If you need help understanding and working with OREA standard forms, a short tutorial can help.
Five video tutorials have now been recorded by the Ontario Real Estate Association (OREA) for members. These narrated recordings describe the details of various real estate forms with screen shots of various parts of each form.
The tutorials are short, succinct guides of just three to five minutes in length. They help you navigate the complexities of several OREA forms and are available on the association’s web site in the Members’ section under Standard Forms.
“Forms are such a key part of real estate transactions that it’s vital for REALTORS® to have a solid grasp of them so you can provide the best possible service to your clients,” says Cassandra Agnew Walker, OREA’s senior manager, standard forms. “Each tutorial describes the purpose of the form, how it can be used, and how to complete each section, with accompanying slides. You can listen and learn at a date and time convenient to you.”
“The tutorials help to convey the intent of forms in a context that our members can understand,” adds Agnew Walker. “This initiative also helps REALTORS® to act with comprehensive knowledge, integrity and professionalism in their trading activities by using the appropriate forms and ensuring that consumers understand the documents they sign.”
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In 2015, the association posted two tutorials to the web site. Five tutorials are currently posted to the OREA web site, and the number will continue to grow.
The first tutorial covers Form 801 - Offer Summary Document for Use with Agreement of Purchase and Sale. This form was created in 2015 to help you comply with Bill 55 amendments to REBBA 2002, which require proof of offer and are intended to prevent phantom offers (fabricated bids that spark extra bidding). The buyers’ brokerage uses this form as evidence that they have a written, signed offer. The listing brokerage can keep a copy of this summary sheet instead of retaining a copy of an entire offer.
The second tutorial covers Form 108 - Entry/Access to Property – Acknowledgement. The recording and slides cover the process of obtaining the sellers’ permission so that they are fully aware of who is (or is not) entering their property and the reason for entrance as it relates to an agreement, such as a home inspection or pre-closing visit.
Three more tutorials have also been posted so far this year. They deal with:
Form 127: Condition(s) in Offer – Acknowledgement – This form deals with the risk and ramifications of a buyer not including or waiving certain conditions in the Agreement of Purchase and Sale (APS). So far, this is the most popular tutorial, racking up almost 1,000 views in the first two months after it was made available.
Form 109: Offer Presentation – Acknowledgement – This form, if requested, confirms that an unsuccessful offer was presented and obtains a signature from those to whom the offer was presented.
Form 244 – Seller’s Direction re: Property/Offer - This form is used to get written instructions from sellers related to their wishes regarding their property and the manner and timing in which offers are to be presented to them.
Seven more tutorial videos are scheduled to be recorded and posted in the months ahead. In addition to the tutorials, OREA is also offering interactive web seminars (webinars) and numerous helpful “Forms Explained” documents that simplify the content of various forms. For details on all of the above, visit Webinars and Tutorials.
Story by Mary Ann Gratton
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