Tag: Tip of the Week

The Closing Deadline in the OREF Sale Agreements is the final date by which closing must take place. Parties can opt to close earlier by notifying escrow. However, if an extension is necessary for any reason, such as accounting for a holiday, the parties must

Sellers should thoroughly review the Seller Representations section of the sale agreement. If any information is inaccurate, the seller should provide the necessary corrections in an addendum or counteroffer. All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made

If any revisions need to be made to a document after it has been agreed to by all parties, those revisions should be made on a separate document signed by all parties. No changes or alterations are permitted to any portion of the pre-printed format

OREF 056 – Buyer’s Notice to Seller of Revocation and Demand for Refund: This form should only be used when the buyer revokes their offer as permitted under the Seller’s Property Disclosure Statement section of the Sale Agreement. All comments and responses from OREF or

OREF 020 – Seller’s Property Disclosure Statements: If your seller asks if they should disclose something based on a question on the property disclosures, it’s best to remind them that disclosure is always the best policy. Consider this: as soon as the seller asks you

OREF 042 – Initial Agency Disclosure Pamphlet: This form must be delivered to prospective parties to a transaction and unrepresented parties seeking representation during a transaction, unless they have or can reasonably be assumed to have the pamphlet already. The form must be delivered at

Appraisal Ordering: OREF Sale Agreements state the buyer must authorize the lender to order the appraisal of the property before the expiration of the inspection period. Authorizing the lender to order the appraisal can be as simple as sending them an email letting them know

OREF 054 – Agreement to Occupy After Closing: When preparing the Agreement to Occupy, make sure to have thorough discussions with your buyer client about how to best address the following items: a) the amount of the security deposit, and b) the property’s condition once

Although a buyer may be entitled to send the seller an OREF 064 – Notice of Unconditional Disapproval and thereby terminate the Sale Agreement, that termination is only a unilateral termination, not a joint termination.  Title companies almost always require joint instructions to terminate escrow

Identifying a proper contingency: You see a lot of contingencies throughout your business. Here are some things to look out for to ensure an adequately written contingency: Deadline for When the contingency Must be Met: For example, “February 15th, 2024”; Specific Terms: For example, “Seller