OREA Form 150

What Is OREA Form 150?

The full name of the document is OREA form 150 assignment of agreement of purchase and sale condominium. It was created by the Ontario Real Estate Association and approved by Toronto Real Estate Board. It is widely used in Ontario Province by realtors and private citizens who want to sell or buy condominiums in the area.

The form is a legal agreement between parties that secures the rights of both parties and documents the steps that are made during the purchase process. If you are not from the area, you have to pick another form. A real estate agent can provide you with the form, or you can find it online and sign the document yourself. Yet, the document must be signed by a witness and provided to the brokerage afterward.

The standard agreement between two parties allows easy selling and buying of condominiums in Ontario. The document must be checked by the broker. It has to be made in accordance with the local laws.

What I need the OREA form 150 for?

• As a buyer, you need OREA form 150 whenever you want to purchase a condominium in Ontario. You can’t buy the property without the official agreement signed by the witnesses, broker, and seller. The document secures your interests since you don’t need to prove that you’ve paid the price and the seller agreed to sell the property. You can provide the deadline there as well;
• As a seller, you need an assignment of agreement of purchase and sale Ontario to make sure that buyer will not break the deal. You receive the money you agreed upon and provide details on the property pros and cons, examined by a specialist;
• The broker needs the document signed by both parties to accept the deal. The broker checks whether the document matches the laws.

How to Fill Out OREA Form 150?

There is nothing complicated about the form. While it consists of 6 pages, it mainly describes the procedure of selling/buying condominiums in detail. You don’t have to fill in all the pages. Instead, you can receive valuable information from the contract. You will find an assignment of purchase and sale agreement either on the OREA website or on PDFLiner.

PDFLiner allows you to fill the document online once you open it. Provide the data you need and send it to the other party online via email. You can print it and hand it in person or simplify the process and send it via email. It is up to you. Here is what must be included in the document:

1. Write down the name of the assignee and assignor;
2. Provide information on the assignor’s interest in the property, including the address, lockers, parking space number, and even the level of the apartment;
3. Name the purchase price, the deposit that must be paid, the way you prefer to provide/receive payment, and the deadline;
4. Write down the initials of both parties;
5. Ask the inspector to inspect the house and provide information on its status if it is required;
6. Ask witnesses to sign the document;
7. Provide the document to another party after you sign it;
8. Send the document to the broker.

Organizations that work with OREA form 150

• Ontario Real Estate Association;
• Canadian Real Estate Association.