Compliance with Bill 55 Phantom Offer Legislation

REBBA 2002 and the Regulations will require copies of agreements to be held, with the exception of the entitlement to use a new summary form and if that is used, then a copy of the entire agreement need not be retained.

Here are the points which must be covered in the summary:

1. The name and signature of the person who made the offer to purchase the real estate.

2. The name and contact information of the seller of the real estate.

3. The name of the brokerage and of the broker or salesperson who acted for the seller.

4. The name of the brokerage and of the broker or salesperson who acted for the person who made the offer.

5. The address, legal description or other identifier of the real estate on which the offer was made.

6. The date and time the offer was made.

7. The date and time the offer was received by the brokerage for the purposes of presenting it to the seller, and the means by which the offer was received, such as in person or by fax.

8. If the brokerage presented the offer to the seller, the date of presentation.

9. The date and time, if any, until which the offer was irrevocable.

The new OREA Form 801 is NOT strictly in compliance with the requirements. However, OREA has added additional information to this document above and beyond the compliance requirements of the phantom Offer legislation. It has become popular for Offer Registration. If it’s used for that purpose, the Buyer really should not sign. When it’s used later for replacement of the unsuccessful Offer to prove that such an Offer did in fact exist, then the Buyer’s name should appear and it should be signed by the Buyer.

So, to register, no name, no signature.

To submit, buyer’s name and signature.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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