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Dear Forms Committee: What is considered an ‘extraordinary event’ in the OREF 096 – Extraordinary Event Addendum?

This form was created to allow the parties to have extra time to perform their obligations under the Sale Agreement due to significant events beyond their control. The form is not to be used for mere inconveniences, or when the parties could easily find a way to comply with the contracts.  Since it would be difficult to encompass all of the events that might be considered “extraordinary,” the form does not define them. Instead, it lists a number of events that would be extraordinary, such as the death of a close family member, material damage to the property caused by a third party, epidemic, natural disaster, armed conflict, or failure of infrastructure. The initiating party describes the event they believe justifies a delay, and the responding party has the option, based on the information provided, to either accept, modify, or reject the request.

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.