orking with a Realtor: OREA Form 810 Fully Explained

Form 810 is no longer in use. RECO has a new guide,

which is effective from December 1st, 2023.

Some new concepts are introduced like the self-represented party, the designated representation, etc.

For details on the change and new regulation and practice, Please click and refer to RECO Information Guide

What is OREA Form 810?

It is an acknowledgment that the home buyer or seller has to sign to indicate that the salesperson has explained the following:

The relationship between the real estate agency and the buyer or seller in Ontario.

The meaning of multiple representation and its impacts on the buyer or seller if it occurs.

The critical information.

This form needs to be signed and can be signed together with the other forms.

Brokerage and the buyer or seller

The buyer representation agreement is the relationship between the buyer or seller and the realty brokerage.

The salesperson, sales representative, realtor, and broker are all the designations of the individual who is representing and working on behalf of the brokerage with the buyer or seller, though most of those people mentioned above are self-employed.  

Multiple Representation

It happens when 2 or more clients are involved in the same deal with the same brokerage.

In this situation, the existence of multiple representations needs to be disclosed to all the clients.

Multiple Representation has a large impact on both the seller and the buyer. 

When Multiple Representation exists, before an offer can be placed, the brokerage needs to receive written consent from all the clients.

Critical information

Realtors are required to disclose all information that impacts your purchase or selling decision.

Is it safe to sign?

Form 810 itself is quite straightforward and is mainly a general explanation of realty transactions. There is no obligation in the form to either buyers or sellers and it is safe to sign. 

What do you need to consider when choosing a realtor?

Integrity, competence, and negotiation skills are your primary concerns when choosing a realtor.

The house purchase or sale is a large stake to most families, and the associated $ amount in GTA can easily surpass the revenue of most small enterprises. 

Therefore, it makes more sense, that you, as a seller or buyer, actually hire a role like a partner or professional manager to run the project for you instead of hiring a mediocre customer representative to provide the service such as showing and making an offer. 

The whole process of either home buying or home selling is a system, complex and intertwining. Thus it requires your partner to possess the business acumen, and the similar capacity to run a business, besides the realty knowledge.

Your partner also needs to have the capability to provide a thorough analysis and reasonable predictability,  he needs to help you manage the uncertainties, the changes, and the risks, and he needs to provide advice on your current and future planning and help you set up priority among many considerations.

To maximize your investment, he needs to formulate strategies and tactics before the negotiation and create and catch the opportunity once it arises. 

Obviously, you need to consider the integrity and cost of hiring your potential partner as well. The effective balancing among the 3 components ( your partner’s capability, integrity, and cost) is the key to making a successful deal beneficial to both parties.

An easy call at 647-914-7337 to set up an appointment with me at my brokerage office in Markham. Let’s exchange your opinion, views, and my philosophy on how to run the project as your trusted partner and how I can maximize your interest and relieve your worries.