OREA Form 100 (2015)

What Is an Orea Form 100?

Orea Form 100 is an essential document in the real estate industry of Ontario. It serves as an Agreement of Purchase and Sale, facilitating transactions between buyers and sellers of property. This legal document outlines the terms and conditions of the sale, including the purchase price, the closing date, and any conditions that must be met for the transaction to proceed. It ensures clarity and legal accountability for both parties involved.

When to Use Orea Form 100 Sample

Orea Form 100 is utilized in various situations in the real estate market. Here's a list of scenarios where this form is crucial:

• This form formalizes the transaction for any type of residential unit, whether it's a house, condominium, or other type.
• This form helps outline specific terms for commercial real estate when buying or selling commercial properties.
• If the transaction involves buying or selling land without any built property, this form is still required to document the agreement between the parties.

In scenarios where a lease includes an option to buy the leased property, Orea Form 100 can formalize this arrangement.

How To Fill Out Orea Form 100 Fillable

Filling out Orea Form 100 Fillable requires attention to detail to ensure all sections are completed correctly. Follow this step-by-step guide to complete the form accurately:

Identification of Parties: 

Start by entering the buyer and seller's full names and addresses.

Property Details: 

This section describes the sold property, including its address, legal description, and any inclusions or exclusions.

Purchase Price: 

Enter the agreed-upon price for the property and detail how it will be paid, including any deposit.

Conditions: 

Here, list any conditions that must be satisfied for the sale, such as property inspections or financing arrangements.

Closing Date: 

Specify when the transaction is expected to be finalized and when the property officially changes hands.

Signatures: 

Finally, both parties must sign and date the form, making the agreement legally binding.

Review all sections before signing to ensure everything is accurate and reflects the agreed-upon terms.

When to File Form 100 Orea 2015

Filing Form 100 Orea 2015 is a critical step in the real estate transaction process and should occur once both parties have agreed to the terms outlined in Orea Form 100 and signed the document. It is typically done after all conditions listed in the form have been met, such as securing financing or completing property inspections. This ensures that all legal requirements are fulfilled before the transaction is completed.

Remember, timely filing of the form helps safeguard both the buyer's and seller's interests and ensures that the agreement is legally recognized and enforceable.

By following these guidelines, Ontario's real estate market participants will confidently navigate transactions, knowing their interests are protected by Orea Form 100.