, they need to work that

Dear Forms Committee: Why doesn’t the Termination Agreement list the reason for termination?

Dear Forms Committee: Why doesn’t the Termination Agreement list the reason for termination?

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OREF 057—Termination Agreement was created to allow the parties to agree to terminate a transaction and identify how earnest money should be distributed. This one-page form should be provided to escrow to allow them to process the termination as agreed by the parties. There is usually

Dear Forms Committee: What is the purpose of OREF 051 – Sellers Fee Agreement, and can it be used to represent a seller when there is one specific buyer and no marketing?

Dear Forms Committee: What is the purpose of OREF 051 – Sellers Fee Agreement, and can it be used to represent a seller when there is one specific buyer and no marketing?

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  OREF 051 – Seller’s Fee Agreement was created to be used when an agent is working with a buyer who may be making an offer on an unlisted property and would like the seller to pay the agent’s commission. The “Guide to Using OREF Residential Library