Form 160, Registrants Disclosure of Interest , Acquisition of Property

Understanding Form 160 OREA

Form 160 is a critical piece of legal documentation primarily used in the real estate industry. It is a declaration form that a registrant must fill out to disclose any personal interest they might have in a property they are buying, selling or leasing. This form can include information about the relationship between the registrant and the vendor, purchaser, or lessor. With this form, transparency and integrity are ensured in the real estate transaction.

Importance of OREA form 160

Form 160 serves an essential role in maintaining a fair and trustworthy real estate market. It ensures that each transaction carries a high level of transparency and accountability. If you are involved in a real estate deal, remember that disclosing any conflicts of interest is not just ethical; it's a mandatory part of the process.

How to Fill Out Form 160 OREA

Wondering how to fill out this OREA form? The following steps are designed to guide you on your way:

1. Identify the Registrant: Begin by entering your name, or the name of the person making the declaration under the “Name of Registrant” section. You should ensure that this name matches the legal name recorded in other documents related to the property transaction.
2. Include Salesperson/Broker/Broker of Record Details: In this section, you need to input the details of the real estate professional involved in the property transaction. Add not only his/her name but also his/her designation - whether it is salesperson, broker, or broker of record.
3. Name of the Brokerage: In this chapter, you should specify the name of the brokerage with which the salesperson or broker is affiliated. Be accurate in noting down the exact spelling and legal name of the brokerage.
4. Describe the Property: Next, state the address, property description, or any other unique identifiers of the real estate asset that you wish to acquire, buy, rent, or lease. This detail should be keyed in the space provided ‘the Property known as’.
5. Signature of the Registrant: Once these details are recorded, you have to authenticate the details by signing the document as the registrant. Be sure that you sign in the correct box marked for ‘Signature of Registrant who is making the Declaration’.
6. Include the Date: Next to the signature, there is an allocated section for the date. This is where you should record the day you signed this form.
7. Signature of the Broker of Record/ Manager: The Broker of Record or Manager of the brokerage also has to sign in the corresponding section, further verifying the information on the Disclosure of Interest.
8. Include the Broker/Manager's Date: The Broker of Record or Manager should also date their signature in the adjacent space provided.
9. Witness Details: The document must also be signed by an independent and unbiased witness. This person should also note down their name and the date they witnessed this declaration.
10. Signature from Seller: Finally, the seller or current property owner should sign the form, confirming their acknowledgement and consent to all details included in the document. The seller should also date their signature in the section marked as ‘Seller, Date’.

Common mistakes to avoid

The most common mistakes while filling out form 160 OREA often revolve around a lack of full disclosure and incorrect data input. Here are some mistakes to avoid.

• Not Disclosing Full Interest: Ensure to disclose all types of interest to avoid invalidation of the form.
• Incorrect Property Description: The street, town, and region must be correctly entered to avoid any discrepancies or confusion.
• Incomplete Transaction Details: The details of the transaction like the proposed purchase price or rental value should be accurately mentioned.
• Forgetting to Sign: Remember to sign and date the form after duly filling it out.