Question:
Is there a continuing importance to Form 801? I never ask for it, but receive it anyway.
Answer:
There was significance 10 years ago with hard copies of Offers. You had 11 Offers, one was successful so you kept that. If the rest had 801’s, then you just need that one page, rather than 150 pages of proof. Now, it’s all electronic and usually the 801 is part of the package. So, you would have to go through them all, pull out the APS’s, delete them and retain simply the 801’s. Far too much work! Just save everything electronically. The 801’s were helpful in the days of the fax machine.
They serve no purpose today, other than perhaps to register an Offer, but you can do that with a text or email. No need for all the extra information.
Brian Madigan LL.B., Broker
Comments 2
The purpose was to ‘fight’ Phantom Offers.
Buyer required to sign a form that they had indeed submitted an offer.
The ‘keeping a record’ aspect was to allow checking the word of the LBO ‘after the fact’ ….
Author
Agree 100% is was to fight phantom Offers.
The purpose was to save paperwork, otherwise the legislation would just say “save all the Offers”.
20 Offers at 15 pages is a lot of paper. That 285 extra unnecessary pieces of paper in the file.
The Offer Summary Document was desigend to reduce this paperwork to 19 pages.