There continues to be some misunderstandings about how to use OREA Form 801 – Offer Summary Document.
This form was created by OREA to give members a document to assist them to comply with Bill 55, which requires that a listing brokerage retain copies of all written offers to purchase or copies of a “prescribed document” (Form 801) for each of those offers.
Here are three things you should know about the completion of Form 801:
- In practice, the buyer’s representative can choose whether to provide the summary document and is not obligated to do so. The listing brokerage may have to complete Form 801 if that’s the document they intend to keep (instead of the offer).
- The listing brokerage must present all offers, regardless of whether a cooperating brokerage has provided an offer summary document or not. Form 801 is not part of the offer, so it is not required before an offer can be presented.
- An email or fax from the cooperating brokerage that there is an offer to present is sufficient for a listing broker to arrange for the offer presentation.
You can find this, and much more, information on RECO’s Q & A Fact Sheet . Check it out!