2014 Revised Oref Forms printable pdf download

OREF FORMS REVISIONS FOR 2014

Phillip C. Querin, QUERIN LAW, LLC

Legal Counsel to Oregon Real Estate Forms Committee

The following summary addresses the major changes made to the OREF forms that will become available

for 2014. Some changes were stylistic and grammatical, and will not be discussed here as they do not

materially affect Realtor® practice. The primary focus of this summary is on those substantive changes

that bear on Realtor

practice, the reason for the changes, and their risk management impact. This

summary should not be relied upon in lieu of a thorough review of the specific forms and their revised

provisions by each individual broker and managing principal broker. [Changes have been highlighted in

yellow; deletions in have a strike-through.]

Advisory: Sending Money Out of State [Late-Breaking News!]

(OREF-066)

[See Sample Form]

Form Clarification: The current Advisory has been changed to clarify that in REO sales, real

estate licensees and their companies should not send client earnest money out of state. This

meets the ORS and OREA compliance.

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Private Well Addendum [Late-Breaking News!]

(OREF-082)

[See Sample Form]

Form Correction: The 2014 Private Well Addendum contained an error that has been corrected.

Although sellers in residential transactions are responsible for having their well(s) tested at their

own cost, this is not something that entails a “written application to the Oregon Health Authority.”

Accordingly, the text identified below is now what you will currently find in Section 2. of the 2014

Private Well Addendum, is being deleted immediately.

2. SELLER TESTING: Within ____ business days, (seven [7] if not filled in) after Buyer and Seller

have signed this Agreement, Seller shall, at Seller’s cost, make written application to the Oregon

Health Authority to have the well tested in accordance with Oregon law. The test results shall be

submitted to Buyer and the Oregon Drinking Water Services within forty-eight (48) hours following

receipt.

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2014 Revised Oref Forms