OREA Form 243, Assignment of Listing Agreement

Essential Guide to Form 243

Investing in real estate market can be both rewarding and challenging. The required paperwork is a crucial aspect to master, especially understanding the role and importance of various legal documents. One such document is Form 243, which provides the core authority to offer for sale.

It essentially acts as an agreement that grants a broker the authority to list a property for sale, serving as a contract between the property owner and the broker. It is more like a contract between the property owner and the broker, dictating the listing terms. Both parties involved must carefully read and understand the terms of Form 243 before signing to avoid unanticipated legal issues

Functionality of Listing Agreement Authority to Offer for Sale 

The OREA listing agreement authority to offer for sale, as enshrined within Form 243, provides a framework to facilitate the sale of property. This OREA legal document gives a broker the exclusive right to sell a specified property on behalf of the owner.

It outlines the commission to be received by the broker upon successful sale, duration of the agreement, and other related details. It is, therefore, essential while conducting property deals as it secures the interests of both the property owner and the broker.

How to Fill Out Form 243

To fill out the OREA form 243 on the PDFliner website, follow these detailed steps:

1. Begin by identifying the Brokerage section at the top of the form. Enter the name and contact information of the real estate brokerage that you are authorizing to sell the property. This includes the brokerage's official name and telephone number.
2. Proceed to the Seller(s) section directly below the Brokerage section. Here, you must fill in the names of the seller or sellers of the property. Ensure that the names are spelled correctly as they appear in official documents.
3. Enter the details of the property that is being listed for sale in the space provided. This includes the complete address and any identifying information that may be required to differentiate it from similar properties.
4. Specify the terms of the listing period. This includes the start date and end date for when the brokerage has the authority to list and sell the property. Remember to check if the listing period exceeds six months, as additional seller initials may be required to comply with regulations.
5. Determine and input the sale price of the property in the space provided. Also, include any relevant terms that might affect the sale, such as conditions of the sale or special arrangements about the property.
6. In the Commission section, detail the agreed-upon percentage or amount of commission that the brokerage will receive upon the successful sale of the property. Include any stipulations about the payment of this commission, particularly if there are conditions that extend beyond the closing of the sale, such as a holdover period.
7. Review the document for any specific legal declarations or warranties the seller needs to make concerning the property’s status, such as disclosures about easements, liens, or other encumbrances.
8. In the section designated for signatures, the seller and the representative of the brokerage must sign their names. Also, you may send to sign this document to another party, if you need it.
9. After completing the form, save the document on PDFliner to ensure that all data entered remains intact and is easily accessible. You can also opt to download a copy for your records or to print it out if a hard copy is required.
10. Lastly, consider obtaining legal advice or consulting a real estate professional before finalizing the form to ensure all entries are correct and legally compliant.