September 2023 Form Of The Month: OREF C-551 – Notice of Default

FORM OF THE MONTH 

No one wants anything to go wrong with a commercial sale. In a perfect scenario, the documents are signed, and the property transfer occurs with everyone satisfied. But not every sale can be perfect. 

If you find yourself in an unfortunate situation where you and your client believe the other party has failed to comply with their sale agreement obligations, you may need OREF C-551 – Notice of Default. 

This form not only provides notice to the other party of the issue but also states whether there will be an opportunity to correct or ‘cure’ the issue and, if that is offered, identifies the number of days to correct. When you find yourself in a less-than-ideal situation, it’s good to be equipped with the tools for resolution.  

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. 

Always check with your principal broker or legal counsel to ensure that you are following any policy requirements of your brokerage. 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.