Monthly Archive for: ‘October, 2016’

Out Of State Escrow: Don’t Lose Your Earnest Money!

stacks of coins with the word escrow isolated on white background

I have seen a rash of out of state escrow companies closing Oregon property transactions. If the escrow company proposed by the other side isn’t one of the usual suspects, check the OREA website to see if the escrow company is licensed in Oregon. If not, advise buyers or sellers to object to using the unlicensed escrow company.  Even more  importantly, don’t …

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The Right Way For Real Estate Brokers To Handle Commission Sharing

business handshake, the deal is finalized between two enterprises. man in black suit and woman in white one have signed the agreement.

A transaction falls apart and the real estate brokers (listing and selling) agree to pay some part of the money it takes to keep the sale alive. The listing broker asks me to draft a release. A release is a contract.  Party one agrees to pay party two if party two agrees to waive its claims against party one.  To …

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One Reason To Use Tenants-In-Common Agreement

rear view of young couple looking at their new house

Tenants in Common. If you are representing unmarried buyers purchasing a house together, please advise them to enter into a tenants-in-common agreement so that the rights and obligations of each buyer is set out — particularly if the couple breaks up rather than marries, one buyer becomes disabled and can’t pay his/her share or a joint child enters the picture. …

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Should Quit Claim Deeds Be Used For Non-Sale Transfers Of Real Estate?

hand-drawn hand writes a pen on paper. vector illustration

Quit Claim Deeds. I am often asked to prepare, or asked if it’s ok to use, quit claim deeds for transfers not involving the sale of real property such as transfers into a family trust, adding a new spouse to the title, moving investment property from personal ownership into an LLC or corporation. I almost never use quit claim deeds for these transactions …

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Are Home Inspections Confidential?

a magnifying glass hovering over the words inspection, centering on a house with the word home inside it

Inspections are not confidential. I am frequently asked about whether buyers should (or are required to) release home inspections to sellers when no repairs are requested and, if released to the seller, whether the seller can then release the inspection report to a later buyer. In terms of buyer to seller, the OREF residential contract requires release of the home inspection if …

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Who Is Responsible For The Tenant In A Home Sale?

tenant word on concrete wall

You have a nice couple who offer to purchase a house belonging to a couple looking to downsize. You write the offer and it’s accepted.  At the inspection you get to meet the sellers’ daughter who is staying in the parent’s guest room. Inspection is good. Closing approaches. Have you guessed the issue yet?  The listing agent calls to state …

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