OREA Real Estate College

Hot Off The Presses – OREA Standard Forms

Okay, not exactly right off the presses…

Revising standard forms is not an overnight process. The Standard Forms Committee met several times throughout the year to review requests and recommendations from REALTORS®, real estate boards, and other interested stakeholders.

The results have been impressive. Based on the feedback and to keep current with the dynamic nature of the real estate industry, the committee created one new form (Form 141 – Assignment of Agreement of Purchase and Sale-Condominium) and revised several existing forms. In addition, the committee revised two standard clauses, and created five clauses that focus on renewable energy (or green energy).

Standard Form 141 – Assignment of Purchase and Sale-Condominium

Designed specifically for condominiums, Form 141 is similar to Form 140 – Assignment Agreement, except that it includes a description of a condominium.

In addition, to ensure members understand the assignment process and use the form correctly, the following statement was added to both forms:

The Assignee acknowledges that the Purchase Price noted above is the price being paid by the Assignee to the Assignor to purchase the Agreement of Purchase and Sale attached hereto as Schedule B and does not include the purchase price (but does include the deposit) noted on the Agreement of Purchase and Sale attached hereto as Schedule B.

Forms 140 and 141 also feature a revised “Notices” clause that provides for the delivery of documents and notices via email as long as the parties involved in the real estate transaction agree to send and receive documents via email, and to use the email address noted on the forms.

A word of caution – if using email, please ensure certain steps are met. For more information, go to http://www.oreablog.com/2011/09/youve-got-e-mail.

Green Energy Clauses

In 2011, only one clause focused on renewable energy – WIND-1: Windmill Warranty. Renamed ‘Green Energy’, the committee developed five clauses for 2012, as follows:

GREEN-1: Condition – MicroFIT Contract

GREEN-2: Acknowledgement – MicroFIT Contract

GREEN-3: Decommissioning Renewable Energy Facility

GREEN-4: Renewable Energy Projects

GREEN-5: Wind Turbines – Warranty

Stay Tuned

Stay tuned for future blogs where we will review the revised forms and new clauses more thoroughly.

For More Information

The forms are posted in the Members Only section of OREA’s website (www.orea.com).


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