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What is the OREA 123 Waiver Form?
The 123 Waiver Agreement of Purchase and Sale Form is a common form used in real estate transactions. It is a simple form that can be easily completed by both the buyer and the seller. The form protects both parties by clearly stating the terms of the sale and the buyer's waiver of their right to cancel the contract.
What is the OREA 123 Waiver Form used for?
The Form 123 Waiver is used to waive the conditions in the Agreement of Purchase and Sale if the home buyers are not satisfied with the results after the due diligence but still want to proceed with the deal, they can use this form to waive the conditions. This form is used to confirm that the buyers have been satisfied with the results of the home inspection, the financing, and the status of the title and that they are willing to proceed with the purchase without these conditions.
How to Fill Out the 123 Waiver Form?
If you're looking to buy a property, you'll likely have to fill out a 123 Form. This document is used to waive certain rights and responsibilities that come with purchasing a property. Here's a step-by-step guide on how to fill out the 123 Waiver Agreement of Purchase and Sale Form.
- The first step in filling out the form is to enter the date of the transaction. This should be the date that the buyer and seller sign the form.
- Next, the names and addresses of the buyer and seller should be entered.
- The next section of the form is for the description of the property. This should include the address of the property, the legal description, and the purchase price.
- The next section of the form is for the terms of the sale. This is where the buyer and seller will agree on the price, the down payment, the financing, and the closing date.
- The final section of the form is for the signatures of the buyer and seller. The form must also be notarized by a notary public.
How to Submit the 123 Waiver Form?
To submit the 123 form contract, both the buyer and seller must sign and date the form. The form must then be submitted to the real estate agent or broker who is representing the parties in the transaction. The agent or broker will then submit the form to the escrow company or title company handling the sale. Once the form is received and processed, the sale can proceed without the three-day cooling-off period.
Who Should Sign the 123 Waiver Form?
The 123 contact form must be signed by both the buyer and the seller in order for it to be valid. The buyer should make sure that they understand what they are waiving their rights to before signing the form. If the buyer has any questions, they should consult with a lawyer or real estate agent before signing.
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Fillable online OREA Form 123, Waiver - Agreement of Purchase and Sale