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Form Updates

Our forms committee and board of managers diligently work throughout the year to improve our library of forms.

Changes either come from laws newly implemented or updated, suggestions from the community on improvements we can make, or things we notice from practicing using them every day.

If you are looking for a list of forms, feel free to download the list here.

Line 45 – Added “smart home features

Line 92 – Made mentions of “REPRESENTATION” plural

Line 102 – Removed “in a timely manner, and exercise best efforts

Line 108 – Updated “Buyer shall request the ordering of the Lender‘s appraisal no later than expiration of the Inspection Period at Section 10 (Inspections), below of this Agreement, (or Section 1 of the OREF 058 Professional Inspection if used).” to:
Buyer shall authorize the Lender to order the appraisal no later than the expiration of the Inspection Period at Section 10 (Inspections), below of this Agreement, (or Section 1 of the OREF 058 Professional Inspection Addendum if used).

Line 284 – Updated Smart Home Features Section to the following:

20. SMART HOME FEATURES: Does the property contain any “Smart Home” features? [] Yes [] No [] Unknown. If Yes, Seller to identify all Smart Home features in writing within three business days of the date this Agreement is signed and accepted. In addition, Seller to provide necessary information for Buyer to access said Smart Home features at Closing, unless otherwise agreed in writing.

“Smart home features” refers to appliances, lighting and/or electronic devices that can be controlled remotely by the owner, often via a mobile app. Smart home enabled devices can also operate in conjunction with other devices in the home and communicate information to other smart devices.

Line 316 – “by wire transfer or check,” was removed.

Line 322 – The following was inserted: “Upon deposit of earnest money in accordance with this Agreement, Buyer shall take no steps to withdraw or authorize withdrawal of said funds, except in accordance with the terms and conditions of this Agreement. In the event Buyer attempts or succeeds in any such withdrawal of the earnest money deposit, it shall be considered a breach of this Agreement and will result in a forfeit of the earnest money deposit and termination, at the option of the Seller, of the Buyer’s right to purchase.”

Line 389 – The following was removed: “Buyer and Seller: Any reference to Buyer and Seller in this agreement shall include singular and plural.

Line 428 – removed “Closing“, added “the date buyer is entitled to possession

Removed Buyer and Seller contact information.