Printable blank OREA Form 500 Agreement of Purchase and Sale Commercial
What is OREA Form 500?
OREA commercial agreement of purchase and sale or OREA 500 form was created by the Ontario Real Estate Association to clarify and simplify relations between buyer and seller. This is an official agreement that must be signed by both parties after negotiations on property purchase. OREA form 500 can be used to sell or buy the Ontario land that is still vacant.
What do I need the OREA Form 500 for?
This form was created for commercial use. It was made to protect both parties’ interests. You may need OREA forms amendment to agreement of purchase and sale in case:
- You are a buyer and want to specify the conditions of purchase and make sure you are protected by law. Realtors believe the form has a pro-purchaser atmosphere since it keeps buyer’s interests as a top priority;
- The fillable form is used by the seller to clarify the conditions of purchase, including money transactions details, due dates, and guarantees.
How to fill out OREA Form 500?
You may either file online or download it from this page at PDFLiner. It contains 7 pages of the agreement. Most of it consists of explanations. You have to include the following information in the PDF form:
- Provide the date of the agreement;
- Include the name of buyer and seller;
- Name the address of the property and details on its sizes;
- State the purchase price and the deposit that buyer pays in the first place. Name the deposit holder;
- Share the details on payment, irrevocability, completion date;
- Provide information on fixtures, rental items;
- Include the information on the witnesses, signatures, dates;
- Sign the document and put the initials on every page.
Organizations that work with OREA Form 500
- Ontario Real Estate Association;
- Officials from Ontario.
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