It can be said that standard forms are a REALTOR’S® bread and butter. There are standard forms for nearly all manner of real estate transactions, from the Agreement of Purchase and Sale (Form 100) to the Seller Customer Service Agreement (Form 201). The proper use of these forms may help prevent future litigation.
How much do you currently know about OREA’s standard forms? Can you answer the following questions without referring to the forms? We will provide you with the answers in next week’s blog. However, do take the quiz first and share your answers with us.
Take the quiz now.
1. Your buyer representation agreement states 2 ½ per cent commission. The property you sell to your buyer is offering 3 per cent commission to the co-operating brokerage. Can you keep the extra ½ per cent?
2. Your listing sells, but on closing the seller refuses to complete the transaction. Under the terms of the listing agreement, can your brokerage make a claim for the commission?
3. What if it’s your buyer/customer who refuses to close? Does your brokerage have a claim for commission?
4. In a multiple representation situation, what are you required to do for the seller before you present an offer?
5. What are you required to do for your buyer in a multiple representation situation before you have the buyer sign an offer?
6. Are sales of co-operatives always conditional?
7. If a buyer’s solicitor searches title and makes an objection to the title to the property, what remedy does the seller have?
8. What effect does filling in the fax numbers on the front of the offer have on the agreement of purchase and sale?
9. If you put “included in” in the HST clause on an offer, who would be responsible for paying the HST?
10. What are your buyer clients getting when they purchase a co-operative?