Form 161, Registrants Disclosure of Interest, Disposition of Property

What Is Form 161 OREA?

Form 161 is designed to provide transparency in real estate transactions. For every property transaction, whether buying or selling, it is an essential legal requirement. This documentation serves as a factual representation of the property's disposition. This means that all parties involved are privy to the necessary information before finalizing the deal, making it a pivotal instrument in property and real estate dealings.

Why is it needed?

In every real estate transaction, the right information counts. Form 161 acts as a tool to aid disclosure of financial interests. Not only does it help to provide full disclosure to a buyer or seller, but it also removes the chances of fraudulent practices. Another significant reason is the ability to track individual or company transactions, which helps with tax calculations at the end of the fiscal year.

How to Fill Out Tax Form 161

The issue of completing this OREA form is usually a concern for many. It's not as difficult as it appears though. Here's a simple guide:

1. Start filling your form beginning with 'Name of Registrant,' where you need to input the full legal name of the individual or corporation that's registering their property.
2. Proceed to the next field, where you must specify the professional role of the individual filling out the form. Choose the most appropriate choice from the options provided.
3. In the 'Name of Brokerage' field, key in the full registered name of the brokerage company that the registrant is linked to.
4. The 'Offer to Purchase/Lease/Exchange/Option of the Property' section allows you to give details about the property. Here, choose one of the situations that best describes why you are completing the form, then specify the property details.
5. Then, input the 'Signature of Registrant who is making this Declaration' by using a stylus or your trackpad to digitally sign in the provided box. 
6. Next to the signature box, fill in the current date in the 'Date' field to validate your signature.
7. The following field needs the 'Signature of Declaring Registrant’s Broker of Record/Manager of Brokerage'. Again, use a stylus or your trackpad to digitally sign in this box. 
8. Just as you did above, fill in the current date in the corresponding 'Date' box to validate the Broker's signature.
9. In the 'Title' field, type in the official title of the Broker of Record/Manager of Brokerage who signed the form.
10. The 'Acknowledgement' section requires a witness to sign. The 'Witness' should digitally sign in the provided box, followed by the buyer.
11. The 'Date' here should be the day the acknowledgment was done. Fill in the same date in both fields provided for the buyer and the witness.
12. Finally, submit your completed Form 161 either by saving the PDF and sending it via email or by using the share button available on the platform.

Tips to perfect your form 161 submission

Although it might look like a lot to do, a well-executed form 161 will help handle any potential conflicts of interest professionally and transparently. Here are some tips to ace your submission:

• Be Accurate: Every detail you provide on the form matters. Ensure all the names, addresses, and property details are accurate and up-to-date. Inaccurate information can lead to severe legal consequences.
• Be Clear about Your Interest: Do not leave any ambiguity about the nature of your interest in the property. Whether you plan to live in the property, lease it, or share the profits from an eventual sale, it should be clear on the form.
• Get Legal Help: If you're unsure about any aspect of Form 161, seek professional legal advice. An attorney can provide invaluable guidance, making sure you've filled everything out correctly and haven't omitted any crucial details.
• Keep Copies: Always keep copies of any legal forms you submit, including Form 161. This can help you track your disclosures and provide a paper trail if there are any questions later on.