Dear Forms Committee: In OREF 083-Buyer’s Contingent Right to Purchase Addendum, why is the buyer not able to waive the contingency?

Section 3 of the OREF 083 – Buyer’s Contingent Right to Purchase Addendum incorporates the terms of OREF 083A – Contingent Right to Purchase – Notice to Seller and OREF 083B – Contingent Right to Purchase – Notice to Buyer into the contingency terms. Section 4 starts by saying, “except as provided in the notices,” so we look to the Notices to see what waivers are allowed.

Alternative 2 on 083A and 083B allows the buyer to waive the contingency. However, in doing so, the buyer is also waiving all contingencies related to the buyer qualifying for financing, and agrees to provide evidence that the buyer has the financial means to close.

So, if everyone signs 083, there is only one circumstance in which the seller has pre-agreed to allow the buyer to waive the contingency. Any other waiver would require the seller’s consent.

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