Category: Dear Forms Committee

The OREF-083 Buyers Contingent Right to Purchase Addendum was created to allow a buyer, who needs to sell their current property in order to purchase a new property, the ability to find a new property before their current property has sold. If the buyer has

A multiple listing service is not just a detailed list of properties that are for sale.  Each brokerage that subscribes to an MLS promises to follow all MLS rules, including the rule that requires each subscribing brokerage to pay the Buyer’s Agent’s Commission to the

  Since there is no consistent communication medium in every transaction, there is no way to contractually agree that all parties will be made aware of when recording occurs simultaneously. Parties can agree to this change in the “Additional Provisions” section if needed, but be

In OREF C-501 – Commercial Sale Agreement, the inspection and due diligence period are the same. In Section 8 (lines 128-135), you will find that this period allows the buyer time to complete and review inspections, business documents, leases, and any other due diligence. In

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

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

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

First, check with your brokerage to see if they have a specific in-house form they would prefer you to use. If not, you can use OREF 091 – Notice of Real Estate Compensation. This form can be used as a written notice of compensation to

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

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