Form 525, Listing Agreement

Leveraging the OREA Form 525 Listing Agreement

A listing agreement is a crucial document in real estate transactions. Traditionally used in Canada, it formalizes the bond between a property owner and a real estate broker or agent. Under the terms of this contract, the broker is given the exclusive right to market the property seeking potential buyers. This type of agreement carries significant legal weight. Therefore it is of paramount importance for sellers and real estate professionals to comprehend and navigate effectively.

Role of the listing agreement OREA

The Ontario Real Estate Association (OREA) provides a standard form to facilitate the listing arrangement process, known as Form 525. This OREA listing agreement sets forth duties, responsibilities, and compensation of real estate brokers and agents. It also sets out the property specifications and conditions, like the asking price, agency’s commission, the contract termination clause, and the sale's specifications.

How to Fill Out OREA Listing Agreement Form

Here's the guide to help you complete OREA listing agreement pdf:

1. Start by identifying the section labeled "Listing Agreement – Commercial Authority to Offer for Lease." This section will require the details of the property and the terms of the lease.
2. Enter the full legal name of the property owner in the space provided at the beginning of the form. Ensure the name is spelled correctly as it appears in legal documents.
3. Specify the address of the property that is being offered for lease. Include all relevant details such as street address, city, province, and postal code.
4. Detail the terms of the lease including the lease period, monthly rental amount, and any specific conditions or exclusions. Each term should be clearly stated to avoid any ambiguity.
5. Provide information regarding any commission arrangements. This includes the percentage of the lease amount or a fixed fee that will be paid as commission to the leasing agent or brokerage.
6. Specify any obligations the property owner has towards the broker, such as exclusivity in the leasing process or any specific duties like advertising or conducting property showings.
7. Review the DISCLAIMER section which emphasizes the importance of understanding the legal implications of the form and advises seeking professional advice. This is crucial to ensure that all entries in the form are legally compliant and applicable to the specific transaction.
8. Finally, ensure that both the property owner and the leasing agent or broker sign the form in the designated areas. This validates the agreement and authorizes the broker to begin offering the property for lease under the terms specified.

Please remember that you should read and understand each part thoroughly and consult a professional if needed. ​

Benefits of the OREA form 525 on PDFliner

The Listing Agreement OREA has been created with the user's convenience in mind. Using the platform to fill the form allows brokers and sellers to save time and then focus on their core business functions. The document can be saved and accessed at any time during the contractual period. Moreover, it allows for legally binding electronic signatures and can be directly uploaded or sent via email. These functionalities enhance the form's ease and efficiency, contributing to a smooth real estate transaction process.