December 2023 Form Of The Month – OREF 050 – Buyers Representation Agreement

FORM OF THE MONTH

You’ve heard about the NAR litigation over buyer compensation.  More litigation (and possibly regulation) is coming.  You can get ahead of the game by becoming familiar with and using OREF’s Buyer Representation Agreement – OREF-050 or C-534. Fee transparency is going to be an essential part of ensuring that consumers understand how real estate agents are compensated.  These forms lay out in detail the terms of the representation, including compensation.  They help consumers know what to expect, and help protect agent’s right to compensation.

– Jeff Davis, OREF Forms Committee Legal Counsel

Who doesn’t appreciate clarity? Your buyers certainly will when they’re looking to understand exactly how you, as a buyer’s agent, are compensated for your services.

OREF 050 helps describe the scope of the agent’s services and what the buyer will be responsible for paying their agent to represent them in their transaction. While Oregon law does not require using this form, it helps protect buyers’ agents and provides clarity to the buyer.

Want to learn more about the purpose of this form and best practices? Watch the training video below.

Do you have an idea or suggestion for a new form or edits to existing forms? We want to hear from you! Submit your ideas to our Forms Committee here.

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.