Complete & Download Your OREA Form 101 (Revised 2024 Edition)

What Is OREA 101 Form?

Agreement of Purchase and Sale Condominium Resale Form is a document developed by the Ontario Real Estate Association for use in the Province of Ontario. It confirms and provides the details on the purchase of a unit in a condominium property. The blank on this page is the Revised 2024 edition of Form 101; it has 6 pages, including Schedule A.

What Do I Need OREA Agreement of Purchase and Sale Form 101 For?

You need to fill out an OREA Form 101 fillable blank to:

• ensure a unit in a condominium property and ownership/exclusive use of parking space and lockers are provided to a buyer by a seller at a certain purchase price;
• set the deposit the buyer submits by negotiable cheque payable to the Deposit Holder, to be held in trust pending completion or other termination of the Agreement, and when it is delivered: “Herewith”, “Upon Acceptance” (within 24 hours of the acceptance of the Agreement) or as otherwise described in the Agreement;
• determine other payable terms.

How to Fill Out OREA Form 101? 

To edit OREA form 101 PDF follow the steps below:

Step 1: Click the “Fill this form” button to get an OREA Form 101 Condominium Resale fillable template and complete it online. Step 2: Provide the date, buyer’s and seller’s legal names, property/parking space/lockers details, and purchase price in dollars on page 1. Step 3: The lower part of page 1 requires the date the offer will be irrevocable by and the completion date. Fax numbers for notices are optional and go in clause 3 (Notices) on page 2. Step 4: List the chattels included in section 4 and the fixtures excluded in section 5. Section 6 is for rented items. Step 5: Section 7 specifies common expenses payable to the Condominium Corporation in respect of the property, and section 8 includes parking/lockers extra expenditures. Step 6: In section 9 (Harmonized Sales Tax, HST), if the sale is subject to HST, state whether it is included in or in addition to the purchase price; if it is not, the seller agrees to certify that on or before closing. Under the pre-set clause, any HST on chattels, if applicable, is not included in the purchase price. Section 10 (Title Search) on page 3 asks for the Requisition Date, the deadline for the buyer to examine title, and the property’s present use. Step 7: Page 5 is the signing page. The buyer and the seller sign in their own blocks, and each signature line has a witness line and a (Seal) notation beside it. The page also holds the Confirmation of Acceptance, the Acknowledgement (each party confirms receipt of a signed copy and gives an address for service), contact fields for the brokerages, the lawyers and the property manager, and a Commission Trust Agreement for the brokerages (marked for office use only). The lawyer and property manager fields are for contact details, not signatures. If the unit is the seller’s matrimonial home, the seller’s spouse generally has to consent under the Family Law Act (unless an exception applies, such as a court order); the form has a Spousal Consent block for that case. Step 8: Schedule A is page 6 of this blank. Indicate the buyer’s and seller’s names, state the property, and put the date there; Schedule A is also where the buyer sets out how the balance of the purchase price will be paid. Step 9: Both parties initial the pages that carry initial boxes (pages 1-4 and Schedule A); full signatures go on page 5. Step 10: Click the “Done” button to download a printable PDF on your PC.

The contract is used to outline the terms and conditions of the sale, including the price, closing date and any special conditions. The buyer signs the offer and the seller signs to accept it; the agreement becomes binding once the seller accepts within the irrevocable time and the acceptance is communicated back to the buyer. Under pre-set section 13 of Form 101, the seller consents to the buyer requesting a status certificate from the condominium corporation; a completed certificate does not have to accompany the agreement, and that section does not make the purchase conditional on reviewing one. If the parties add a status certificate condition (for example in Schedule A), follow its terms and deadlines.

The status certificate must be completed by the condo corporation and must contain information about the condo unit, the condo corporation and the monthly fees. The condominium corporation must give the status certificate within 10 days after it receives the request and payment.

Organizations That Work With Form 101 OREA

Ontario Real Estate Association

PDFLiner is not affiliated with, endorsed by, or licensed by the Ontario Real Estate Association (OREA). OREA Standard Forms are copyright OREA and are developed for use by OREA members and licensees. The official current versions are maintained by OREA; the pre-set text of the form must not be altered when it is printed or reproduced.