OREA Form 120, Amendment to Agreement of Purchase and Sale

What Is OREA Form 120?

An OREA Amendment to the Agreement of Purchase and Sale, Form 120, is a legal document that alters the terms of the original agreement. It is a two-page form used while a real estate transaction is in progress. The buyer and seller can agree on changes to the original conditions and accept others that are more comfortable for both parties.

The new terms are recorded in writing on Form 120 as "Delete" and "Insert" clauses. The form provides buyer/seller and witness signature lines, with no notarial certificate. For changes to time limits, it also permits an agreement in writing signed by the parties' respective solicitors.

What is form 120 amendment to agreement of purchase and sale used for?

An OREA standard form 120 is often used to change the purchase price, the closing date, or the occupancy date. It can also be used to add or delete conditions or clauses. If you are amending an agreement of purchase and sale, be sure to have your lawyer review the amendment before you sign it.

The form gives space to state negotiated changes to an already accepted agreement in free form. A new amendment needs both parties' agreement (unless the original agreement already gives one party a specific right to make that change by notice). Keep in mind that an Amendment to Agreement of Purchase and Sale in Ontario is not the same as a schedule attached to the original offer. So before filling it out, make sure you use the correct template.

How to Fill Out OREA Form 120?

Here's what you need to know about OREA form 120 fillable:

1. Complete the applicable signature blocks. For changes to time limits, the form also permits an agreement in writing signed by the parties' respective solicitors.
2. The amendment must be dated and include the original purchase and sale agreement date and the property.
3. The amendment must state the changes that are being made to the agreement ("Delete" and "Insert").
4. The form does not call for notarization and provides witness signature lines.
5. Both the buyer and the seller should keep a copy of the amendment for their records.

The blank on this page is OREA Form 120 "Revised 2014"; OREA has issued at least a "Revised 2020" edition, and OREA licenses its forms to its members and certain licensees only, so in practice your REALTOR prepares the amendment in WEBForms. If you're making changes to your purchase and sale agreement, Form 120 records them in writing and helps avoid misunderstandings down the road.

How to Submit Form 120?

The form states that the offer to amend is irrevocable by the party making it until the date and time written on it, so check the terms before signing. Once you have reviewed and signed Form 120, deliver it to the other party (or their agent) by the notice method the original agreement allows, before that deadline; if the offer to amend expires unaccepted, the original agreement stays in force unchanged.

The fastest option is to fill out the template using the PDFLiner editor and send the finished document to recipients by email. You can also generate a download link and send it via instant messengers. If one of the participants prefers to have a physical copy, you can print the file and hand it in person or send it by mail or fax.

Who should sign Form 120?

If you are asked to sign an OREA form 120 amendment, it is important to review the amendment carefully before you sign it. Make sure that you understand all of the changes that are being made to the agreement. If you have any questions, be sure to ask your real estate agent or lawyer before you sign the amendment.

For an amendment signed by the buyer and seller, acceptance must be communicated within the irrevocable period; the form provides witness lines for buyer/seller execution signatures, and a line for the seller's spouse to consent where spousal consent applies (ask the transaction lawyer). In the acknowledgement block, the parties confirm receipt of their signed copy and authorize the brokerage to forward a copy of the amendment to their lawyers.

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.