As part of our commitment to offering real estate forms that are clear, user-friendly, legally sound, and responsive to industry needs, Oregon REALTORS® has released library version 2026-1. All of the updated forms are available for preview and for use on platforms.
9.12 Real Estate Team Disclosure
Provides all disclosures required by HB 3137
9.12A Real Estate Team Additional Names
Provides space for teams with more than 6 members to make disclosures.
OREA produced a new format for IADP
- Loan Intent Deadline in the “Buyer Representations and Duties Regarding Financing” has been removed. Onus is on Buyer to act in good faith and for seller to request information, proof no longer integrated into form as default.
- Language on delivery of requested inspection reports now clarified to be “Buyer shall Promptly provide such reports”
Buyer’s Response stated “Accepts / Rejects / Counter’s Buyer’s offer” and has been changed to properly state “Accepts / Rejects / Counter’s Seller’s offer”
Addition of “Seller’s offer” option on form for 1.1A situations
- EPA updated model disclosure form to now require seller to specify what documents/reports/records they are providing to Buyer.
- Buyer’s Agent now must “acknowledge” that they informed Seller of their lead disclosure obligations, but only when Buyer Agent is receiving compensation from Seller.
Subsequent offers must be accepted in back up position, whereas before they were “accepted subject to the failure of the contingency” with the option of being in a generic back up position. Functionally the same thing, the nuance was more confusing than useful.
Initials added to bottom of second page [missing there for some reason]
Buyer Failure to provide Intent to Proceed with Loan has been removed as an option for default.
Timeline by which Seller must send notice to terminate Tenant now has options of a specific date or 2 days after Mutual Acceptance.
- Term reworked to now begin from Closing rather than first payment [8.1 & 8.2]
- Blank space for term may now be in years and months [8.1 & 8.2], additional blank space for land sale contract [8.1]
- Balloon payment section notes legal foundation for the MLO consultation requirement
New term to state intended use of property [8.1]. - Blank added for escrow processProvisions on collection escrow payment breakdown added.
Signature section formatting made consistent throughout [previously slight variations were present with multiple columns, now all follow a single column format]
- Authorization of lockbox adds clarity that seller is responsible for damage stemming from the lockbox itself or the use of the lockbox
- Space added to authorize an “other MLS”
“At or before closing” language on sale agreement first page to permit flexibility.
Task force discussion [and experience] on the topic held that introducing a mobile point in time for closing would invite dispute where parties would expect closing to happen upon their signature, not before. At present, the contract permits closing at an earlier juncture if the parties agree to it, and the task force found that it would be preferable to have solid “closing” moments that the parties can move around mutually
Financing Contingency should have language that says “it’s a financing contingency failure if the Buyer fails to obtain fire/flood insurance if lender requires.”
Task Force agrees that there should be more robust fire/flood insurance provision, but that it should not be done through an extension of the financing contingency because the needed information is much more robust than just saying “need to get that insurance before closing.”
Research into other state insurance provisions and forms is ongoing, likely 2026-2 will have an insurance addendum that will create substantial terminology around insurance as a contingency of a transaction.
Current financing contingency is “buyer/property fails to qualify for loan,” so if the lender requires fire/flood insurance and buyer cannot obtain it, that will result in a failure to qualify, so roundabout way of saying “financing contingency already includes failure to obtain fire/flood insurance.
Mandatory notice when the Buyer is not terminating as a result of the inspections. An “I’m satisfied with the inspections” notice.
Task Force found that this would be a deviation from normal process, and would create risk if Buyer failed to send a satisfaction notice.
