October 2022 Form of the Month: OREF 059 – Receipt of Reports / Removal of Contingencies Addendum
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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