When working with agents from outside Oregon, remember that real estate rules vary widely, even within the same state. Always verify local requirements, and don’t assume what works elsewhere will work in your market. If in doubt, check with your managing principal broker or legal
When listing a property, confirm the seller understands FIRPTA and whether they’re considered a “foreign person.” Buyers should also be aware of potential financial consequences if the seller is determined to be a foreign person. OREF 092 – Advisory Regarding FIRPTA helps both parties make
Make sure to properly document the reason for terminating a transaction. Most termination reasons are covered by OREF 109 – Notice from Buyer to Seller and OREF 064 – Buyer’s Notice of Unconditional Disapproval. If the termination is based on the Seller’s Property Disclosure Statement,
Do you know that a big part of the reason a buyer or seller hires you is your negotiating skills? Your ability to get them the price and terms they want in their transaction is incredibly important. The better your negotiating skills, the more likely
Title and escrow companies offer real estate agents many services beyond just title and escrow. They can do radius searches around a specific property to gather addresses for mailings, provide open-house registration forms, identify properties in pre-foreclosure, and much more. Give your favorite escrow officer
If your buyer is interested in purchasing property under a lease option agreement, remember that OREF offers OREF 085 – Option Agreement. This form, combined with the appropriate real estate sale agreement and a lease agreement, provides the tools necessary to tie the documents together
Remember that OREF provides a referral fee agreement. If you refer a buyer or seller to another agent and expect to receive compensation for that referral, it’s always best to have the arrangement in writing. OREF 107—Referral Fee Agreement is the perfect solution! All comments
When negotiating the deadline for repairs in OREF 022A or 022B—Buyer/Seller Repair Addenda, consider whether the repair will need to be done to meet appraisal requirements. If so, confirm that the deadline for completion isn’t later than when the appraisal is expected to be conducted.
If your buyer is feeling nervous about depositing earnest money and wondering if it is protected in escrow, point them to Section 32 of OREF 001 – Residential Real Estate Sale Agreement. This section clearly instructs escrow to hold all earnest money on deposit until
As a seller’s agent, remember to complete the delivery documentation located just above the seller’s response section in the OREF Sale Agreements. This documentation is required by both the Oregon Administrative Rules and the NAR Code of Ethics. Buyer’s agents should not complete this section.