Holiday Closure

The OREA office will close for the holidays at 12 p.m. Tuesday, December 24th.  Normal business hours will resume on Thursday, January 2nd.  Happy Holidays!

Holiday Closure

The OREA office will close for the holidays at 12 p.m. Tuesday, December 24th.  Normal business hours will resume on Thursday, January 2nd.  Happy Holidays!

December 6th - 2005

Standard Forms: keep it simple

Several updates have been made to the standard forms this year with a view to simplicity and identifiability for the REALTOR and the client, and consistency in the wording.

Several updates have been made to the standard forms this year with a view to simplicity and identifiability for the REALTOR and the client, and consistency in the wording. Ultimately, though, the intent is that the changes will make your job as a REALTOR easier.

New form
The only new form to be created this year, the Fax Cover Sheet- Offers (Form 130), while not a technical or legal form, is expected to be widely used by members, serving as the cover sheet for the Agreement of Purchase and Sale. It can be used with all legal documents, such as notices, waivers, or amendments, related to an Agreement.

Once it has become widely accepted and used, the most important documents received by fax by a real estate brokerage will be easily recognizable by this standard cover sheet.

Improved forms
The Confirmation of Co-operation and Representation (Form 320) will now be available as a one-page document in software programs and on Webforms. The new format allows the salesperson to choose the representation option that applies to the transaction and only that option will be printed on the form. The full two-page version will continue to be available in printed form.

Below are some of the other amendments
Amendment to Listing Agreement- Form 240; The section from the listing requiring the seller’s initials when the listing extended beyond 6 months was added, to recognize a possible amendment of the expiry date of the listing of more than 6 months. A line was also added for Interboard information, a change that was also made to the Suspension of Listing Agreement- Form 241, Cancellation of Listing Agreement- Form 242, Assignment of Listing Agreement- form 243, and Direction Re: Showings/Offers- Form 244.

To prevent REALTORS recycling and using the Schedule- Agreement of Purchase and Sale- Form 105 for another offer after the original offer that contained the schedule had expired, the Schedule was modified to link it to “the Agreement of Purchase and Sale dated the…”.

Because of this modification to the Schedule- Agreement of Purchase and Sale, the Standard Forms Committee reviewed all of the OREA forms and found some forms referred to the Agreement of Purchase and Sale “accepted…” while others stated the Agreement “executed….” The Committee decided to use the term “Agreement of Purchase and Sale dated…..” in all situations and forms in addition to Form 105.

Clauses, conditions, and cautions
A new clause (Mort- 4) was created stating the offer is conditional on the buyer “arranging financing suitable to the buyers, at the buyer’s sole and absolute discretion”. A note will be published with the clause cautioning both seller and buyer over the implications of using such a clause.

New forms and revision will be available on the Web site by the end of the year. Visit the My OREA page, under FORMS, Standard Forms.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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