OREA Forms “likely”
There are some policies and procedures set out in the legislation which are amendments and changes to Regulation 567/05 being the General Regulation.
2.1 A registrant shall use the most current version of any applicable form in the course of a trade in real estate.”
You will notice that all it says is “most current version”. This will obviously preclude someone from using an Agreement which makes reference to the GST rather than the HST. That change took place in 2008.
However, there are purchasers who would like to purchase a property with “good title”, rather than “insurable title”. The most up to date Form which would suit their purposes would be 2011. The 2012 version switched over to “insurable title”.
So, that now means using the 2023 Agreement version, and including an Amendment in Schedule “A” which calls for “good title”.
Since there really isn’t an outside source of Forms other than OREA, likely this clause will be interpreted yo mean OREA Forms, at least to the extent that they are applicable.
In many cases, Forms will be drafted by lawyers to suit particular circumstances. That will obviously continue.
Brian Madigan LL.B., Broker