OREA Form 202

Understanding Form 202

In real estate dealings, complex paperwork becomes a norm. Whether buying or selling properties, one must be prepared for an array of documents. Among these, the Form 202 is essential. It is professionally crafted by the Ontario Real Estate Association (OREA), drawing upon extensive expertise to provide clear guidelines for both brokers and sellers. 

Importance of 202 form 

Why revert to Form 202 from OREA as part of your agreement? Over and above demarcating responsibilities, the form ensures that every involved party is protected, facilitating smooth transactions with clearly defined duties and obligations. The form also solidifies the commission rate, cementing the agreed amount into common agreement, reducing chances of conflict, and promoting fairness between seller and broker.

How to Fill Out OREA Form 202

To fill out the OREA Seller Commission Agreement with Co-operating Brokerage for a Listed Property, follow these detailed steps:

1. First, start by entering the full name of the seller in the designated space under the "BETWEEN" section, where it prompts for "SELLER:". Ensure you include any relevant titles or suffixes associated with the seller's name.
2. Next, identify and input the name of the co-operating brokerage along with its address and contact information in the space provided under "CO-OPERATING BROKERAGE:". Remember to include the brokerage's telephone number as specified.
3. Proceed to describe the listed property. You will find a section marked "for the property known as:" where you should enter the full address and any distinguishing features of the property that are relevant to the agreement.
4. In the section designated for the buyer, fill in the complete name of the prospective buyer who is involved in the transaction as outlined in the form.
5. In the fields provided, specify the commission agreement's start and expiry dates. This is crucial as it sets the timeframe during which the agreement is effective.
6. Navigate to the commission details section. Here, enter the agreed percentage or flat rate of commission that the seller will pay to the brokerage upon the successful introduction and subsequent transaction of the property with the buyer.
7. Confirm the terms related to deposits. Indicate how deposits should be handled, specifying the amount and the responsibilities of the brokerage concerning the deposit.
8. If applicable, acknowledge any finder's fees or referral incentives that the brokerage might receive by filling in the details in the "FINDER'S FEES" section. Provide consent for the brokerage to receive these benefits.
9. For properties that might be subject to provisions under the Family Law Act, ensure the seller's spouse consents to the transaction if required. Fill in the spousal consent section and have the spouse sign if applicable.
10. In the signature fields at the end of the document, ensure that all parties involved, including the seller and authorized brokerage representative, sign the document. Also, you may use the send-to-sign function to get a signature from another party. Include the date next to each signature to validate the agreement.

Accessing the form 202 OREA via PDFliner 

The Form 202 OREA can be accessed conveniently on the PDFliner website. Users can fill out the OREA form 202 PDF without having to print the form. PDFliner's intuitive interface makes it easy to fill out the form accurately, share it with all parties involved, and save a digital copy for future reference. Moreover, PDFliner highlights the necessary fields, ensuring that no section is left unfilled, leading to an efficient and error-free transaction.