December 8th - 2008

New and revised standard forms address FINTRAC, Tarion changes

Identifying parties to a transaction, reporting suspicious transactions and keeping good records took on added meaning this year with the stricter FINTRAC requirements.

Identifying parties to a transaction, reporting suspicious transactions and keeping good records took on added meaning this year with the stricter FINTRAC requirements. Ensuring members had forms available to comply with the new FINTRAC requirements was one of the main concerns of OREA Standard Forms Committee during 2008. Recognizing the benefits of having standardized forms across Canada, OREA endorsed the forms CREA created. New forms include:
 
Form 630- Individual Identification Information Record
Form 631- Corporation/Entity Identification Information Record
Form 632- Identification Mandatary/Agent Agreement
Form 633- Consent Agreement
Form 635- Receipt of Funds Record
Form 639- Risk Assessment for Brokerage
 
Four other new forms were also created in 2008 to be used as schedules to the Listing Agreement and Buyer Representation Agreement in situations where the listing is not entirely standard and special terms or lists may be required. These new schedules include:
 
Form 203- Schedule ____ Listing Agreement
Form 303- Schedule ____ Buyer Representation Agreement
Form 523- Schedule ____ Listing Agreement- Commercial
Form 543- Schedule ____ Buyer Representation Agreement- Commercial
 
New clauses and revisions
Two additional clauses have been added to the Agreement of Purchase and Sale forms: one for property re-assessment and one to establish local time for the agreement. The standard Property Assessment clause was often added to Schedule A when an offer was completed to inform the buyer of the possibility of a re-assessment. Now it is part of the Agreement of Purchase and Sale. The “Time and Date” clause clears up any confusion as to the time frames, which can arise when business is international in nature.
 
Several other forms underwent minor revisions and refinements and two additional standard clauses were added to the clause bank – a WETT Inspection condition and a right of inspection prior to completion.
 
In addition, a link to the Tarion Web site with a note explaining the official Tarion Schedules available that must be used when selling a new home was also added. Members can click on the link to download the required schedules.
 
These new forms and clauses are available on the OREA website. To view them visit www.orea.com, under “Members Only” and “OREA Standard Forms.” WebForms and other licensed software programs also have the updated forms available.

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Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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