OREA 2016 Summary of Revisions CORRECTION file Jan …lstar-education.com/PDFs/February2016/OREA-Summary-of-Revisions... · and%revised%in% COMPLETION%DATE: ... at%bottom%of%Pg%6%

OREA 2016 Standard Forms and Clauses Summary of Revisions

2016 Standard Forms and Clauses Summary of Revisions

STANDARD FORMS

Form Section/Clause Explanation Revision(s) Form #103 Option to Purchase Agreement

Throughout Page 1 – Page 6 Throughout Page 3 – Page 6 Page 1, top of the form, REAL PROPERTY Page 2, CLAUSE 3: RENTAL ITEMS Page 4, Clause #22: CONSUMER REPORTS

The word ‘Agreement’ was added on all pages to provide specific direction The word ‘Optionee’ and ‘Optionor’ was added on all pages to provide specific direction The following clauses were added to the form

-‐ Clause with regards to legal description of land was added

-‐ Clause 3.

Identifying RENTAL/not included in Purchase Price

-‐ Clause 22.

identifying consumer reports will be referred to


Form #103 Option to Purchase Agreement ( cont’d )

Form #121 Notice to Remove Condition

In the Title of the Form

Revision has been made to include an ’s’ at the end of the form title, for continuity


Form #124 Notice of Fulfillment of Condition

In the Title of the Form

Revision has been made to include an ’s’ at the end of the form title, for continuity

Form #220 Seller Property Information Statement, Residential *NOTE, same revisions were made to: Form #820

Pg 3, under ‘IMPROVEMENTS AND STRUCTURAL’, section #12

Questions regarding Kitec plumbing was added to this form


Form #502 Agreement of Purchase and Sale, Business in Leased Premised Under the Bulk Sales Act (Ontario)

Pg 1, 6th line from the top And also within ‘COMPLETION DATE’ CLAUSE, second sentence Pg 2, Clause #6 SEARCHES: added -‐ balance of clauses renumbered as necessary Pg 2, CL #7 COVENANTS BY SELLER: Pg 3, CL #8 FURTHER COVENANTS BY SELLER: Pg 3, CL #10 COVENANTS BY BUYER: Pg 3, CL # 11 BUYER CONDITIONS: Pg 3, CL #14 DOCUMENT PREPERATIONS:

Two Minor revisions describing the property have been added in 6th line and revised in COMPLETION DATE: Clause New Authorization for buyer (SEARCH: clause was added) to this form for a buyer to search for anything affecting the business on the premises Clause TITLES have added for continuity within all forms


Form #502 Agreement of Purchase and Sale, Business in Leased Premised Under the Bulk Sales Act Form #502 Agreement of Purchase and Sale, Business in Leased Premised Under the Bulk Sales Act *NOTE, same revisions were made to: Form #510, Form #511, Form #515

Pg 4, in both party signature sections, blank dotted line was added at top of signature section Pg 4, under signature section, both signing party subscript addition ‘(…/Authorized Signing Officer)’

Blank dotted line inseted for a corporate name when relevant Revision to both signature sections was made, signing party subscript, for continuity within all forms

Form #510 Agreement of Lease, Commercial – Long Form

Pg 1, Landlord (Lessor) , subscript ’to include, ‘(…of all Landlords)

Revisions have been made to Landlord adding more subscript for parties on first Page

Pg 1, Cl #3 LEASE TERM:

New Clause TITLE have been added for continuity within all forms


Form #510 Agreement of Lease, Commercial -‐Long Form *NOTE, same revisions were made to: Form #515

Pg 1, Cl #4 in ‘RENTAL’ section, per sq. subscript wording in parenthesis (feet/meters) changed to (foot/meter)

Correction was made to measurement terms on first page

Form #650 Co Brokerage Agreement

Entirely NEW form for members optional use to establish details of their co-‐brokerage agreement

NEW form was created for members in situation where multiple Brokerages agree to co-‐list a property


Form #700 Standard Appraisal Report, Single Family *NOTE, same revisions were made to: Form #701

Pg 6 under ‘ATTACHMENTS’ section at bottom of Pg 6

Trademark symbol was inserted where MLS was referenced

Form #801 Offer Summary Document

Pg 1, Last 5 lines of the form were deleted

Counter offer section (5 lines) were removed from the bottom of Form #801 in the Listing Brokerage section


Form #811 Working with a REALTOR® *NOTE, same revisions were made to: Form #816

At the end of the brochure under the ‘Honesty & Integrity’ Pane

Horizontal brochure was given an OREA standard form number

CREA trademark statement and OREA copyright statement was added

Form #820 Residential Information Checklist

Pg 1, under ‘GENERAL’ section, #3 in parenthesi Pg 2, under ‘GENERAL’ section, #16 a) & b) in parenthesis

Schedule #821 reference correction, previously #221 Schedule #822 reference correction, previously #222


Form #823 Residential Information Checklist

Entirely NEW Checklist form for members’ optional use as a discovery tool pertaining to Fixtures or Chattels to be included in a sale

NEW form has been created as a discovery tool regarding Fixtures or Chattels to be included in the sale


NEW STANDARD CLAUSES

Clause name

Section Explanation Text

2 Kitec Clauses

New CLAUSE section new category ‘Kitec Plumbing’ New CLAUSE section new category ‘Kitec Plumbing’

Clause added identifying Seller Warranty there has not been Kitec plumbing installed on the property Clause added identifying Buyer acknowledgement there been Kitec plumbing installed on the property

THE Seller represents and warrants to Buyer that during the time the Seller owned the property, the Seller has not installed in any building on the property Kitec plumbing, any fittings for Kitec plumbing nor any Kitec Plumbing Systems ("Kitec") and that to the best of the undersigned's knowledge, no building on the property contains or has ever contained Kitec. This warranty shall survive and not merge on the completion of the above transaction, and if the building is part of a multiple unit building, this warranty shall only apply to the part of the building, which is subject to this transaction. The Buyer acknowledges that the property and buildings and structures has had installed therein or thereon Kitec plumbing, fittings for Kitec plumbing or Kitec Plumbing Systems ("Kitec") and acknowledges that the Seller makes no representations and/or warranties with respect to the state of repair of the premises respecting the said Kitec and the Buyer accepts the property and the buildings and structures thereon in their present state and in an “as is” condition.

Electronic Signature Clause

New Clause Section in new category ‘ELECTRONIC’

Clause establishing consent for use of Electronic Signatures

“The parties hereto consent and agree to the use of electronic signature pursuant to the Electronic Commerce Act 2000, S.O. 2000, c17 as amended from time to time with respect to this Agreement and any other documents respecting this transaction.”


LIST OF FORMS (NEW/REVISED) Form #103 -‐ OPTION TO PURCHASE AGREEMENT Form #121 -‐ NOTICE TO REMOVE CONDITIONS Form #124 -‐ NOTICE OF FULFILLMENT OF CONDITIONS Form #220 -‐ SELLER PROPERTY INFORMATION STATEMENT RESIDENTIAL 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 Form #650 -‐ CO BROKERAGE AGREEMENT Form #700 -‐ STANDARD APPRAISAL REPORT – SINGLE FAMILY Form #701 -‐ STANDARD APPRAISAL REPORT – CONDOMINIUM RESALE Form #801 -‐ OFFER SUMMARY DOCUMENT – FOR USE WITH AGREEMENT OF PURCHASE AND SALE Form #811 -‐ WORING WITH A REALTOR® Form #816 -‐ WORKING WITH A COMMERCIAL REALTOR® Form #820 -‐ RESIDENTIAL INFORMATION CHECKLIST Form #823 -‐ RESIDENTIAL INFORMATION CHECKLIST RENTAL OR LEASE – FIXTURE/CHATTEL(S) INCLUDED To provide your input or suggestions, regarding Standard Forms & Clauses, please e-‐mail [email protected]

OREA 2016 Summary of Revisions CORRECTION file Jan …lstar-education.com/PDFs/February2016/OREA-Summary-of-Revisions... · and%revised%in% COMPLETION%DATE: ... at%bottom%of%Pg%6%

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