Selling your property is typically an involved process – even more so when you’re a landlord! Many of the local and state laws that landlords must abide by when renting their property also impact the sale of the property. When a landlord decides to sell their property, those laws must still be followed, which can end up affecting showings, rent increases, tenancy termination, financing, and more.
The purpose of this new form is to educate both the buyer and seller on what laws they need to be aware of during the property purchasing process.
Highlights of this form include:
- State, city & county notice requirements
- Seller responsibilities once a tenant has vacated the premises
- Advisory regarding reviewing lease documents, transfer of deposits and other items should the buyer wish to leave the tenant in place
The new OREF 106 form is available in the OREF library through licensed transaction management platform providers.
Do you have an idea or suggestion for a new form or edits to existing forms? We want to hear from you! Submit your ideas to our Forms Committee here.