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Dear Forms Committee: What is the purpose of Sections 7.1 and 7.2 in the OREF Residential Sale Agreement if they don’t require anybody to do anything?

OREF forms do more than specify rights and duties: they serve as a valuable guide for people entering into one of the most important contracts of their lifetime. In pursuit of that goal, several provisions of the Sale Agreement remind the parties of essential things that should happen when purchasing a home. Since insurance is essential to protect the buyer’s investment in the property, these paragraphs help them remember to address insurance, especially if they don’t have a lender.

Always check with your principal broker or legal counsel to ensure that you are following any policy requirements of your brokerage.

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.