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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.

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.