|What REALTORS® Need to Know
On July 1st, 2015, Ontario Regulation (307/14) Bill 55 resulted in a number of changes to REBBA 2002, which created new requirements for real estate registrants.
- Bill 55 amendments prohibit a registrant, while acting on behalf of a purchaser, from presenting an offer or representing an offer exists, unless the offer is writing.
- Bill 55 amendments further require a brokerage acting on behalf of a seller must retain copies of all written offers that it receives to purchase real estate or copies of all prescribed documents related to 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.
Recently, OREA introduced a new Standard Form #801 ‘Offer Summary Document’
OREA would like to inform and remind members of varied resources related to the Form #801 Offer Summary Document:
- There are numerous Form #801 ‘FAQs’ – Questions with Answers, available via www.oreablog.com
- A 30-minute WEBINAR is planned on Monday July 6th 2015 at 2:00 p.m. Please email your interest in joining the ‘Form #801 Webinar’ to StandardForms@orea.com – subject line Form#801WEBINAR
NOTE: The first 100 members registered will have access to participate, the url you will receive to join the webinar may be used by one computer, with multiple members participating. OREA will have a recorded version of the July 6th Form #801 Webinar posted on orea.com Standard Forms Page for future resource.
If you have any additional questions or comments please feel free to email email@example.com.