OREA
2015 Standard Forms and Clauses Summary of Revisions
2015 Standard Forms and Clauses Summary of Revisions STANDARD FORMS
FORM
SECTION/CLAUSE EXPLANATION
Form #100 Residency Clause REVISION(S)
Revision was made, adding ‘Seller Agreement of represents and Purchase and Sale warrants’ to this *NOTE, same clause for improved revisions were made seller accountability to: and protection of the buyer Form #101, Form #102, Form #103, Form #110, Form #111, Form #115, Form #145, Form #150, Form #500, Form #501 NOTE, this second Information on Information on revisions was made Brokerage Section Brokerage(s) section to all above and to: has been revised to Form #400, Form #502, include Form #510, Form #511, Broker/Salesperson Form #515 Name 2015 Standard Forms and Clauses Summary of Revisions Form #122 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. Mutual Release 2015 Standard Forms and Clauses Summary of Revisions Form #200 Listing Agreement Authority to Offer Use and Distribution Additional sentence of Information was added to Use & Clause Distribution Information Clauses to for Sale reference Cross *NOTE, same Border data storage revisions were made permission (outside of to: Canada) Form #210, Form #300, Form #310, Form #520, Form #525, Form #530, Form #540, Form #545 Form #270 Open House Guest Privacy Consent Clause Registration Form #300 Buyer Representation Agreement The Open House Guest Registration Form was revised to assist with privacy consent, adding consent ‘for contact’ as well as collection Page 2 in the Revision to the Buyer Indemnification Representation Clause Agreement wording, to repeat Brokerage 2015 Standard Forms and Clauses Summary of Revisions and ‘representatives *NOTE, same of the Brokerage’ will revisions were made not be held liable by to: Form #200, Form #210, Client, as in line one. Form #310, Form #520, This allows for Form #525, Form #530, continuity with first Form #540 as new clause, line and intention of Form #545 Indemnification clause Form #310 Buyer Customer Page 2 additional The Buyer Customer Clause line Service Agreement has been revised to Service Agreement include a Clause line for Schedule reference at end of all clauses on Page 2. This allows for continuity with all other forms 2015 Standard Forms and Clauses Summary of Revisions Form #320 Confirmation of Co-­‐Operation and Page 1, Section 2 Added environment Property Sold By for the Form to Buyer Brokerage include clarification if the Brokerage Representation working with a Buyer represents or does not represent the Buyer Form #640 Page 1, top right A trademark symbol was added to MLS Trade Record Sheet Page 2 deposit A line was added for information Business # of a Corporation, in the event deposit interest is to be paid to a corporation 2015 Standard Forms and Clauses Summary of Revisions NEW FORM Entirely new form New form to satisfy an New Forms available on www.orea.com option for members Form #565 use with Commercial Tenant Application Commercial Tenant Application & Credit Information NEW FORM Entirely new form This form can assist at New Forms available on www.orea.com point prior to showing Form #651 a property to ensure Agreement To Co-­‐
Co-­‐Operation Operate (prior to between brokerages showing) Form #810 Working With a Vertical version of A form number has been Revised Brochure Form is available on www.orea.com ‘Working With a applied to the vertical REALTOR®’ brochure one page version REALTOR® FORM (faxable version) Under section ‘What Happens When’ section paragraph Minor wording revision to change ‘nerves can become frayed’ to ‘Offer negotiations may become stressful’ 2015 Standard Forms and Clauses Summary of Revisions Form #815 Vertical version of A form number has been Revised Brochure Form is available on www.orea.com ‘Working With a applied to the vertical Working With a Commercial one page version Commercial REALTOR®’ brochure (faxable version) Under section ‘What Minor wording revision to change ‘nerves can become fayed’ to ‘Offer negotiations may become stressful’ REALTOR® FORM Happens When’ section paragraph NEW FORM Entirely new forms, Form #820 To parallel the Form #821 Form #822 Form #824 Form #825 existing SPIS & respective schedules & two Green Five checklist tools for members’ use in attempting to collect information pertaining to a property Information No Seller initials or Checklists Seller signatures to be used with new checklists forms New Forms available on www.orea.com 2015 Standard Forms and Clauses Summary of Revisions STANDARD CLAUSES
CLAUSE NAME SECTION EXPLANATION TEXT NEW NEW CLAUSE This offer is conditional upon the Buyer reviewing the terms of any agreements, Franch – 1 SECTION in Standard Clause List Condition for Buyer to approve documentation 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 To establish clause the Buyer’s sole and absolute discretion. The Seller will provide copies of such options for members Franchise Agreement within _____ days of acceptance of this offer. Unless the Buyer when selling Franchise gives notice in writing to the Seller personally or in accordance with any other Business 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 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 To establish clause delivery of notice in this Agreement of Purchase and Sale or any Schedule thereto options for members not later than 5 p.m. on the _______ day of ___________, 20_____, that this when selling Franchise condition is fulfilled, this offer shall be null and void and the deposit shall be Business returned to the Buyer in full without deduction. 2015 Standard Forms and Clauses Summary of Revisions NEW Fuel Tank NEW CLAUSE Confirms an The Seller and the Buyer agree that there shall be no adjustment on completion for SECTION in Standard understanding the unmetered cost of fuel. Clause List between the buyer Fuel Tank Adjustment Acknowledgment Clause and seller there should be no adjustment for ‘unmetered’ fuel cost. 2015 Standard Forms and Clauses Summary of Revisions 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 2015 Standard Forms and Clauses Summary of Revisions 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]