2014 Revised Oref Forms Page 5
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6COMMENT: T
O
DEQ
2013
H
B
3172.
HIS CHANGE WAS INITIATED BY THE
REGON
AND WAS PASSED IN
AS
OUSE
ILL
PRACTICE TIP: N
(*)
. T
OTICE THE
NEXT TO SEVERAL OF THE QUESTIONS
HIS MEANS THAT IT IS EXPECTED THE SELLER WILL
. G
-
ATTACH COPIES OF THE DOCUMENTS MENTIONED
OOD PRACTICE WOULD BE FOR BROKERS LISTING PROPERTY WITH AN ON
SITE SYSTEM TO VET THESE ISSUES WITH THEIR CLIENTS AND OBTAIN THE APPROPRIATE DOCUMENTS IN ADVANCE
.
DISTRIBUTING THE DISCLOSURE STATEMENT TO PROSPECTIVE BUYERS
____________________________________
Private Well Addendum
OREF-082
[See Sample Form]
COMMENT: A
,
P
W
S
A
(
C
S NOTED ABOVE
THE
RIVATE
ELL SECTIONS OF ALL THE
ALE
GREEMENTS
EXCEPT THE
OMMERCIAL
S
A
)
,
ALE
GREEMENT
WERE ALL CHANGED TO REMOVE THE BULK OF THE TEXT
AND DIRECT SELLERS AND BUYERS TO THE
P
W
A
. M
,
,
RIVATE
ELL
DDENDUM
OREOVER
THE CONTENT HAS BEEN BROKEN UP INTO IDENTIFIED SECTIONS
FOR EASE OF
.
UNDERSTANDING
___________________________________
Investment Property Addendum
(OREF- 070)
[See Sample Form]
COMMENT: T
. I
HIS IS AN ENTIRELY NEW FORM
T IS DESIGNED TO ASSIST BROKERS REPRESENTING BUYERS OF RESIDENTIAL
[
.
.
]
. T
PROPERTY
E
G
PLEXES
INTENDED FOR INVESTMENT PURPOSES
HE LIST OF ITEMS SOUGHT ARE GENERALLY THOSE DUE
. T
,
DILIGENCE ITEMS INVESTORS WOULD WANT TO SEE
HERE MAY BE OTHERS
AND THIS FORM IS INTENDED INCLUDE ALL
. B
POTENTIAL DUE DILIGENCE ITEMS
ROKERS UNFAMILIAR WITH SUCH TRANSACTIONS SHOULD SECURE ASSISTANCE FROM
.
OTHER PROFESSIONALS AND NOT EXPECT TO RELY SOLELY ON THIS FORM
NOTE: T
HE PROTOCOL FOR DEALING WITH BUYER DISSATISFACTION OF ONE OR MORE DUE DILIGENCE ITEMS IN THIS FORM IS
OREF
SUBSTANTIALLY THE SAME AS WITH DISSATISFACTION WITH THE PROFESSIONAL INSPECTION REPORT IN THE
R
S
A
.
.
.
. I
ESIDENTIAL
ALE
GREEMENT
I
E
IT IS HANDLED THE SAME AS THE INSPECTION CONTINGENCY IN THAT FORM
N THE
I
P
A
,
NVESTMENT
ROPERTY
DDENDUM
THERE IS A SPACE FOR THE PARTIES TO AGREE UPON THE LENGTH OF THE CONTINGENCY
PERIOD FOR THE BUYER TO COMPLETE HIS OR HER DUE DILIGENCE AND NEGOTIATE WITH THE SELLER OVER THE COST AND
. I
,
RESPONSIBILITY OF REPAIRS OR OTHER ISSUES
F AGREEMENT CANNOT BE REACHED
THE BUYER MAY EXERCISE THE
. H
,
CONTINGENCY AND TERMINATE THE TRANSACTIONS
OWEVER
IF THE BUYER FAILS TO TIMELY OBJECT AND REACH
,
.
AGREEMENT WITH THE SELLER ON A SOLUTION
HE OR SHE WILL BE DEEMED TO HAVE WAIVED THE CONTINGENCY
___________________________________
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