OREA Form 801 Offer Summary Document
What is form 801 in real estate?
In short, Form 801 is used to ease the amount of paperwork that agents need to file in Ontario. It works together with other OREA Forms.
Is Form 801 mandatory?
It is required by REBBA (Real Estate and Business Broker Act 2002) and needs to be signed by the home buyer. It is filed by both the listing brokerage and buyer brokerage with the rest documents on the transaction.
Form 801 sum up
- Who are the buyer, seller, buyer brokerage, and listing brokerage
- The property address and date of the purchase contract
- The time that the offer is submitted, when it is received, and the relevant irrevocable time
- This Form 801 is not required to sign back to the buyer agent, and the seller is not required to sign it either.