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.
OREF Sale Agreements require seller consent for buyers to transfer their rights or obligations. The reasoning behind this requirement is straightforward: the seller has the assurance that the original buyer is capable of fulfilling the agreement but cannot say the same for a buyer they
Buyer’s agents should complete all sections of a sale agreement at the time the offer is written. Our customer service team regularly receives questions asking if one or another section in the sale agreement is required or must be completed at the time of the
The closing deadline included in the sale agreement allows for closing to occur “on or before” a specific date. The definition of closing includes the need for the parties to sign closing documents and for the recording of the deed and funding to occur. If
The language of the Licensed Professional Inspections contingency included in each of the Sale Agreements in the OREF Residential Library requires that the buyer will not provide the inspection report or any portion thereof to the seller unless the seller requests a copy in writing.
Many OREF forms include a wealth of information regarding the topics of the forms and can be excellent resources. For example, OREF 082 – Private Well Addendum, contains information about the statutory well-testing requirements for properties that include a well providing domestic water, and even
Whether you’re working with sellers or buyers, having a well-prepared and professional presentation is key to building trust and ensuring success. Here are things we recommend including when you meet with your buyer or seller for the first time. Must-Haves for Seller Presentations: OREF 047
What should you do if your client tells you they’ve decided to take some action in a transaction that you think is detrimental to their position? It is your fiduciary obligation as their agent to disclose this concern to them. Suppose they insist on proceeding
When listing a property for sale that includes a well supplying groundwater for domestic purposes, it’s a good idea to suggest the seller have the well water quality tested at the time the marketing of the property begins. OAR 333-061-0325(7) provides that the lab tests