You will need to make this change until OREA amends the Forms. “The paragraph following paragraph #15 shall be deleted and the following shall be substituted therefore: “The Listing Brokerage …
OREA Drops Acknowledgement By SRP’s in its FORMS
OREA on 6 November 2024 advised: “Following their most recent review and careful deliberation, the Committee has decided to discontinue the following Forms, effective immediately: Comment They all dealt with …
OREA and the RECO Ombudsman
OREA is proposing the following: “BETTER REGULATOR OVERSIGHT RECOMMENDATION #4: Make RECO subject to ombudsman oversight, bringing the regulator in-line with 1,000 other government agencies and ensuring both registrants and …
OREA: Listings and Guaranteed Sales
OREA would like to see an improvement related to the disclosures required with respect to guaranteed sales. This is in response to: “If we don’t sell it, we’ll buy it.” …
OREA and Latent Defect Disclosure
This is OREA’s recently released summary and recommendations: “Proposal Enhanced Transparency and Disclosures for Latent Defects: Amend TRESA to introduce new rules regarding latent defects and disclosure obligations to ensure …
Auctioneers: Should they be Registered?
OREA says ‘yes” and that needs to change, they must be registered! But, why? They never have been and they don’t do that many transactions, and the deals that they …
Outstanding Encumbrances
The standard form OREA Agreement of Purchase and Sale covers institutional mortgages. However, oftentimes there are other liens etc. which should be handled in the same way. The following clause …
Registrant’s Disclosure (Sale): Who Signs?
OREA Form 161 Let’s start out with Bob Smith. He is a commercial real estate agent working for ABC Realty, and he wants to sell his house. He decides to …
Offer Followed by the Agreement
We effectively have one name for legal contracts dealing with the sale of land. The reference is to an “Agreement of Purchase and Sale”. However, that doesn’t take into consideration …
Agreement or Offer: Name Confusion
There seems to be a continuing difficulty when we are talking about Offers and Agreements of Purchase and Sale. When do we use them? And, why all the confusion? Contract …