OREA updated Form 271 for 2025.
In 2024, the document said:
“The Listing Brokerage agrees to market the property on behalf of the Seller and represent the Seller in an endeavour to obtain a valid Offer to Purchase the property on the rems set out in this agreement or on such other terms satisfactory to the Seller.”
The new 2025 Form 271 has been updated and amended to say:
“The Listing Brokerage and the Designated Representative of the Brokerage agree to market the property on behalf of the Seller and the Designated Representative of the Brokerage shall represent the Seller in an endeavour to obtain a valid Offer to Purchase the property on the terms set out in the agreement or on such other terms satisfactory to the Seller.”
You will recall that I pointed that issue out last year and suggested an amendment in Schedule “A”.
From 1 December 2023 until 31December 2024, the old version prevailed. If there was one single word you couldn’t use under TRESA for Designated Representative deals was the word “represent” when it came to the Brokerage.
The updates from OREA were announced on 4 December 2024, and it would have been wise to have made the change then.
Going forward, there are still some changes you will need in respect to Form 271, however, that was the major one.
Whatever you do with an older listing, is update it to the 2025 Form. The 2023 and 2024 Forms are simply wrong.
That means no extensions, unless you use a “patch”.
Switch over to the 2025 Form 271 for all older listings.
Brian Madigan LL.B., Broker