What Is OREA Form 125?
Also referred to as Termination of Agreement by Buyer, the form is utilized in Ontario to give the seller a written notice of their Purchase and Sale Agreement termination. You can terminate the agreement for a number of reasons, such as:
- lack of responsibility to follow the contract on the seller’s side;
- justified loss of interest in this particular property;
- inability to obtain financing.
So, if you’re been on the prowl for the termination of purchase and sale agreement form, PDFLiner is the answer. Lay your fingertips on it and feel free to fill it out right here and right now.
What form 125 is used for
The form is used for:
- terminating the previously signed purchase and sale agreement;
- and thus, freeing yourself from the responsibility of purchasing the property.
The form should be delivered within the previously agreed time frame and must clearly state that you want to terminate the agreement. Upon signing the form, both parties are officially free from their mutual obligations.
As for the online Termination of Purchase Agreement PDF template, it serves the following purposes:
- streamlining your document workflow;
- saving tons of your precious time;
- helping you go digital in the smoothest way possible.
How to Fill Out Form 125
The Termination of Real Estate Contract by Buyer form consists of one single page and is fairly easy to fill out. Here are the steps to follow as you progress:
- Type the buyer name.
- Indicate the seller name.
- Specify when the initial agreement was created.
- Mention the property in question.
- List the reasons why you’re sending this real estate termination agreement to the seller.
- Add witness and buyer signatures.
- Add the current date.
If you feel that you need to show your completed termination of real estate contract by buyer template to an expert for review, feel free to do it. Ensuring that the document is accurate is your ultimate responsibility.
How to submit OREA form 125
You can send the completed Termination of Real Estate Contract PDF form to the seller and their brokerage either digitally or by regular mail. Upon forwarding the form, the seller has 3 days to react. If they don’t, the agreement will be terminated automatically. In case of lack of response from the buyer within the stated 3 days, the seller has two options. First, they can just accept the termination. Second, the seller can file a lawsuit against the buyer.
Who should sign form 125
The form should be signed by the buyer, the seller, and the witness. You can have all the necessary signatures added to your form digitally or manually. The former method is a lot more effective. In addition to this, e-signatures are also fast and secure. With the PDFLiner digital signature functionality, you can send files for signature to your contacts and receive the result in a matter of minutes.
Organizations that work with the form
- Ontario Real Estate Association (OREA).
- real estate companies.
Related Content - OREA Form 125, Termination of Agreement by Buyer - Agreement of Purchase and Sale
