Category: Dear Forms Committee

Q: What is the best way to terminate a Buyer Representation Agreement? A: Both OREF 050 & 052 – which are the Exclusive and Nonexclusive versions of the OREF Buyer Representation Agreements – must be terminated by written notice. The best way to do so would

Q: What are the best forms to include in a buyer representation presentation? A: With the new laws and policies going into effect, now is a great time to polish up your buyer presentations. ‌Here are the must-haves to get you started on your checklist:

Q: 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? A: Addresses are included

Q: Why doesn’t the Termination Agreement list the reason for termination? A: 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

Q: Can an OREF subscriber share blank forms with an unlicensed/unrepresented buyer on behalf of the seller? A: OREF forms can only be used by the person who purchased the subscription. Blank forms cannot be shared with anyone. However, OREF 100 – Unrepresented Party Acknowledgement

Q: What are the seller’s obligations regarding well testing? A: If a property being sold or exchanged has (on the property or through an easement) a well that supplies groundwater for domestic purposes, Oregon law requires the seller to have the well tested for arsenic,

Q: A buyer has signed an exclusive Buyer Representation Agreement with agent 1 for one year and does not formally terminate the agreement. Five months into the agreement, the buyer signs a new exclusive Buyer Representation Agreement with agent 2 and goes under contract on a

Q: What is considered an ‘extraordinary event’ in the OREF 096 – Extraordinary Event Addendum? A: This form was created to allow the parties to have extra time to perform their obligations under the Sale Agreement due to significant events beyond their control. The form

Q: Why are well tests not addressed on OREF 064 – Notice of Unconditional Disapproval? A: OREF 082 – Private Well Addendum does not allow unconditional disapproval of well test results. Instead, the buyer must show deficiencies in the system. Per Section 5, the buyer

Q: 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? A: In OREF 001 – Residential Sale Agreement, Section 33.2, item C states the seller is entitled to the earnest money