When drafting an Addendum to the Sale Agreement, using “Agreement” or “Sale Agreement” to refer to the Sale Agreement will clarify which document you are referring to. Using “Contract” or “PSA” can create ambiguity and confusion between the parties. All comments and responses from
If the buyer would like to ensure specific personal property is included in the sale, those items should be documented in the Sale Agreement for clarity and transparency. Remember, MLS printouts or marketing materials are for informational purposes and are not considered part of the
Anytime you see a word capitalized in any OREF form, there is a definition for that term (unless, of course, it is the first word of a sentence or a proper noun). The definition can be found either in the section where it is used
Do you have a client who is visually impaired? The OREF Residential Library is now available as large font sample files on our website at: www.orefonline.com/largefont. All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes.
If a buyer or seller does not agree to an addendum presented to them, they simply do not sign it, and you can present another version to the other party for consideration. One common practice is to write ‘Rejected’ on the addendum and have your
If your buyer is concerned about drastic changes in interest rates, you may want to include a provision in the Additional Financing provisions that caps the rate at a level acceptable to the buyer. All comments and responses from OREF or its staff, managers,
If a Buyer is looking for property in multiple areas throughout the state and working with a different agent in each area, each agent will want to specify in the Buyer Representation Agreement which specific area that agreement applies (or doesn’t apply) to. All
OREF 048 – Seller Contributions Addendum is now available to be used to negotiate seller-paid closing costs. While you can also use it to negotiate seller-paid buyer’s agent compensation, until the new NAR rules go into effect, you may not need it for that purpose.
When filling out OREF 020 – Seller’s Property Disclosure Statement, make sure the seller has remembered to indicate the number of pages attached on the last page of the form – even if the number is zero – so that readers know whether the version
Our new form, OREF 050A – Buyer Representation Agreement Addendum, can be used for modifying the terms of either OREF 050 – Buyer Representation Agreement – Exclusive or OREF 052 – Buyer Representation Agreement – Nonexclusive. All comments and responses from OREF or its staff,