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OREF 054 – Language Change

OREF 054 – Language Change

3
3 months agoreviewed1

From personal and professional experience, I would advocate a change in the Occupancy After Closing Addendum language, specifically, line 86.

Allowing the sellers to rent back is a common occurrence but I am also aware that securing a renter’s policy is often not done or completed after signing but before COE. Unfortunately, once docs are signed, funding cannot be stopped for this reason.

I would suggest language be changed from “At or before Closing…” to “Three (3) business days before closing…”

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  1. Great idea Peter! I’ll bring this to the Forms Committee for further consideration. Thank you.