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Oregon’s Long-Ignored Seller Property Disclosure Form – PART ONE

Posted on by Phil Querin
Introduction. Oregon’s property disclosure law was first created in the 1993 Legislative Session – nearly 30 years ago. This was back when the idea of sellers having to “disclose” any information about their homes was a foreign concept. Short of outright fraud, caveat emptor[1] was the rule [...]

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Posted in Legislation - Oregon, Miscellany, News You Can Use, Oregon Law, Property Disclosure, Real Estate General, Real Estate Laws, Realtor Risk Management, Residential Housiing, Townhomes | Tagged , ,

Can Earnest Money Deposits Be Made “Nonrefundable”?

Posted on by Phil Querin
Earnest Money Deposits Generally. The term “earnest money” has been historically used to refer to the “deposit” paid by buyers that accompany an offer to purchase real property. Metaphorically, it is intended to show the buyer’s “good faith” intent to complete the purchase. Most [...]

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Posted in Broker Risk Management, Legal Drafting, Miscellany, Real Estate General, Real Estate Laws, Realtor Risk Management, Residential Housiing

Unpermitted Remodeling – What Realtors®Need to Know

Posted on by Phil Querin
What Must Sellers Disclose? Oregon’s Property Disclosure form asks sellers whether they have had any additions, conversions or remodeling to the home. If the answer is “yes” the form asks three follow-up questions; (1) Was a building permit required? (2) Was a building permit obtained?  (3) [...]

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Posted in Miscellany, Property Disclosure, Real Estate Laws, Realtor Risk Management, Residential Housiing | Tagged ,

Surveys, Deed Descriptions, and Adverse Possession

Posted on by Phil Querin
Surveys vs. Visual Inspections. Most buyers do not order a survey before purchasing a home. Some visually check corners for survey pins in the ground, but most do not. When borders and boundaries are already identified by the location of pre-existing fences, bushes, trees, lines of occupation and [...]

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Posted in Adverse Possession, Broker Risk Management, Deeds of Conveyance, Lawsuits, Miscellany, Real Estate General, Real Estate Laws, Realtor Risk Management, Realtors, Residential Housiing

Interest Rates Dropping – Again!

Posted on by Phil Querin
In a recent Housingwire.com article (here) by Kathleen Howley, we learn that the current average 30-year mortgage interest rate of 3.24% is within one basis point[1] of its all-time low of 3.23%. According to article: Fannie Mae projected last week the average this quarter would be 3.2%, followed [...]

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Posted in City of Portland, COVID, Economic News, Fannie&Freddie, Interest Rates, Miscellany, News You Can Use, Real Estate General, Realtor Risk Management, Realtors, U.S. Economy | Tagged , , ,

No “Moral Hazard” This Time Around – But Will It Make A Difference?

Posted on by Phil Querin
In a recent Reuters article (here), authors Ann Saphir and Lindsay Dunsmuir note that the Federal largesse of trillions of dollars currently being spent to address the inevitable fallout from sidelining millions of employees and businesses is far different from 2005 – 2009 when the financial and [...]

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Posted in COVID, Economics, Financial Crisis, Market Conditions, Miscellany, Real Estate General, Real Estate/Distressed, Realtor Risk Management | Tagged , , ,

Specific Performance in Oregon Residential Real Estate Transactions

Posted on by Phil Querin
Introduction.  The term “specific performance” is not, as commonly believed, a form of legal action that may be brought for enforcement of a contract.  Rather, it is a remedy for a breach of contract claim because the underlying agreement has not been performed. In other words, before [...]

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Posted in Arbitration, Lawsuits, Litigation, Real Estate General, Real Estate Laws, Realtor Risk Management, Realtors, Residential Housiing, Specific Performance | Tagged , ,

COVID Protocols For Showing Homes Listed For Sale

Posted on by Phil Querin
These guidelines require the consent of third parties, e.g. sellers, buyers, tenants, buyer brokers, inspectors, appraisers, property managers, contractors, plumbers, and others involved in the home purchase/sale transaction.  Accordingly, they should be provided with a copy of these requirements. [...]

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Posted in Broker Risk Management, Miscellany, Real Estate General, Realtor Risk Management, Realtors | Tagged , ,

ZOOM Couture

Posted on by Phil Querin
According to Family Court Judge Dennis Bailey of Broward County, Florida,  ZOOM hearings have become way too casual. This, according to a recent ABA article (here) by Debra Cassens Weiss. It seems Judge Bailey, in a letter to the Weston Bar Association (here), had grown tired of seeing attorneys [...]

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Posted in Miscellany, News You Can Use, Q-Rants | Tagged ,

Is COVID-19 a Defense to Breach of the Oregon Real Estate Sale Agreement?

Posted on by Phil Querin
Introduction.  Almost as soon as the COVID pandemic flared up, I began to receive calls asking whether the virus could constitute the basis for refusing to perform under a pending Sale Agreement.  One broker reported that the buyer wanted out of the contract because of “uncertainty”. These [...]

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Posted in Broker Risk Management, COVID, Market Conditions, Miscellany, News You Can Use, Oregon - Economy, Real Estate Laws, Realtor Risk Management, Residential Housiing | Tagged , , ,
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