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What is OREA Form 122?
OREA standard 122 Form is a document that is used when two parties have mutually agreed to cancel a real estate transaction. This form is typically used when the parties have been unable to reach an agreement on the terms of the sale, or when one of the parties has backed out of the deal.
What is Form 122 used for?
The OREA Form 122 is typically used when the buyer is unable to obtain financing or the sale is otherwise falling through. It allows the buyer and seller to walk away from the deal without any legal repercussions.
It's important to note that the OREA Form 122 is only to be used in situations where both parties agree to the release. If only one party wants to be released from the contract, they must use the standard Agreement of Purchase and Sale Form.
How to Fill Out Form 122?
OREA Form 122 must include the following information:
- The names and addresses of the buyer and seller
- The date of the sale
- The purchase price
- The address of the property
- A description of the property, including the lot size and any buildings or structures on the property
- The terms and conditions of the sale, including any special conditions
- The signatures of the buyer, seller, and witness
Once the Mutual Release Agreement of Purchase and Sale is signed, it is a legally binding contract.
How to submit Form 122?
To submit Form 122, the buyer and seller must both sign and date the form. Once the form is signed, it should be submitted to the broker, who will then cancel the APS.
If you have any questions about completing or submitting this form, please contact your real estate professional.
Who should sign Form 122?
This standard form 122 must be signed by both parties in order to be valid, and it releases both parties from any further obligations under the Agreement of Purchase and Sale. It is important to note that this form does not release the parties from any other obligations that they may have, such as a mortgage or loan.
Once the 122 forms have been signed, it is a binding agreement and cannot be undone. Therefore, it is important that both parties are sure that they want to cancel the transaction before signing this form.
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Fillable online OREA Form 122, Mutual Release - Agreement of Purchase and Sale