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Everything You Need to Know About Forms

As the real estate industry moves towards the future, Buyer Broker Agreements and conversations with your clients about commissions will become ever more important. Please utilize the below resources to become more knowledgeable and skilled at having discussions about these topics with your clients.

“Fixed Term Lease” or “Month-to-Month” Lease

Every so often, you’ll hear the terms “fixed-term lease” or “month-to-month” lease. In most sales the terms aren’t particularly relevant, but when you have that Buyer’s dream house where there’s a tenant inside... Read more

GUIDED FORM SPOTLIGHT

7.1 Tenant Vacancy Addendum

Sometimes people purchase property that is currently being rented. Sometimes those Buyers are fine with becoming landlords for a while before they move in, other times the Buyers don’t want to be a landlord. Sometimes the closing date will occur well before the tenant’s notice of termination can be acted upon, but the Buyer will still want Seller to send that notice of termination. Form 7.1 is used when the Buyer wants the seller to send the notice of termination. It ensures that either (1) the property is vacant at closing [the “vacancy contingency”] or (2) that the seller has started the shot clock for the termination of the current occupants, shortening the Buyer’s wait period before they take possession.

About Guided Forms: Guided Forms are interactive PDFs with video annotations that walk you through the legal forms in our library. You can skip to the sections you don’t understand or watch the full video playlist for the form all from our training library! 

Have a recommendation to improve Oregon REALTORS® Forms?

Make sure to check out our Update Request Form! Oregon REALTORS® Forms are member driven and strive to be responsive to industry needs. We greatly value your feedback, so if you have something you’d like changed on an existing form or want a new form added to the library, please use the Update Request Form to let us know.

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Legal Hotline Question of the Week

Question

I am about to list residence for sale that is currently occupied under a lease. The lease has occupied the residence for more then one year. I believe that the purchaser will have to either occupy the property upon purchase or continue the lease. First question. Is that correct?  Second question if the purchaser intends to occupy how does the process start to break the lease and what are the ramifications?  Third question when do I notify the resident and with what document?

Answer

If the purchaser does not intend to occupy, they are expected to continue the lease and become the landlord. There are minimal ways for the landlord to... Read more

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