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Category: Dear Forms Committee

Dear Forms Committee: If the septic tank pumping/cleaning and inspection happen on the same day, when does the 10-day inspection period start?

Dear Forms Committee: If the septic tank pumping/cleaning and inspection happen on the same day, when does the 10-day inspection period start?

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If the seller is performing pre-inspection services, under lines 30-32 of OREF 081 – Septic Onsite Sewage System Addendum, the buyer has ten days after the seller provides notice that the pre-inspection services are complete to conduct septic inspections and negotiations. The review period starts

Dear Forms Committee: If I represent the buyer and the seller is unrepresented, should I fill out the offer presentation line of the Sale Agreement when I present my buyer’s offer to the seller?

Dear Forms Committee: If I represent the buyer and the seller is unrepresented, should I fill out the offer presentation line of the Sale Agreement when I present my buyer’s offer to the seller?

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In instances where the seller is not represented, there is no requirement for an agent to document delivery to the seller. Therefore, this line does not need to be filled in. But remember to use OREF 100 – Unrepresented Party Acknowledgement, to document the fact

Dear Forms Committee: The seller’s agent is asking me to provide the seller with a copy of the home inspection report. Do I have to provide it?

Dear Forms Committee: The seller’s agent is asking me to provide the seller with a copy of the home inspection report. Do I have to provide it?

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According to Section 10 of OREF – 001 Residential Real Estate Sale Agreement, if the buyer checks the box for Licensed Professional Inspections or the box for Alternative Inspection Procedures (intending to use OREF – 058 Professional Inspection Addendum), then they have agreed to provide the

Dear Forms Committee: If my buyer is writing an offer contingent on funds received from the sale of an existing property, what forms should be included?

Dear Forms Committee: If my buyer is writing an offer contingent on funds received from the sale of an existing property, what forms should be included?

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If the buyer’s purchase of the property is contingent upon the buyer obtaining funds from the sale of an existing property, the buyer should identify that contingency in Section 4 of the Sale Agreement. The buyer should also include OREF 083 – Buyer’s Contingent Right

Dear Forms Committee: Why do OREF forms use the term “agent” to describe the Realtor® in a transaction instead of “broker?”

Dear Forms Committee: Why do OREF forms use the term “agent” to describe the Realtor® in a transaction instead of “broker?”

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There are several reasons that OREF has taken this approach when creating and revising our forms.   The primary reason is that when a form refers to an agent, it means the licensee representing the client. As you know, that licensee can have one of

Dear Forms Committee: What are contingencies, and why aren’t there more contingencies?

Dear Forms Committee: What are contingencies, and why aren’t there more contingencies?

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The OREF Residential Real Estate Sale Agreement has a number of built-in contingencies: the receipt of contingent funds, if indicated in Section 4; the three financing contingencies, unless the transaction is all cash, or, if the seller finances the transaction, agreement on the financing documents;

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 13 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 of the