Dear Forms Committee: What happens if one party believes the other party is in default under the terms of the OREF Sale Agreement?

The OREF Sale Agreement doesn’t lock the parties into using certain forms, responses, and deadlines when one party is believed to be in default. OREF forms are straightforward: look at the Earnest Money provisions (Sections 28.2 and 28.3 of OREF-001). If the parties don’t agree about how that applies, they can negotiate a solution, but if they aren’t successful, the Dispute Resolution provisions describe what happens next.

All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.