Category: Dear Forms Committee

Q: I see references in the OREF forms to “material terms” or “material breach.” what does “material” mean in determining whether something is considered “material” or not? A: A material term is a provision that relates to significant terms of the agreement, such as price,

Q: Do you have a list of suggested items to include in seller presentations? A: Here are the must-haves to include in your seller presentations: OREF 047 – Advisory Regarding Real Estate Compensation OREF 042 – Initial Agency Disclosure Pamphlet OREF 040 – Disclosed Limited

Q: I noticed questions about disclosure-type items in OREF C-501 – Commercial Sale Agreement in the Seller Representations section. If Oregon law doesn’t require a seller property disclosure statement for commercial property, does my seller have to answer these? A: No, but not answering them

Q: My buyer’s offer included OREF 048 – Seller Contributions Addendum, asking the seller to contribute towards buyer agent compensation. The seller accepted the offer but did not sign the version of OREF 048 provided; instead, they wrote their own version of OREF 048 and

Q: Can a buyer terminate based on the LBP contingency without having a risk assessment done? A: Yes, the Lead-based Paint Hazard Rule doesn’t require an assessment. It requires disclosures. The three disclosures sellers must provide are (1) the EPA pamphlet “Protect Your Family from

Q: If my buyer provided a pre-approval letter with their offer, can they switch lenders later to get a better interest rate? A: In the Buyer’s Obligations Regarding Financing section of the Sale Agreement, the buyer promises in item (d) not to replace the lender

Q: What is the difference between the seller providing a deed or contract at closing, as identified in Section 1 of the Sale Agreement? A: When a buyer and seller enter into a Sale Agreement that requires seller-carried financing, they can choose between two different

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: