Form 635, Receipt of Funds Record

An Overview of Form 635

The Ontario Real Estate Association (OREA) provides several forms to facilitate transactions in the real estate sector. Among these forms is the OREA Form 635, also known as a Receipt of Funds Record. 

This document plays a pivotal role in the real estate transaction process. It sketches out the receipt of funds marking it as proof that the buyer is genuinely invested in the purchase. The receipt of funds record form ensures that all monies related to the property sale are properly accounted for, promoting transparency and integrity in real estate transactions.

Importance of the receipt of funds record form

Maintaining a Receipt of Funds Record is a best practice for real estate professionals. Not only does it foster transparency in each transaction, but it also ensures a neat and tidy record, ready for any review or future reference. This OREA template acts as a solid proof of received funds in case of audits or disputes, providing a shield against possible claims.

How to Fill Out OREA Receipt of Funds Record

To complete the 635 form template you should follow these OREA form 635 instructions:

1. Start by accessing the specific form on the site. Locate the section labeled "A. BASIC TRANSACTION INFORMATION." Here, you will enter the transaction property address in the designated field.
2. Continue by filling out the sales representative or broker's name and the date of the transaction in their respective fields.
3. Proceed to the section labeled "B. INFORMATION ON FUNDS." Enter the date you received the funds and select the type of funds received, such as cheque, cash, or e-transfer, by checking the appropriate box. 
4. Specify the purpose of the funds, for example, "deposit for purchase," and provide other pertinent details concerning the receipt of funds, including the amount and currency of the funds received.
5. Next, address the "C. INFORMATION ON INDIVIDUAL/ENTITY PROVIDING FUNDS" section. Fill in the identification details of the individual or entity from whom the funds were received. This part is crucial and must be completed with accurate information, as it is also necessary to attach an Identification Information Record.
6. In section "D. ADDITIONAL INFORMATION," if the funds were received in cash, indicate the method of receipt by selecting options such as "In Person" or "Mail." 
7. If an account was affected by the transaction, provide details for each affected account, such as the account number, name of the account holder, and the type of account.
8. Finally, if applicable, complete section "E. RECEIPT OF FUNDS - REASONABLE MEASURES RECORD." Check the appropriate measures taken to obtain additional information, such as asking the listing agent for details, and explain why these measures were unsuccessful if relevant.
9. Ensure all information is filled out comprehensively and accurately before finalizing the form. This will involve reviewing each section for completeness and correctness to ensure compliance with regulations.
10. Once completed, you can save, download, or directly submit the form through PDFliner as required.

Utilize PDFliner for ease and convenience

Filling out the OREA Form 635 can be easier, faster, and more convenient when you utilize the PDFliner website. PDFliner provides an easy-to-navigate platform where you can fill out, edit, and submit forms online in a secure environment, saving time and reducing paperwork. 

You can also use the Send to Signature feature if it is necessary for the document you are filling out. In this case, the recipient may view the whole document and just put his/her signature. Make your real estate transactions seamless by leveraging the benefits of digital real estate forms such as the Receipt of Funds Record with PDFliner.