Tag: Dear Forms Committee

The OREF Residential Real Estate Sale Agreement has a number of built-in contingencies: the receipt of contingent funds, if indicated in Section 3; the three financing contingencies, unless the transaction is all cash, or, if the seller finances the transaction, agreement on the financing documents;

Yes. In previous versions of the OREF Commercial Sale Agreement, if the buyer didn’t provide unconditional disapproval of the property before the end of the inspection period, the buyer was deemed to have accepted the property’s condition. After considering the typical procedure for conducting due

Under the terms of the real estate sale agreement (see Section 16 of OREF – 001 Residential Sale Agreement), the buyer has five business days (unless the buyer has waived this right in writing) to revoke the buyer’s offer. This period begins after the effective date

The smoke/carbon monoxide detector section of the OREF Sale Agreements (Section 25 of OREF 001 Residential Sale Agreement) isn’t to instruct the parties about the required details for alarms and detectors. Rather, it serves to advise them that there are requirements. If you review OREF

Section 35 of OREF 001 Residential Real Estate Sale Agreement provides specific options for when the buyer will take possession of the property. Buyers and sellers can use the pre-printed options or add other terms to the Additional Provisions section. If the buyer and seller

The term “unconditional disapproval” is used many times throughout the OREF Sale Agreements. To disapprove of an item truly unconditionally (for example, verification of funds, condition of the property, etc.), the seller or buyer must disapprove of the item with no conditions attached. Perhaps the

No, the list of things that survive termination differs from those that survive closing. In the previous blog post on survival, we pointed out that one of the two types of obligations that survive closing includes those “…which, by their terms, can reasonably be expected

“Notice” is defined in the OREF Sale Agreement as a written statement delivered using the “Notification Method” described in the Miscellaneous section of the Sale Agreement. The written statement can be in any form that complies with the chosen Notification Method – addendum, email, even

Yes, if the addendum covers both the extension and the acceptance, and everyone signs and delivers it, you have a valid contract. Legally, any response to an offer that does not precisely match the terms of the offer is a counteroffer, even an extension of

Encroachments, liens, access problems, or CC&R limitations are a few examples of items that might be important to the buyer. The buyer is responsible for reviewing all items within the title report and objecting to any items within the timeframe specified in the sale agreement.