Producing Form 801

Ontario

Question:

Can a listing agent refuse to provide the 801 form to Buyer’s agents in multiple offers?

Answer:

Yes. The only person who can demand it is RECO. So if RECO asks, then it has to be produced.

801 is a confusing Offer Summary Document. The Buyer doesn’t have to prepare one. The Seller cannot insist on one. But, it’s nice.

The Listing Agent must disclose in multiples:

1) the number of competing Offers,

2) whether the Listing Brokerage represents one or more of the Buyers,

3) whether there is in effect any arrangement in place which would affect the selection and consideration of an Offer, and

4) if applicable, details of such arrangement.

The Listing agent cannot deliver copies of any 801’s to anybody else, just to RECO. So, in multiples, the Listing agent is obligated to produce it, to the only person who can ask for it, and that’s RECO.

Also, this goes back to 15 July 2015, that’s almost 7 years ago. And, there’s no such thing as the registration of an Offer. The Regulation uses the concept of “received”, so you need to know the definition of that.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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