OREA Form in Real Estate: Fully Explained with Samples
OREA form is most commonly used in real estate transactions in the Greater Toronto Area, Ontario. OREA (Ontario Real Estate Association) prepares all those forms for its member use.
In this article, all the frequently used forms are listed with a brief discussion regarding what it is used for, the main considerations you would take, and the common practices. To learn the detailed explanation of clauses, please click the link of each individual page. The relevant form template is also provided for your convenience.
OREA Form For both home buyers and sellers
Form 810 working with a realtor is no longer in use. The new replacement is called RECO Information Guide.
1. Working With a Real Estate Agent: describing the benefits of working with a real estate agent, what a buyer or seller can expect from an agent, the duties owed to clients, and the responsibilities of clients
2. Know the Risk of Representing Yourself:
3. Signing a Contract With a Real Estate Brokerage: explaining that a contract is required – a representation agreement – to become a client, and highlighting the information a prospective client should look for in an agreement and understand before they sign.
4. Understanding Multiple Representation: explaining what multiple representation is and why it is rarely in a client’s best interests to agree to it.
5. A Note About the Content of Other Offers: intending to clarify to buyers and sellers that the sharing of the offer content is the seller’s decision and the seller can change his decision during the process.
6. How to Make a Complaint: providing information about making a complaint to a brokerage or to RECO
Agreement of Purchase and Sale Form 100
- It is for residential homes except for condos.
- You would ensure to understand it well before signing.
- When you sign this contract it is called an offer on a house. When the seller agrees to your offer and signs it back, it becomes a legally binding document.
- Main clauses and terms include the offer price, irrevocable time, conditions, deposit, completion date, title search, chattel, fixture, etc.
- You would know that conditions are for your benefit and the consequence of removing conditions.
- Full explanation on Agreement of Purchase and Sale
Form 101 for the condo buyer
- It is a purchase contract specifically for a condominium.
- The main clauses and terms different from Form 100 are Certificate Status, Meetings, property management, common expenses, parking, lockers, etc
- Status of certificate is a fundamental document to tell you the fiscal and physical health of the building and unit. You probably need a lawyer's assistance.
- Full explanation of Agreement of Purchase and Sale
FORM 320 Confirmation of Cooperation and Representation
It is an agreement between the seller’s brokerage and buyer’s brokerage and it defines the buyer relationship with the buyer agent as well.
It stipulates how much the real estate commission is paid to the buyer brokerage.
If you have a commission rebate from a buyer agent, it is the place you would know the total commission that the realtor is paid.
Full explanation of Form 320
FORM 801 Offer Summary Document
- It is used to ease the amount of paperwork that agents need to file. It covers the basic information such as name, property address, when the offer is registered, irrevocable time, etc
FORM 120 Amendment to Agreement of Purchase and Sale
- It is used when any change occurs after the agreement is signed by both parties. You can not make any change to the signed purchase contract.
- Typical changes include a name change, completion date, house price, deposit, etc.
- To be effective, this amendment needs to be signed by both parties.
Form 123 Waiver
- If there is a conditional offer, the conditions are not satisfied to you after the due diligence, but you still want to proceed with the deal, then you can use this form to waive the conditions.
Form 124 Notice of Fulfillment of Condition
- When your due diligence on the conditions is met, you use this form to notify the other party to move on with the deal.
Form Schedule A and B
- Home buyers commonly put their conditions and clauses in SCHEDULE A as an attachment to the purchase contract.
- Home sellers commonly put their conditions and clauses in SCHEDULE B of the contract.
FORM 630 Fintrac
- It is requested by the Canadian government, but there is no need for your signature.
- Your realtor may need some personal information including your employer, your job title, et
FOR BUYER ONLY
FORM300 Buyer Representation Agreement
It is used when a realtor provides service to you.
It covers buyer commission obligation, holdover period, indemnification, etc.
To avoid being locked by the exclusive buyer brokerage agreement, you can specify the property address and shorten the period of validity.
A full explanation of the buyer agency agreement
Cashback Rebate Agreement
There is no standard form for it. Cashback realtor would commonly document it in the addendum (Schedule A) of the Buyer Representation Agreement or FORM310.
You need to ensure the accuracy of the amount or percentage of the commission rebate, when and how it would be delivered to you.
FOR SELLER ONLY
FORM200 Listing Agreement
It is a contract between the seller and the listing brokerage.
It is mandatory for you to sign. There is also a minimum time period request by Treb if you are selling a home with MLS.
The main clauses and terms cover realtor fee, holdover period, indemnification, information usage, etc
Holdover period may appear confusing. You can simplify it as a commission deficiency obligation to the original agency.
Full explanation on the seller agency agreement
MLS Data Information Form
- If you plan to list your home in MLS, you need to use this form.
- It covers most of your home details such as house type, features, square foot, property tax, etc.
- You would also provide your agent with the relevant documents such as property tax bills, utility bills, rental contracts, permits, surveys, etc.
Seller’s Direction Re: Property/Offers FORM244
- You can use this form to instruct your realtor to follow your preferences regarding offer notifications. For example, you don't want to be notified of offers untill a specific date.
Lockbox Authorization Form if provided
Open House Authorization Form if provided
For Tenants and Landlord
You would need to fill out and sign this Residential Tenancy Agreement in Ontario.
Please send a request if you happen to need an OREA form unlisted above. We would be happy to help you out.