OREA Form 201, Seller Customer Service Agreement

Understanding Form 201 OREA: The Seller Customer Service Agreement

Real estate forms, in all their differing complexities, can be quite daunting to understand. Among these forms, the form 201, otherwise known as the Seller Customer Service Agreement, is particularly noteworthy. This agreement specifically caters to instances when a property is not being officially listed but still needs to be sold or rented. This unique situation raises the need for a written agreement between the seller and the real estate company to safeguard the interests of both parties involved. 

What is the form 201: Seller customer service agreement?

The form 201 draws a contract that defines the obligations of a brokerage firm when a property is to be sold or rented but does not enter the listing. It also identifies the commission the real estate firm will receive for their service. The document ensures the seller and the real estate company are aligned in terms of expectations, thereby establishing a transparent relationship. This agreement also prevents any possible future disputes regarding the commission for the services provided.

In Ontario, Canada, the Ontario Real Estate Association (OREA) plays a significant role in the real estate sector. The OREA form 201 elaborates on the different responsibilities of sellers and buyers under these unique circumstances. Notably, it lists out the specific role of the brokerage firms, thereby avoiding any confusion that may arise otherwise. This transparency established by the OREA form 201 ensures amicable relationships between parties while dealing with unlisted properties.

How to Fill Out Form 201

Here is a step-by-step guide on how to fill out the Form 201, Seller Customer Service Agreement - Commission Agreement For Property Not Listed on the PDFliner website:

1. Start by locating the "BROKERAGE" field at the top of the first page. Enter the legal name of the brokerage firm that will be providing the customer service.
2. Enter the broker's telephone number in the "Tel.No." field adjacent to the "BROKERAGE" field.
3. Proceed to the "SELLER" field and input the legal name(s) of the property owner(s) entering into this agreement with the brokerage.
4. Identify the property in question by entering its full address or legal description in the "for the property known as" field.
5. If a specific buyer is already being considered, fill out the "and for the following Buyer" field with the buyer's name(s).
6. Fill in the start date and time of the agreement where it says "commences at" and "on the" respectively, and then do the same for the expiration of the agreement in the "and expires at" section.
7. If the term exceeds six months, note that the Seller’s initials are required in the provided space.
8. Fill in the Seller’s initials in the bottom right corner of the first page if they agree that the property is not listed for sale or lease with any other registered real estate brokerage and that they have the authority to execute this agreement.
9. On the second page, enter the commission percentage that the Seller agrees to pay the Brokerage in the "COMMISSION" section.
10. Specify the time frame within which the Seller or someone on the Seller's behalf must pay the commission after the expiration of this Agreement in the provided space.
11. If the Seller agrees to assign the deposit from a completed transaction to the Brokerage, fill in the relevant information in the "DEPOSIT" section.
12. In the "FINDERS FEES" section, if applicable, agree to any finder's fee by entering the terms agreed upon with the brokerage.
13. Provide consent for the brokerage to obtain regulatory information by signing or initialing in the "VERIFICATION OF INFORMATION" section.
14. In the "USE AND DISTRIBUTION OF INFORMATION" section, provide consent for the brokerage to use the Seller's personal information as described.
15. Check the provisions related to the Family Law Act and spousal consent, and fill out the "SPOUSAL CONSENT" section if applicable, with the spouse’s signature and date.
16. If there are any successors or assigns, fill out the "SUCCESSORS AND ASSIGNS" section with their names and relationship to the Seller.
17. Review the sections "CONFLICT OR DISCREPANCY" and "ELECTRONIC COMMUNICATION" and provide the Seller’s initials if they agree with the terms.
18. If the Seller agrees to the electronic signing and delivery of the agreement, provide initials in the "ELECTRONIC SIGNING" section.
19. At the bottom of the second page, provide the Seller’s signature(s), the date, and, if applicable, the seal where indicated under the acknowledgment statement that the Seller has read and understood the agreement.
20. Finally, in the "DECLARATION OF INSURANCE" section, the broker or salesperson must declare that they are insured as required by the Real Estate and Business Brokers Act (REBBA) and Regulations, providing their signature(s) and date. Here, you may use a send to sign feature to make it easier to fill out and save your time.

Accessing the form 201 on the PDFliner

PDFliner is your go-to website to get access to all kinds of forms, like OREA form templates and lease agreement templates, including form 201. On the site, you can fill, edit, sign, share, and of course, upload, download, and print yours with ease.

PDFliner provides a step-by-step guide for filling different kinds of forms. And if you have any questions about filling out the forms, you can check with the built-in AI assistant. But remember that if you have questions about the legal part, you should check with a lawyer; the AI assistant cannot fully replace him.