OREA REAL ESTATE FORMS

OREA Real Estate Forms: is a form commonly use in real estate transaction by licensed real estate broker/sales representative. The purpose of this form is for educational and informational purposes only.

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The Ontario Real Estate Association or the OREA Real Estate College has not authorized, approved, endorsed nor supports any examination assistance products or services offered by us or through our website and materials.

OREA Form 310 – Buyer Customer Service Agreement – For Use When the Buyer is Not Represented by the Brokergage

General Use: This form is use when a Buyer is not a Client but rather a Customer. This form states that a buyer is a free agent. For more information about this form in plain English. http://www.greatrealestateadvice.net/OREA/Form310.pdf

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The Ontario Real Estate Association or the OREA Real Estate College has not authorized, approved, endorsed nor supports any examination assistance products or services offered by us or through our website and materials.

OREA Form 300 – Buyer Representation Agreement – Authority To Purchase and Lease

General Use: This Form is a contract between a Buyer and a real estate company that gives real estate company permission to act on the Buyer’s behalf in the purchase of a property. Assuming the Buyer is a Client of the real estate company.

This form is probably the most dreaded form for a real estate agent if not explain properly. The purpose of this form is two ways. To protect the buyer and to protect the realtor acting on behalf of the buyer.

Protect the buyer: A buyer can be represented by a real estate broker in two ways. Either by a customer service or client service. Main difference between the two are the following:

  • Customer Service: If a broker represent a buyer as a customer a broker can only protect a buyer up to a certain point. Example when it comes to confidentiality, a listing broker (realtor for the seller) may ask a buyer question that can be use against a buyer in the negotiation process such as motivation and plans if a buyer is not being represented by a real estate broker. In other words a buyer is a free agent!
  • Client Service: When a broker signed a buyer as a client a broker takes a full responsiblity of that buyer within the whole nine yards. Protecting the buyer’s confidentiality is one of them and ethically protect and defend their best interest at all times. Also note, once the form is signed by both parties it is a legally binding CONTRACT. A buyer must honor and use a realtor within a given time frame specified in the form. Therefore a commission must be paid to the broker whom the buyer signed a contract with. If a buyer uses different realtor aside from what is stated in the contract, the realtor who signed the contract has a right and is entitled for the commission made during the transaction.

Protect the Realtor: Secure the realtors compensation or commission from the transaction. Once this form is signed it will give the realtor a security and confidence that a buyer will use that realtor to help them find their dream home. The advantage of working with realtor is that a prudent realtor is trained to handle and to prevent a legal problem that may arise before, during and after the transaction. Most importantly a realtor are more likely to pick up the phone and answer a buyer’s phone call at anytime in the day knowing that there is something in it for them.

Note: The most important section of this form is the date, signature and geographical location. For more detail explanation of this form in plain English.

Click the link below to view the form.

http://www.greatrealestateadvice.net/OREA/Form300.pdf

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The Ontario Real Estate Association or the OREA Real Estate College has not authorized, approved, endorsed nor supports any examination assistance products or services offered by us or through our website and materials.

OREA Form 201 – Seller Customer Service Agreement – Commission Agreement For Property Not Listed

General Use: This Form is a contract between a Seller and real estate company that gives the real estate company permission to act on the  Seller’s behalf when they offer their home for sale in the open market. A written agreement is necessary in order to secure commission and to ensure compliance with the REBBA (Real Estate Business Brokers Act) Code of Ethics.

Recently OREA introduce a form 202 to suffice this form with the increasing popularity of FSBO for sale by owner. In order for an agent and/or salesperson to be compensated for showing and selling a property that is not listed by real estate broker in other words homeowner listed the property for sale by themselves without the help of a realtor this form must be used in order to secure a commission for the realtor who brought a buyer to the seller. For more detail explanation of this form in plain English.

Click the link below to view the form

http://www.greatrealestateadvice.net/OREA/Form201.pdf

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The Ontario Real Estate Association or the OREA Real Estate College has not authorized, approved, endorsed nor supports any examination assistance products or services offered by us or through our website and materials.

Form 200 – Listing Agreement – (Authority to Offer for Sale)

General Use: This Form is a contract between a Seller and a real estate company that gives the real estate company permission to act on the Seller’s behalf when they offer their home for sale in the open market. A written agreement is necessary in order to secure commission for the broker and ensure compliance with the REBBA (Real Estate Brokers and Business Act) Code of Ethics.

Section 4: Representation. This section must be explain to the seller carefully prior to signing this form. For a detailed explanation of this form in plain English.

http://www.greatrealestateadvice.net/OREA/Form200.pdf

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The Ontario Real Estate Association or the OREA Real Estate College has not authorized, approved, endorsed nor supports any examination assistance products or services offered by us or through our website and materials.

OREA Form 101 – Agreement Of Purchase and Sale – Condominium

General Use: The Agreement of Purchase and Sale Condominium Resale is the document that is used to state the Buyer’s desire to purchase a condominium property, and to negotiate the terms of the sale. This document works almost the same way as the regular Form 100 except this form pertain specifically for condominium resale only.

Most important part of this form is the deposit section and the initial and signature of both parties involved in the transaction. For more information and explanation about this form in plain english explanation. http://www.greatrealestateadvice.net/OREA/Form101.pdf

www.GreatRealEstateAdvice.com

The Ontario Real Estate Association or the OREA Real Estate College has not authorized, approved, endorsed nor supports any examination assistance products or services offered by us or through our website and materials.

Form 100 – Agreement of Purchase and Sale

General Use: The Agreement of Purchase and Sale is the document that is used to state the Buyer’s desire to purchase the property, and to negotiate the terms of the sale.

This is the form commonly use in real estate transaction today. It is important for the buyer to understand this form prior signing this document. The most important part of this form is the Deposit section and all the signature needed to bind this contract. Both parties must have a copy of this form document upon signing it. See a detail explanation of this form in plain English.

http://www.greatrealestateadvice.net/OREA/Form100.pdf

www.GreatRealEstateAdvice.com

The Ontario Real Estate Association or the OREA Real Estate College has not authorized, approved, endorsed nor supports any examination assistance products or services offered by us or through our website and materials.