OREA Form 111

What Is OREA Form 111?

Also referred to as Ontario Agreement of Purchase and Sale - POTL, Common Elements Condominium. It’s a document utilized for purchasing a condo unit that’s part of a common elements condominium. In this piece, we’ll cover the purpose of this document, provide instructions on its completion, and let you in on the specificities of its submission.

What the Agreement of Purchase and Sale POTL Is Used For

Here’s what this agreement is utilized for:

• purchasing a property located in a condominium;
• transferring the title of the condo unit from the seller to the purchaser;
• documenting the main terms of the deal;
• protecting both sides of the contract;
• preventing any misunderstandings or miscommunication.

With regard to the template of this document, it’s used to streamline your workflow. Instead of investing hours of your time creating the doc from scratch, a solid template is guaranteed to speed up the entire process. You’re welcome to use the Ontario Agreement of Purchase and Sale template presented here on PDFLiner.

What POTL Means in Real Estate

A Parcel of Tied Land, often shortened to POTL, is a term utilized for describing a property with a common element that is registered under the Condominium Act. When purchasing a property with a POTL, you’re purchasing a share in the Common Elements Condominium (CEC). POTLs are usually used for shared parking spaces, parks, or golf courses. That’s pretty much it when it comes to the POTL meaning.

How to Fill Out OREA Form 111

The form is a 7-pager that may seem overwhelming to fill out. No worries. With proper guidance and/or professional assistance, your chances of properly completing the form significantly increase.

Find basic instructions on how to fill out the form online via PDFLiner below:

1. Open the template and wait a bit until the editing features load.
2. Get the completion going by specifying the date of the agreement.
3. Proceed by indicating the names and contacts of both parties of the sale.
4. Describe the property in question.
5. Indicate the mutually confirmed purchase price.
6. Enter the amount of the down payment (if applicable).
7. Add the necessary signatures and the current date.

The form features several nonfillable pages with the terms of the deal. Ensure you explore them in-depth and understand clearly what they mean. In case you feel that you need professional legal assistance, don’t hesitate to contact a reliable attorney to guide you through the completion process.

How to Submit Form 111

Upon completion, forward the form to the Land Registry Office. Additionally, you’re going to need to attach a required fee. Don’t forget that whenever possible, you can always file your documents to the corresponding authorities via PDFLiner. Our platform is a secure online document management system that speeds up your administrative workflow and takes your file processing to a brand new level.

Who Should Sign OREA POTL Form

Both the buyer and the seller should sign the form. The process should also be witnessed by a third party. Don’t forget that PDFLiner comes with a top-notch digital signature feature. Make the most of it to add secure and legitimate e-signatures to your files in the blink of an eye and thus, skyrocket your file handling to stardom.

What Is the Difference Between Condo Townhouse and Freehold Townhouse

The major distinction between the two is that the former are owned by a condo corporation, while the latter are owned outright by the individual proprietors. Having said that, unlike condo townhouse owners who are obliged to adhere to the rules made by the condo corporation, freehold townhouse owners are in more control over what happens to their property.