OREA Form 320 Confirmation of Co-operation and Representation

• OREA Form 320 is used to confirm the relationship among the home buyers, home sellers, the listing brokerage, and the cooperation brokerage (buyer agent brokerage). 
• It is mainly focused on the real estate commission structure and disbursement between the listing brokerage and cooperating brokerage in Ontario. In case you use a cash back realtor, here is the place that you can confirm the projected commission the buyer agent will receive, and validate the actual commission rebate you will receive after the closing.
• It is quite a straightforward contract except that you may pay special attention to the clause of Multiple Representation. 
  • It means the brokerage represents both seller and buyer at the same deal. 
  • It is required by RECO for the brokerage to disclose such information to the clients since, under this situation, the brokerage’s services are limited and more closely regulated. 
  • The client is at liberty to sign or not.
  • If you are the home buyer, you would seriously judge the situation before signing your name since it may significantly impact your interests. 
  • To know more about it, we've drafted a separate article on Multiple Representation.
• This form 320 is usually required to be signed with the rest forms before making an offer.
• Please refer to OREA Form for the rest contracts frequently used in real estate transactions in Ontario.