On July 1st, 2015, Ontario Regulation (307/14), which implements amendments made to the Real Estate and Business Brokers Act, 2002 (“REBBA”) under Bill 55, will come into force. These changes are intended to address the issue of “phantom offers” in the real estate marketplace.
What REALTORS® Need to Know
Bill 55 introduced a number of changes to REBBA 2002, which created new requirements for real estate registrants. Most notably:
* Bill 55 prohibits a registrant working on behalf of a purchaser from presenting or representing an offer unless the offer is in writing and signed.
* Bill 55 requires that a brokerage must retain copies of all written offers to purchase real estate (that it receives to be presented to their seller) or copies of an equivalent prescribed document for each of those offers.
Ontario Regulation (307/14) outlines the required information that must be contained in a ‘prescribed document’ and states that the brokerage must retain a copy of the document or a copy of the written offer for a period of one year after receiving the written offer.
OREA is pleased to introduce Standard Form #801 ‘Offer Summary Document’. This form is available, in a non-fillable format, on orea.com Standard Forms Members Page, for members review and use. For ease you may use this link, https://www.orea.com/Members/Standard-Forms. OREA has requested our software provider companies to aim for mid June or earlier, to avail the fillable form version to members. In addition, Form #801 ‘Offer Summary Document’ will be available in ‘FORMS EXPLAINED’ version as well OREA is creating a video tutorial, STAY TUNED for further info on oreablog.com.
For FAQ and answers regarding Form 801 please click here: https://www.oreablog.com/2015/06/faq-around-standard-form-801/
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