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 …

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 …

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 …