OREA Form 570, Amendment to Agreement of Purchase and Sale

What is OREA Form 570?

An amendment to an Agreement of Purchase and Sale (OREA Form 570) is a document used to make changes to an existing agreement. By agreement with each other, the buyer and seller can make any changes to the already prepared agreement text. To do it, you have an empty field where you can make the required amendments in any form.

When filling out the blank, you can specify what should be done with the listed requirements; they can be deleted or, conversely, added to the agreement. The amendment to Agreement of Purchase and Sale must be signed by all parties to the original agreement and must be dated. Like the main contract, this document must be signed by the parties in front of witnesses, who must also put their signatures.

What is OREA Form 570 used for?

The most common changes made to an agreement are the price, the closing date, the inclusions or exclusions, and the financing. It is important to note that an amendment is not the same as a counteroffer. A counteroffer voids the original agreement and creates a new agreement, while an amendment simply modifies the existing agreement.

If you are considering making changes to your Agreement of Purchase and Sale, it is important to consult with a real estate lawyer or notary public to ensure that the amendment is properly prepared and executed. Keep in mind that all parties to the transaction must agree with the adjustments.

How to fill out OREA Form 570?

Completing the amendment to an agreement of purchase and sale is a fairly straightforward process, as the document is only two pages long. However, since it is legally binding and affects the whole transaction, you should be careful when drafting it. Here is what you need to do to complete the amendment to purchase agreement template correctly:

1. put the names of the parties to the agreement and indicate which document (date, number, and so on) you want to change;
2. list all the changes that you want to make in the main text;
3. indicate from what date the described changes will be canceled if one of the parties disagrees with them;
4. the buyer, seller, seller's spouse, and witnesses must put their signatures and indicate the date.

Before signing, make sure that all information is correct and that you agree to the new terms and conditions.

How to submit OREA Form 570?

To submit the form, you will need to have the agreement of purchase and sale, as well as the completed amendment form. Once the amendment form is complete, you can submit it to your real estate agent or lawyer. If the other party agrees with the proposed changes, they should also put in their signatures. After that, the new terms come into force during the period specified in the document. Copies of both the main agreement and the amendment to purchase agreement PDF must be available to all participants in the transaction. The most convenient way to transfer documents is by email or link. But you can also print the finished paper and hand over physical copies to the recipients in person.

Who should sign the OREA Form 570?

An amendment to an agreement of purchase and sale is a legal document that alters the original terms of the agreement. The amendment must be signed by both the buyer and the seller and must be witnessed by a third party. Also, if the seller has a spouse, they must put their signatures agreeing to the above changes. If one of the parties can't be present, it is allowed to use the services of a trustee who can deal with such tasks on behalf of the principal. Thus, all participants in the process confirm their agreement with the new terms of sale, whether it be a new cost, closing dates, or new participants to the transaction.