OREA Standard Forms Update

The 2018 OREA forms are now posted on the OREA website, as well as the document “OREA 2018 Standard Forms and Clauses Summary of Revisions” Your OREA login credentials will be required to access these links.

The three-part OREA Form 200 Listing Agreement: Seller Representation Agreement Authority to Offer for Sale will be available for sale in the Realty Shoppe early in the new year. Contact the Shoppe at realtyshoppe@rahb.ca or 905-529-5979 to place your order.

We will let you know when the 2018 OREA form updates are available on WEBForms™.

If you are interested in attending an in-class session about what forms have been updated and what’s new, check out the RAHB education calendar for the upcoming session: “2018 Forms & Clause Revisions Update”.

Have Your Say: Modernizing REBBA 2002

OREA REBBA Reform

Did you know that OREA is leading the charge to modernize REBBA 2002, and they want to hear from you?

The first phase of the review of REBBA 2002 addressed the Province’s interest in banning double-ending real estate transaction. The Ontario Real Estate Association sent the message to Queen’s Park that REALTORS® are interested in higher standards in the real estate profession and that a complete ban on double-ending would not be productive. OREA’s submission was prepared after consultation with real estate boards and associations across Ontario (RAHB was part of the consultation). Watch for updates on how this plays out legislatively this fall.

In Phase 2, the emphasis will be on re-writing REBBA, and OREA is asking you for your input. This is going to be a complete overhaul of REBBA 2001, and everything is on the table. This is the best chance for you, RAHB and OREA to play a significant role in writing the next, better version of REBBA.

How? Over the next few months, OREA will be posting on its website, REBBAReform.ca, a series of white papers with a number of proposals for what changes should be made to REBBA. You can download the complete white paper, or just read the proposals from it, then provide your feedback directly to OREA. It’s simple, it’s fast, and you’ll keep informed about what is happening.

OREA’s white papers will cover:

August – Enforcement (already posted and ready for your comments!)

September – Continuing Education

October – Entrance Education

November – Code of Ethics

 

Check out the website today, and have your say in the future of real estate!

Revisions to OREA Standard Forms

OREA recently released the updates for the 2017 OREA Standard Forms and Clauses.
All information is available on the members section of OREA.com or go to http://www.realtorlink.ca/content/dam/realtorlink/on/hamilton/Forms/OREA-Summary-of-Revisions-2017.pdf for the 2017 Forms Summary of Revisions.

Many of the OREA Standard forms are affected by the revisions, including OREA Form 200 Listing Agreement – Authority to Offer for Sale, which now includes a new Electronic Signature clause.

OREA has also updated ‘OREA Forms Explained’, a member’s resource where 44 forms files are annotated to help members understand and use the forms. RAHB will be hosting an OREA Outreach 2017 Forms & Clause Revisions Update education session. The date of the session will be announced on Message of the Day (MOD) as soon as arrangements have been confirmed.

The new 2017 OREA Standard Forms are now available on the OREA website and WEBForms®. Printed forms will be available through the Realty Shoppe in mid-January.

New tutorial on OREA Form 127

OREA’s newest standard forms tutorial is now available online. The tutorial is a step-by-step video guide about how to complete Form 127, Condition(s) In Offer – Acknowledgement.

The purpose of Form 127 is to confirm that a buyer understands the risks and ramifications of not inserting certain conditions and/or of waiving certain conditions from an offer. The Form 127 tutorial walks you through the form section-by-section, explaining what and where information is required.

OREA’s standard forms tutorials are a new resource created to help you avoid common mistakes and costly errors when you are working with standard forms. Like forms explained documents, the tutorials are a short, practical resource you can use to help them fill out some of the most common forms. If you prefer more hands-on, concrete guidance, you will likely find the tutorials a welcome addition to the forms explained documents.

RAHB member is new OREA Director

Sean-MorrisonCongratulations to Sean Morrison (Royal LePage State Realty) on being acclaimed as OREA provincial director!  Sean will represent Southern Ontario on the OREA board of directors for a two-year term.

Sean served on the RAHB Board of Directors from 2012-15, and as Vice-President for two years.  He also served on numerous committees at RAHB.  Sean currently sit as a member on OREA’s Government Relations committee.

Alarm system leads to alarming lawsuit

The following article appeared in the January, 2016 issue of OREA’s “The Edge” by Merv Burgard, Q.C

It all began when a home owner arranged for an alarm system to be installed in his residence. The cost of installing the system was more than $700 and the package featured a keypad entry and basic alarm system. The owner also signed up for a monitoring service, which included a monthly charge of $45.14. A modem was installed that would trigger the monitoring device.

Some 18 months later, the same owner decided to sell his home. The agreement of purchase and sale (APS) stated: “Chattels included … Alarm system and equipment.” However, the only item listed in the Rented Equipment category
was as follows: “Hot water tank with the buyer to assume the rental contract.”

In the course of the property sale, a lawsuit ensued. The buyer and seller disagreed on whether the buyer was required to assume the monthly charges for the alarm system. The seller claimed that the buyer was to have taken over the cost of the alarm modem and monitoring system.

The judge in this case ruled that the APS was a “botched” agreement. It was not made clear to the court why the seller did not have the modem and alarm monitoring system removed from his prior residence and transferred to his new residence, to minimize costs. The seller stated that he did not know where the modem had been physically located. The judge ruled that the seller was responsible for the monthly charges. The seller’s claim against the buyer was dismissed.

Gu v Carnovale 2013 CanLII 60220
This content has been reproduced with permission from the Ontario Real Estate Association.

 

Brokers:  Do you have a brokerage policy for electronic documents and signatures?

OREA recommends that brokerages considering preparing an internal policy regarding the use of electronic documents and signatures.  The policy should set out how the brokerage will administer electronic documents and signatures in a way that satisfies legal requirements.

For more information about what your policy should contain, go to https://orea.com/~/media/Files/Members/OREA-Standard-Forms/
Announcements/v220150915BrokerCommuniquereECAElectronic
SignaturePolicies.pdf?la=en
(you will have to log in to the member part of the OREA website)

 

All members:  Do you know what’s involved when you use
electronic signatures?
OREA provided information about using electronic signatures to members in a communiqué in June.  In case you missed it, you can read it https://orea.com/~/media/Files/Members/OREA-Standard-Forms/2015-06-25-ECA-Announcement-for-Members.pdf?la=en  (you will have to log in to the member part of the OREA website).