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
Q: I need help understanding when to use different versions of the OREF Sale Agreements. Can you provide some insight? A: The OREF 000 Guide to Using OREF Residential Library Forms is a great resource for this question! Here is a quick summary of the
Q: 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? A: No, because website access simply offers another avenue for
Q: What if a buyer is unable to obtain homeowners insurance on a property they are purchasing? A: 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.
Q: 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? A: If a home has a solid fuel burning device, other than a cookstove,
Q: What is the best way to determine who is responsible for paying any applicable HOA transfer fee? A: 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
Q: In OREF 083-Buyer’s Contingent Right to Purchase Addendum, why is the buyer not able to waive the contingency? A: Section 3 of the OREF 083 – Buyer’s Contingent Right to Purchase Addendum incorporates the terms of OREF 083A – Contingent Right to Purchase –
Q: 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? A: OREF 083 – Buyer’s Contingent Right to Purchase Addendum is only necessary if
Q: In the OREF Sale Agreements, does the buyer need to include funds from a lender in the Buyer Representation of Funds section? A: The contingency regarding funds from a lending institution is covered in the “Financed” section of the Sale Agreement (Section 6). If
Q: What does “Time is of the essence” mean in OREF Sale Agreements? A: Every OREF Sale Agreement includes a provision in the Miscellaneous section that says: “Time is of the essence of this Agreement.” This provision means that the deadlines throughout the Sale Agreement