Form 212, Amendment to Listing Agreement

What Is Amendment to Listing Agreement?

Ensuring that all documentation reflects current agreements and conditions is crucial in real estate dealings. Form 212, available on PDFliner, is an essential tool for realtors and property owners. This OREA form is specifically designed to amend existing listing agreements, ensuring that all parties are updated with the newest terms and conditions of a real estate listing.

Purpose of the amendment to listing agreement form

Form 212 serves a vital function in the realm of real estate. It offers a structured and legally binding way to make changes to a previously agreed-upon listing agreement between a property owner and a real estate agent or broker. Whether it's a change in the sale price, the duration of the listing, or specific terms of the agent's responsibilities, the amendment to the listing agreement form ensures that these modifications are documented and enforced.

Legal implications of the 212 form

Utilizing the 212 form is not just about convenience but also about legal compliance. When a listing agreement is amended through this form, it ensures that all modifications are legally binding. This protects all parties involved, safeguarding the interests of the property owner and the real estate professional. It ensures clarity and reduces the likelihood of disputes, as every amendment is clearly documented and agreed upon by all parties.

How to Fill Out Form 212

Filling out 212 form on the PDFliner website involves careful attention to detail as you modify specific terms of an existing listing agreement. Here is a detailed guide on how to correctly fill out each section of the form:

1. Begin by entering the PROPERTY ADDRESS in the space provided. This should be the exact address as listed in the original agreement.
2. Identify the LANDLORD and BROKERAGE with their full legal names. These must match the details on the initial agreement to avoid any discrepancies.
3. Record the MLS NUMBER(S) and any other identification numbers like L/BR ID or INTERBOARD MLS NUMBER to ensure the amendment correctly links to the original listing.
4. Specify the LISTING EXPIRY DATE. This is the current expiry date of the listing agreement before any amendments.
5. Move to the section labeled "LISTING PRICE". Enter the Former Listing Price and then the New Listing Price which will replace the former. Ensure that the new listing price is agreed upon by all parties involved.
6. Update the EXPIRY DATE if necessary. Input the Former Expiry Date and then the New Expiry Date. Remember, this must be initialed by the landlord if the new expiry date extends beyond six months as per the Real Estate and Business Brokers Act of Ontario (2002).
7. In the OTHER AMENDMENTS section, describe any additional changes to the listing agreement. These can range from alterations in the terms of the lease to modifications in brokerage responsibilities. Each amendment should be clear and concise to ensure all parties understand the adjustments.
8. If an extension of the listing is part of the amendment, it needs to be signed and dated before the current expiry. Additionally, if the listing is part of an MLS, you must notify the relevant Real Estate Board(s) within 48 hours of receiving the extension and before the original expiry date.
9. Confirm that all amendments are communicated to the Real Estate Board(s) immediately if it is an MLS listing. This compliance with MLS Rules and Regulations ensures the listing remains valid and enforceable.
10. At the bottom of the form, ensure all parties involved in the agreement sign and date the document. This includes the landlord, the authorized representative of the brokerage, and if applicable, the spouse of the landlord under the Family Law Act.
11. Each party must also receive a copy of this amendment for their records, confirming that they acknowledge and accept the changes made to the original agreement.

Why choose PDFliner for your real estate documentation needs?

Choosing PDFliner for managing your real estate documents, including the amendment to listing agreement, offers numerous benefits. It provides a secure environment to manage sensitive information, ensures that documents are easy to access and amend, and keeps your real estate transactions running smoothly. With tools like Form 212 easily at your disposal, real estate professionals can maintain up-to-date and compliant listings, ensuring all parties are on the same page.