Notice from OREA – Rental Items Information
In 2013, the OREA Standard Forms Committee received a number of comments and complaints from consumers about the cost of rental items in their purchased property, and the cost to pay out unwanted rental contracts. The current RAHB Property Information Forms (PIFs) clearly identify RENTAL EQUIPMENT as a mandatory field; however, OREA encourages detailing more information in the PIF regarding the cost (usually monthly cost) of the rental item or the possibility of a payout of the contract. These details, if applicable, can be identified in the REALTOR® REMARKS section. By doing this, all rental equipment information will be readily available to Co-operating Brokerages, and the buyer will be better informed. RENTAL EQUIPMENT will be an area of review on the next PIF update.
OREA will make changes to the RENTAL ITEMS section of the 2014 OREA Agreement of Purchase and Sale, by adding a clause to the standard clauses making the offer conditional on checking the rental information if the buyer so chooses.
OREA notes that this is a topic of growing concern, as the Ministry of Consumer Services has addressed the topic of door-to-door marketing of rental items in recent legislation.