OREA Form 400 (2019)

Understanding the OREA Form 400

When it comes to real estate transactions in Ontario, professionals trust OREA Form 400 for its comprehensive nature and strict adherence to the legal parameters. This form stands out as an integral protocol that assists real estate agents and potential lessees in establishing rental terms. 

Importance of form 400 OREA

The OREA Rental Application Form 400 is often the stepping stone for leasing residential properties in Ontario, Canada. Landlords ask prospective tenants to complete this form to provide clear details about their credit history and past rental experiences. This helps property owners gather all the essential information they need to confidently decide on potential renters.

Additionally, OREA form 400 revised 2019 serves as a legally binding document that terms and agreements can be referenced from, providing an added layer of security and fairness in leasing transactions.

How to Fill Out OREA Form 400 

Here is a step-by-step guide on completing the form 400 OREA fillable template on the PDFliner website, focusing on specific actions required for each part of the form:

1. Begin by entering the date at the top right of the form. Move to the "Buyer" section and provide the full legal name(s) of the buyer(s). 
2. For the "Seller" section, enter the full legal name(s) of the seller(s) as well. Specify the full address of the property being purchased, including street number, street name, city, province, and postal code.
3. Input the time and date until which the offer remains open in the "Irrevocability" section. This is crucial as it dictates the timeframe the seller has to respond to your offer. 
4. In the "Notice" section, specify the contact details where notices regarding this transaction should be sent, typically including a fax number or email address.
5. Provide the purchase price in the section marked "Purchase Price." Break down the deposit amount in the "Deposit" section, detailing when and how it will be paid. 
6. If applicable, fill out the sections concerning the balance of the purchase price, including any adjustments necessary at the time of closing.
7. Specify any financial adjustments that need to be made before the closing date. These could include taxes, utilities, or rental items. 
8. List all the chattels that will be included or excluded in the sale. Chattels typically include movable personal property like appliances or furniture.
9. If the property has rental items, detail these in the designated section, specifying terms and conditions associated with their rental. 
10. Clearly state any fixtures that are excluded from the purchase, ensuring there is no confusion about what remains with the property.
11. Specify the date by which the title search must be completed. This is important for ensuring that the property’s title is clear of any encumbrances or liens. 
12. Provide the planned closing date when the transfer of ownership is expected to be finalized.
13. In the provided space, include any additional terms that are part of the agreement. These might cover conditions on the sale, specific requirements from either party, or other legal stipulations that need to be upheld.
14. Fill out the brokerage section by listing the details of the real estate brokerage firm representing you, including their name, address, and contact information. This section may also require the signature of the broker or salesperson involved.
15. Finally, the buyer(s) must sign the form. Ensure that all parties who are part of the transaction provide their signatures in the designated areas to validate the form. Also, you may use the send-to-sign feature to get signatures from another party.

Ease of accessing the OREA 400 form

While the process of filling out an OREA form might seem daunting, the Form 400 OREA fillable variation available on the PDFliner website significantly simplifies the process. This fillable form can be completed digitally, reducing the need for physical paperwork that can easily be lost, damaged, or misinterpreted due to handwriting inconsistencies. Plus, it's secure, easy to use, and allows for data validation before submission, minimizing the chances of errors in the inputs and speeding up the rental application process for all parties involved.

Current Version

Fillable OREA Form 400 Agreement to Lease Residential