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OREA 2015 Standard Forms and Clauses Summary of Revisions

2015 Standard Forms and Clauses Summary of Revisions

STANDARD FORMS

FORM SECTION/CLAUSE EXPLANATION REVISION(S)

Form #100

Agreement of

Purchase and Sale

*NOTE, same

revisions were made

to:

Form #101, Form #102,

Form #103, Form #110,

Form #111, Form #115,

Form #145, Form #150,

Form #500, Form #501

Residency Clause Revision was made,

adding ‘Seller

represents and

warrants’ to this

clause for improved

seller accountability

and protection of the

buyer

NOTE, this second

revisions was made

to all above and to:

Form #400, Form #502,

Form #510, Form #511,

Form #515

Information on

Brokerage Section

Information on

Brokerage(s) section

has been revised to

include

Broker/Salesperson

Name


Form #122

Mutual Release

Irrevocable Section Irrevocable date addition to this form, intended for more timely communication between buyer / seller.

Confirmation of Acceptance

The new Irrevocable Date section warrants this form to also have a ‘Confirmation of Acceptance’ section to confirm date and time of acceptance.

Minor ‘payable to’ wording change

Further specific wording of ‘payable to’ can assist the form to provide specific payment direction.

Signature sections Primary Signature section is requiring only buyer and seller.


Form #200

Listing Agreement

Authority to Offer

for Sale

*NOTE, same

revisions were made

to:

Form #210, Form #300,

Form #310, Form #520,

Form #525, Form #530,

Form #540, Form #545

Use and Distribution

of Information

Clause

Additional sentence

was added to Use &

Distribution

Information Clauses to

reference Cross

Border data storage

permission (outside of

Canada)

Form #270

Open House Guest

Registration

Privacy Consent

Clause

The Open House Guest Registration Form was revised to assist with privacy consent, adding consent ‘for contact’ as well as collection

Form #300

Buyer

Representation

Agreement

Page 2 in the

Indemnification

Clause

Revision to the Buyer

Representation

Agreement wording,

to repeat Brokerage


*NOTE, same

revisions were made

to:

Form #200, Form #210,

Form #310, Form #520,

Form #525, Form #530,

Form #540 as new clause,

Form #545

and ‘representatives

of the Brokerage’ will

not be held liable by

Client, as in line one.

This allows for

continuity with first

line and intention of

Indemnification clause

Form #310

Buyer Customer

Service Agreement

Page 2 additional

Clause line

The Buyer Customer

Service Agreement

has been revised to

include a Clause line

for Schedule

reference at end of all

clauses on Page 2.

This allows for

continuity with all

other forms


Form #320

Confirmation of

Co-‐Operation and

Representation

Page 1, Section 2

Property Sold By

Buyer Brokerage

Added environment

for the Form to

include clarification if

the Brokerage

working with a Buyer

represents or does

not represent the

Buyer

Form #640

Trade Record

Sheet

Page 1, top right A trademark symbol

was added to MLS

Page 2 deposit

information

A line was added for

Business # of a

Corporation, in the

event deposit interest

is to be paid to a

corporation


NEW FORM

Form #565

Commercial Tenant

Application & Credit

Information

Entirely new form New form to satisfy an

option for members

use with Commercial

Tenant Application

New Forms available on www.orea.com

NEW FORM

Form #651

Agreement To Co-‐

Operate (prior to

showing)

Entirely new form This form can assist at

point prior to showing

a property to ensure

Co-‐Operation

between brokerages


Form #810

Working With a

REALTOR® FORM

Vertical version of

‘Working With a

REALTOR®’ brochure

A form number has been

applied to the vertical

one page version

(faxable version)

Revised Brochure Form is available on www.orea.com

Under section ‘What

Happens When’

section paragraph

Minor wording revision to change ‘nerves can become frayed’ to ‘Offer negotiations may become stressful’


Form #815

Working With a

Commercial

REALTOR® FORM

Vertical version of

‘Working With a

Commercial

REALTOR®’ brochure

A form number has been

applied to the vertical

one page version

(faxable version)

Revised Brochure Form is available on www.orea.com

Under section ‘What

Happens When’

section paragraph

Minor wording revision to change ‘nerves can become fayed’ to ‘Offer negotiations may become stressful’

NEW FORM

Form #820

Form #821

Form #822

Form #824

Form #825

Entirely new forms,

To parallel the

existing SPIS &

respective schedules

& two Green

Information

Checklists

Five checklist tools for

members’ use in

attempting to collect

information pertaining

to a property

No Seller initials or

Seller signatures to be

used with new

checklists forms



STANDARD CLAUSES

CLAUSE NAME SECTION EXPLANATION TEXT

NEW

Franch – 1

NEW CLAUSE

SECTION in Standard

Clause List

Condition for Buyer

to approve

documentation

To establish clause

options for members

when selling Franchise

Business

This offer is conditional upon the Buyer reviewing the terms of any agreements,

contracts, between the Seller and (“Franchise Agreement”) with respect to the

purchase of the business and finding such terms to be satisfactory to the Buyer in

the Buyer’s sole and absolute discretion. The Seller will provide copies of such

Franchise Agreement within _____ days of acceptance of this offer. Unless the Buyer

gives notice in writing to the Seller personally or in accordance with any other

provisions for delivery of notice in this Agreement of Purchase and Sale or any

Schedule thereto not later than 5 p.m. on the _______ day of ___________,

20_____, that this condition is fulfilled, this offer shall be null and void and the

deposit shall be returned to the Buyer in full without deduction. This condition is

included for the sole benefit of the Buyer and may be waived at the Buyer’s sole

option by notice in writing to the Seller as aforesaid within the time period stated

herein.

NEW

Franch – 2

NEW CLAUSE SECTION in Standard Clause List

Condition for Buyer to be approved

To establish clause options for members when selling Franchise Business

This offer is conditional upon the Buyer being approved by (“Franchisor”) with respect to the purchase of the business and the assumption of any agreements or contracts between the Seller and the Franchisor. Unless the Buyer gives notice in writing to the Seller personally or in accordance with any other provisions for delivery of notice in this Agreement of Purchase and Sale or any Schedule thereto not later than 5 p.m. on the _______ day of ___________, 20_____, that this condition is fulfilled, this offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction.


NEW

Fuel Tank

NEW CLAUSE

SECTION in Standard

Clause List

Fuel Tank

Adjustment

Acknowledgment

Clause

Confirms an

understanding

between the buyer

and seller there

should be no

adjustment for

‘unmetered’ fuel cost.

The Seller and the Buyer agree that there shall be no adjustment on completion for

the unmetered cost of fuel.


LIST OF FORMS (NEW/REVISED)

Form #100 -‐ AGREEMENT OF PURCHASE AND SALE

Form #101 -‐ AGREEMENT OF PURCHASE AND SALE CONDOMINIUM RESALE

Form #102 -‐ AGREEMENT OF PURCHASE AND SALE CO-‐OPERATIVE BUILDING RESALE AGREEMENT

Form #103 -‐ OPTION TO PURCHASE

Form #110 -‐ AGREEMENT OF PURCHASE AND SALE MOBILE/MODULAR/MANUFACTURED HOME ON LEASED PREMISES

Form #111 -‐ AGREEMENT OF PURCHASE AND SALE – POTL COMMON ELEMENTS CONDOMINIUM

Form #115 -‐ AGREEMENT OF PURCHASE AND SALE – CO-‐OWNERSHIP BUILDING RESALE AGREEMENT

Form #122 -‐ MUTUAL RELEASE

Form #145 -‐ ASSIGNMENT OF AGREEMENT OF PURCHASE AND SALE

Form #150 -‐ ASSIGNMENT OF AGREEMENT OF PURCHASE AND SALE CONDOMINIUM

Form #200 -‐ LISTING AGREEMENT AUTHORITY TO OFFER FOR SALE

Form #210 -‐ LISTING AGREEMENT AUTHORITY TO OFFER FOR LEASE

Form #270 -‐ OPEN HOUSE GUEST REGISTRATION

Form #300 -‐ BUYER REPRESENTATION AGREEMENT AUTHORITY FOR PURCHASE OR LEASE

Form #310 -‐ BUYER CUSTOMER SERVICE AGREEMENT FOR USE WHEN THE BUYER IS NOT REPRESENTED BY THE BROKERAGE

Form #320 -‐ CONFIRMATION OF CO-‐OPERATION AND REPRESENTATION

Form #400 -‐ AGREEMENT TO LEASE RESIDENTIAL

Form #500 -‐ AGREEMENT OF PURCHASE AND SALE COMMERCIAL

Form #501 -‐ AGREEMENT OF PURCHASE AND SALE CONDOMINIUM RESALE – COMMERCIAL

Form #502 -‐ AGREEMENT OF PURCHASE AND SALE BUSINESS IN LEASED PREMISES UNDER THE BULK SALES ACT (ONTARIO)

Form #510 -‐ AGREEMENT TO LEASE COMMERCIAL – LONG FORM

Form #511 -‐ AGREEMENT TO LEASE COMMERCIAL – SHORT FORM

Form #515 -‐ AGREEMENT TO SUB-‐LEASE COMMERCIAL


LIST OF FORMS (NEW/REVISED) con’t

Form #520 -‐ LISTING AGREEMENT – COMMERCIAL AUTHORITY TO OFFER FOR SALE

Form #525 -‐ LISTING AGREEMENT – COMMERCIAL AUTHORITY TO OFFER FOR LEASE

Form #530 -‐ LISTING AGREEMENT – COMMERCIAL AUTHORITY TO OFFER FOR SUB-‐LEASE

Form #540 -‐ BUYER REPRESENTATION AGREEMENT -‐ COMMERCIAL MANDATE FOR PURCHASE OR LEASE FORM

Form #545 -‐ BUYER CUSTOMER SERVICE AGREEMENT -‐ COMMERCIAL FOR USE WHEN THE BUYER IS NOT REPRESENTED BY THE BROKERAGE

Form #565 -‐ COMMERCIAL TENANT APPLICATION & CREDIT INFORMATION

Form #640 -‐ TRADE RECORD SHEET

Form #651 -‐ AGREEMENT TO CO-‐OPERATE

Form #810 -‐ WORKING WITH A REALTOR®

Form #815 -‐ WORKING WITH A COMMERCIAL REALTOR®

Form #820 -‐ RESIDENTIAL INFORMATION CHECKLIST

Form #821 -‐ RESIDENTIAL INFORMATION CHECKLIST, CONDOMINIUM

Form #822 -‐ RESIDENTIAL INFORMATION CHECKLIST, WATER SUPPLY, WASTE DISPOSAL, ACCESS, SHORELINE, UTILITIES

Form #824 -‐ GREEN INFORMATION CHECKLIST

Form #825 -‐ GREEN INFORMATION CHECKLIST – COMMERCIAL

To provide your input or suggestions, regarding Standard Forms & Clauses, please e-‐mail [email protected]

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