Q: What is commission sharing, as opposed to the seller paying both their agent and the buyer’s agent? Isn’t it the same thing? A: Commission sharing, also known as cooperative compensation, means that one agent is being paid by a party to the transaction and
Q: Under Section 6 of OREF 001—Residential Real Estate Sale Agreement, sellers must pay appraisal reinspection fees only if their breach causes the need for an appraisal reinspection. If the seller agreed to install water heater straps during repair negotiations and the appraiser flagged them
Q: My buyer has asked if they can bring a friend to property showings. Do I need to have a signed buyer representation agreement with the friend before they enter any homes? A: The need for a buyer representation agreement hinges on the friend’s intended
Q: Section 22 of OREF 001 – Residential Real Estate Sale Agreement requires the seller to list all smart home features within a default of 3 business days after the effective date. Besides doorbell cameras, what other smart home features are there? A: The term
Q: I’ve always been told that I shouldn’t show property exclusively listed in an MLS for which I’m not a member without first getting something in writing from the seller’s agent confirming they’ll share their commission with me. Has this changed with the changes in
Q: What is the difference between “Personal Property” and “Fixtures” in the OREF Sale Agreements? A: “Personal property” is movable property, such as furniture, pictures, and hoses. “Fixtures” were personal property at one time, but now they are items attached to the structure in a
Q: I am working with a buyer preparing to write an offer on a piece of bare land. The seller’s agent has told me there is an old septic system on the property that has collapsed and no longer functions. In Section 13 of OREF
Q: I noticed in OREF 112-Translation Interpretation Services Affidavit that item (b) states that the interpreter must be at least 18 years old. My buyers’ choice of interpreter is their daughter, who is 14. Can we add language to item (k) stating that the buyer
Q: After reviewing a completed OREF 020 – Seller’s Property Disclosure Statement, a buyer I am representing in a purchase has decided to terminate the transaction. I have thoroughly reviewed OREF 064 – Buyer’s Notice of Unconditional Disapproval, and I can’t find an option
Q: 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? A: Your firm may have policies on handling this,