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Fillable OREA Form 150, Assignment of Agreement of Purchase and Sale, Condominium


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What is OREA Form 150?

An Assignment of Agreement of Purchase and Sale, Condominium is a legal document that is used to transfer the rights and obligations of a condominium purchase and sale agreement from the original buyer to a new buyer. The assignment must be in writing and signed by both the original buyer and the new buyer.

What is OREA 150 Form used for?

There are a number of reasons why a buyer may want to assign their purchase agreement to a new buyer. The most common reason is that the original buyer is unable to obtain financing in order to complete the purchase. In this case, the original buyer will sell their right to purchase the condominium to a new buyer who is able to obtain financing.

The assignment of a condominium purchase and sale agreement can also be used as a way to sell a property before the completion of the construction of the condominium. In this case, the original buyer assigns their purchase agreement to the new buyer, who will take possession of the unit once it is completed.

How to Fill Out OREA Form 150?

Here's what you need to know about OREA 150 form PDF fillable:

  1. The first page of this form is the cover page which includes the name and address of the condominium corporation, the name, and address of the developer, the date of the agreement, the unit identifier, and the names of the Purchaser and the Seller.
  2. The second page is the actual Assignment of Agreement of Purchase and Sale. The Purchaser is assigning their interest in the agreement to the new Owner.
  3. The third page is the Declaration of Assignment which the Purchaser and the new Owner must sign in front of a witness.
  4. The fourth page is the Acknowledgment of Receipt of the Disclosure Statement, which the new Owner must sign.
  5. The last page is for the new Owner's information, including their name, address, and telephone number.

How to Submit Form 150?

The OREA Form 150 PDF must be signed by both the seller and the buyer and must be accompanied by the following:

  • A copy of the registered declaration, plan of survey, and any amendments for the condominium property;
  • A completed Status Certificate Request Form;
  • The prescribed fee

Once Form 150 is complete, it must be filed with the Land Registry Office where the property is located.

Who Should Sign Form 150?

Generally, form 150 should be signed by the buyer and seller of the condominium. If there is a real estate agent involved in the sale, they may also need to sign the form.

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Fillable online OREA Form 150, Assignment of Agreement of Purchase and Sale, Condominium
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