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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
2015 Standard Forms and Clauses Summary of Revisions
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.
2015 Standard Forms and Clauses Summary of Revisions
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
2015 Standard Forms and Clauses Summary of Revisions
*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
2015 Standard Forms and Clauses Summary of Revisions
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
2015 Standard Forms and Clauses Summary of Revisions
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
New Forms available on www.orea.com
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’
2015 Standard Forms and Clauses Summary of Revisions
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
New Forms available on www.orea.com
2015 Standard Forms and Clauses Summary of Revisions
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.
2015 Standard Forms and Clauses Summary of Revisions
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.
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]