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What is OREA Form 801?
Form 801 is one of the documents that can be used in the process of making a transaction for the purchase or sale of real estate (Agreement of Purchase and Sale). It is a short one-page file in which buyers can express their offers and submit them to sellers for consideration.
Do not take the OREA Form 801 PDF as a final document subject to mandatory acceptance. It is just a legal tool that helps buyers and sellers build the right relationship. The seller may consider the buyer’s proposal and agree or disagree with it. In the second case, they can put forward a counteroffer with their own conditions for the transaction.
What is offer summary focument used for?
A Form 801 Offer Summary Document can be called an intermediate file on the way to creating a final real estate purchase agreement. It is needed so that the buyer can express their intention to purchase in writing.
This format and the buyer’s signature ensure that the person is genuinely interested in the transaction. While this may seem like extra/unnecessary paperwork, it helps sellers avoid so-called “phantom” offers that create artificial competition and induce additional bidding. Form 801 OREA builds a healthy environment by preventing phantom offers and intimidating regular clients into raising bids.
How to Fill Out Form 801?
Form 801 real estate is not at all difficult to fill out. By and large, you only need to enter your details and thus express your intention to buy a property. But to make sure you get it right here’s a simple guide:
- indicate the names and addresses of the buyer and seller;
- enter the address of the property you plan to buy;
- add the name of the broker who deals with this transaction;
- specify the period during which this proposal remains relevant;
- put the date of the offer and signature.
The second half of the document is for the seller’s broker to complete. They should indicate the date and time of receipt of the 801 Form PDF and clarify the seller’s decision regarding it; for example, it may be rejected, or a counteroffer may be put forward. If the offer is accepted, the main Agreement of Purchase and Sale is created on its basis.
How to submit form 801?
As a rule, the 801 Offer Summary is not sent directly to the seller but to the broker who helps them sell the property. They, in turn, give their client this document, discuss the terms of the transaction, and prepare a counteroffer or a purchase agreement if the buyer’s offer is accepted.
The fastest and easiest option for submitting proposals is to arrange a paperless workflow. You can complete Form 801 electronically using the PDFLiner editor and deliver it to recipients via email or generating a file download link. If necessary, you can print out your offer and hand it over in person or send it by mail or fax.
Who should sign form 801?
Form 801 should only be signed by the buyer. The person who made the official offer to the seller must put their signature and the date of submission of the document. The form itself does not describe the conditions; it only records the fact that the proposal was put forward.
For listing brokerages, confirmation of the existence of a signed offer is sufficient at this stage of the purchase and sale transaction execution. Even if the seller accepts this offer, Form 801 should only be marked accordingly. The property owner’s signature, broker, or witnesses is not required. Although this template makes the process of buying and selling real estate more transparent and healthy, not all brokers use it, preferring to deal with original offers.
Is form 801 mandatory?
The company that issued OREA Form 801 explained that the purpose of this document was to simplify the work of brokers and real estate agents. This template is a short summary of the main offer and, at its core, simply captures the fact of the offer made without going into its details, terms, and conditions.
Not all real estate specialists use Form 801 since it is not mandatory. Instead, they prefer to deal directly with original proposals even though it increases the amount of necessary paperwork several times. Using this template minimizes the chance of phantom offers and thus maintains the right work ethic.
Fillable online OREA Form 801