What’s more frightening than a surprise during the home selling process? Form 059 lets the Buyer’s Agent record any reports or document delivery by the seller, inspector, or escrow officer. Since important timelines may be triggered by those deliveries, Form 059 is the perfect October choice to ward off any potential scares!
For example, buyers have five days after the receipt of HOA documents to unconditionally disapprove and terminate. To start that clock, the Seller needs to deliver ALL HOA documents. This allows an itemized list (including the number of pages) being delivered to trigger that five-day revocation period. Utilizing Form 059 can save you from HOA-related, post-closing disputes.
The OREF 059 form is available in the OREF library through licensed transaction management platform providers.
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Disclaimer: On occasion OREF staff, Managers, or Forms Committee volunteers may provide Forms subscribers with general information and education regarding the proper selection and use of OREF Forms. Neither OREF nor its staff, Managers or volunteers are attorneys or are authorized to practice law, and no information or educational materials provided by them are intended to constitute legal, tax, accounting or other professional advice of any kind. All such information and materials are non-legal opinions offered for general educational purposes, and each Forms subscriber must rely solely upon his or her principal broker or personal legal counsel for specific advice and instruction. Brokers and their clients should independently confirm that the Form(s) being used are legally suitable for the purposes intended, and that they are current with respect to all laws and regulations.