Trade Record Sheet OREA (Form 640)

What is Trade Record Sheet?

This trade record sheet is also known as OREA form 640. It is popular among brokers and real estate agents in Ontario. The Ontario Real Estate Association created and provided the template to simplify the trading procedure in the brokerage. This form is required for every trade of real estate and usually reveals a brief overview of the procedure. This legal document allows both parties to feel more secure once the document is signed. Yet, if one party does not agree with the arrangement, it can’t be signed.

Only after the buyer and seller discuss the procedure can they create and sign the papers. Apart from the buyer/seller deal, this form contains information on the third party, which is the brokerage that helps you to close the deal.

You can use the universal form containing the deal's important information. This form was made by the OREA and can be found on their website. If you prefer to involve brokerage in business, it is better to wait for the form sent to you by a professional.

What I need the Trade Record Sheet for?

• As a brokerage representative, you need a trade record sheet real estate to make sure that both buyer and seller agree with the condition. If they can’t cooperate properly, you need to make sure that there are important aspects of the deal described in the document. Let them discuss all the aspects in front of you before you fill out the document.
• As a buyer, you need this document to make sure that your personal interests are secured. You receive the confirmation of purchase, the price, and the property you are going to buy;
• As a seller, you need to take care of your security. Search for the deadlines on the deal in the document. Make sure that the buyer signs the copy and agrees with the terms.

How to fill out Trade Record Sheet?

The OREA trade record sheet can be easily found online. You can go to their official website and download the document. After that, you need to find the PDF editor to fill out the form online. To save time, go to the PDFLiner and open the form there. Once you enter it, use the instruments you see on the upper panel to complete the document online.

After that, download the completed template on your device to save the original for yourself. Send the copies to other parties via email. You can also print the document and hand the copies in person. Here is what must be included in the agreement:

1. Provide information on the brokerage, date, name of the broker, and address of the property;
2. Provide information on the seller and buyer, including address, phone number, lawyer, if there is any, and lawyer’s phone and fax;
3. Share the data on the co-operating brokerage if there is any and referral brokerage;
4. Provide the correct amount of money that is confirmed by both parties, including the total amount, deposit, and extra deposit;
5. Name the deadline;
6. Sign the document and put the correct date there.

Organizations that work with Trade Record Sheet

• Ontario Real Estate Association;
• Companies and private citizens that work with OREA.