OREA Standard Forms & Clauses help to facilitate almost every real estate transaction in Ontario. OREA Forms resources provide Members with the education and updates required to be successful in their business.
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Q5. Should I use the OREA State of Emergency Clauses exactly as they are or can I revise them if the buyer or seller wants to negotiate something different?
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Q8. OREA Agreements of Purchase and Sale Form deposits section references, deposit ‘by Negotiable Cheque’ will this be changed to include Electronic Transfer?
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Q12. How can anyone know how many days that it would take for Land Registry to close a deal after re-opening, should this be something the buyer and or seller be agreeing to?
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Q15. What should I do if a buyer or seller lawyer does not agree with an OREA Clause and they have different opinion and clause to insert into an agreement?
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Q16. My brokerage and other brokerages have established form(s) that are supposed to be used when I list or negotiate with buyers and sellers, should I send them into OREA to approve before I use them?
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Q4. Can a listing brokerage force a buyer to accept their APS Schedule B, containing a clause which reads “the Seller does not provide Cannabis representation or warranty”?
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Q13. With respect to legal Cannabis activity what experts do I need to suggest to a buyer or seller to consult with before or within sale or lease negotiations?
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Q6. Can a term(s) be added to the OREA Form #400 Schedule for landlord and tenant negotiations, even though it or they may also be found on the government standard lease form?
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Q7. Can a Member attach the government standard lease form as a Schedule/Addendum to the Form #400, within their negotiations, for landlord and tenant review and awareness of the standard lease document content?
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Q8. Will OREA be creating any further clauses for optional use by members when using the Form #400 Agreement to Lease – Residential and negotiating with their consumers?
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Q5. If this document is for the listing brokerage side to satisfy the legislation, why are so many buyer brokers so adamant about having a signed copy returned?
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Q6. What if the listing is offering limited service to the seller, does the seller’s brokerage have to retain a copy of each offer or a copy of Form #801?
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Q11. What if my client doesn’t want to provide his name etc. prior to the listing being presented? Would it not suffice that I send an e-mail saying I have the offer, and provide Form #801 if and when there are multiple offers?
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Q12. If the buyer’s agent asks how many offers were received and requests copies of all the Form #801s, should the listing agent send them to the buyer’s agent, or does the buyer’s agent have to send a request to RECO?
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Q17. If the listing brokerage asks for Form #801 and the buyer brokerage fills it in, and then if a counter offer is submitted by both the seller and buyer, respectively, who has to fill in and sign Form #801?
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Q23. There isn’t enough room to write in all of the sign backs. Form #801 only allows for one counter offer. If the offer goes back and forth more than two times, where do we write in the additional sign backs?
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Q26. If you are the listing agent and you have a signed offer from a buyer client, is Form #801 sufficient or do you need both Form #801 as well as copies of every offer and counter offer?
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Q45. Under the legislation can a salesperson say to a buyer’s broker that they do not have an offer in hand yet but have been advised that one is being prepared?
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Q46. If you are presenting an offer at a home with no access to a photocopier/scanner how can a brokerage for a seller keep a copy of the offer received?
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Q2. If you put the client’s “what if an offer comes earlier?” direction in writing in regards to pre-emptive offers and a pre-emptive offer comes forward, is it true you don't have to call all the other buyers, as long as this is stated in the listing?
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Q6. Please clarify the obligation to inform others if one of the multiple offers is from the listing brokerage buyer client. Should I do this every time or only if there is a benefit to the seller (financial or other)?
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Q7. If there is an illegible Agreement of Purchase and Sale and I am redoing an offer, which date should be used - the date on the original Agreement of Purchase and Sale or the date when the newly created offer is signed?
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Q9. When presenting an offer in multiple offer situations, whose property is the offer? Does the co-operating salesperson have to leave his offer open and/or on the table with the seller? I have a seller that is taking their full time considering an offer from a buyer, but I am concerned regarding my buyer client’s privacy and about the listing brokerage shopping the offer to the competing offers.
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Q11. Can a buyer still retract their offer if the co-operating salesperson delivers a Form #801 to provide proof of an offer to the listing salesperson/brokerage?
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Q12. How does Form #801 play into disclosing to the listing salesperson offer details such as irrevocability and buyer’s name? Does it mean the listing office can't disclose any offer details to any other party?
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Q13. If you are the listing salesperson and you have an offer on "Sign-Back" (from a seller to the buyer) do you have to advise the "Sign-Back" offer buyer/co-operating agent if you receive another offer in the meantime? Especially, considering that the second offer could be higher than the sign-back offer?
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Q15. The trend today seems to be that homes are listed a bit under market value to attract a bidding war and top dollar for the sellers. A seller asked me the other day "but what if we list under market value and only get one offer and at asking price?" Can the seller refuse to accept an offer presented at full price?
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Q17. I am concerned regarding a brokerage shopping an offer to the competing salesperson and offers. A listing salesperson specifically approached me and said the other salesperson was calling his client to change his offer. He then asked me if I would change mine.
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Q18. When a firm offer is presented and accepted, could the buyers still be able to do an inspection for their own purposes? Could the seller or sellers’ agent discourage the inspection after the firm offer has been accepted?
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Q5. If the e-signature software includes a consent page prior to opening or signing the document does that cover getting consent or does a clause also need to be used in the Agreement?
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Q7. Can software such as Adobe Acrobat be used to obtain e-signatures along with a clause in the Agreement or is it mandatory to use a document signing service?
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Q13. If the e-signature software embeds the date/time along with the signature on the signature line of an OREA form, does that mean that the "date field" on the OREA form can be left blank?
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The OREA Forms team welcomes all contact from Members. Don't hesitate to email us at StandardForms@orea.com with your questions, comments or suggestions.
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