OREA forms changes for 2012

1. 2012 Standard Forms - Summary of Changes
FORM SECTION REVISION EXPLANATION
100 Notices Clause Notices clause revised to allow To provide for delivery of documents
Agreement of Purchase and Sale documents (e.g., Notices) to be sent and notices by email. Eliminates the
to email addresses. need to include an email clause in
N.B. – Notices change will also be made to all Schedule A of the agreements.
forms that include the Notices clause including
all applicable Agreements of Purchase and
Note: Care must be taken to ensure
Sale.
that the email has been sent to the
correct email address. If the delivery
of a document must be made within
a definite time period, registrants
should verify that the document has
in fact been received and verify the
status of a transaction and related
documentation based on the
required time periods and other
provision(s) set out in the
Agreement.
Other Form was expanded to 6 pages and
more space was provided for
chattels, fixtures, rental items.
Clause 21: Tender The wording was revised to include
the latest wording of the balance on
completion clause used in Schedule
A. (See clause Dep/Pay 1 below)

2. 2012 Standard Forms - Summary of Changes
FORM SECTION REVISION EXPLANATION
140 Acknowledgement New statement added, as follows: Assists members in understanding
Assignment Agreement the assignment process and in
The Assignee acknowledges that the completing the form correctly.
Purchase Price noted above is the
price being paid by the Assignee to
the Assignor to purchase the
Agreement of Purchase and Sale
attached hereto as Schedule B and
does not include the purchase price
(but does include the deposit) noted
on the Agreement of Purchase and
Sale attached hereto as Schedule B.
141 New form Similar to Form 140, but includes
Assignment Agreement – condominium description.
Condominium
200 Use and Distribution clause Revised to list a number of possible Strengthens real estate boards’
Listing Agreement attachments included with the listing authority or permission to retain and
data (e.g. floor plans, brochures etc.) distribute material that is included
N.B. – Changes also made on all other and to include an indemnification by with listings such as brochures, etc.
OREA Listing Agreements. the seller. that may have been created by other
parties.
260 Bottom of form A privacy disclaimer was added. To comply with ongoing privacy
Residential Market Comparison requirements.
Guide

3. 2012 Standard Forms - Summary of Changes
FORM SECTION REVISION EXPLANATION
320 Commission clause Revised the wording of sections 3. a), Helps to avoid disputes between
Confirmation of Co-operation and 1) and 3. b), 1). A prompt was added listing brokerage and co-operating
Representation to the blank section of the form brokerage regarding the amount of
where the amount of commission is commission payable to the co-
inserted, indicating that the amount operating brokerage.
must be the amount indicated in the
MLS® information.
Dep/Pay-1 A Further Sum New wording added as follows: Limits the method of payment for
completion of the transaction to help
The Buyer agrees to pay a further resolve the problem of fraud.
sum of ($_____), subject to
adjustments, to the Seller on
completion of this transaction, with
funds drawn on a lawyer’s trust
account in the form of a bank draft,
certified cheque or wire transfer using
the Large Value Transfer System.
Dep/Pay-2 Balance of Purchase Price New wording added as follows: Limits the method of payment for
completion of the transaction to help
The Buyer agrees to pay the balance resolve the problem of fraud.
of the purchase price, subject to
adjustments, to the Seller on
completion of this transaction, with
funds drawn on a lawyer’s trust
account in the form of a bank draft,
certified cheque or wire transfer using
the Large Value Transfer System.

4. 2012 Standard Forms - Summary of Changes
FORM SECTION REVISION EXPLANATION
Green Energy Clauses GREEN-1 Condition – MicroFIT New clause wording as follows: Provides the buyer with the
Contract opportunity to review the terms of an
This offer is conditional upon the existing MicroFIT contract on the
Buyer reviewing all requisite property.
documentation relating to the Seller’s
MicroFIT contract with the Ontario Note: The topic of Green Energy and
Power Authority and determining the Renewable Energy can be very
terms of the contract are satisfactory complicated and members must be
to the Buyer in the Buyer’s sole and prepared to create specific clauses
absolute discretion. Unless the Buyer to deal with unique circumstances,
gives notice in writing delivered to the as required.
Seller personally or in accordance
with any other provisions for the Members should also be aware that
delivery of notice in this Agreement of Renewable Energy installations can
Purchase and Sale or any Schedule affect the insurability of a property
thereto not later than ____ p.m. on and clauses may be required to
the ________ day of ____________, verify the insurability of a property
20_____, that this condition is and the costs of insurance.
fulfilled, this offer shall become null
and void and the deposit shall be
returned to the Buyer in full without
deduction. This condition is included
for the benefit of the Buyer and may
be waived at the Buyer’s sole option
by notice in writing to the Seller as
aforesaid within the time period
stated herein.
The Seller agrees to provide the Buyer
with a copy of the requisite
documentation within ______ days of
the acceptance of this offer.

5. 2012 Standard Forms - Summary of Changes
FORM SECTION REVISION EXPLANATION
Green Energy Clauses GREEN-2 Acknowledgement – New clause wording as follows: Confirms the buyer has reviewed the
MicroFIT Contract MicroFIT contract.
The Buyer acknowledges the buyer
has reviewed all requisite documents
relating to the Seller’s MicroFIT
contract with the Ontario Power
Authority and understands the Buyer
must take the necessary steps to
obtain the assignment of the contract
to the Buyer, and understands that
failure to obtain the required
assignment will result in termination
of the MicroFIT contract.
GREEN-3 Decommissioning New clause wording as follows: Confirms the buyer understands the
Renewable Energy Facility buyer may be responsible for
The Buyer acknowledges that any decommissioning the renewable
decommissioning of the renewable energy installation at expense of the
energy facility will require that all property owner.
governmental, legislative and
contractual requirements must be
complied with at the expense of the
property owner, and may include,
without limitation, the requirements
that the facility must be dismantled
and removed, the site and any lands
and water negatively affected by the
facility must be restored to and left in
a safe and clean condition.

6. 2012 Standard Forms - Summary of Changes
FORM SECTION REVISION EXPLANATION
Green Energy Clauses GREEN-4 Renewable Energy Projects New clause wording as follows: Confirms the buyer is aware of
proposed or existing renewable
The Buyer acknowledges and accepts energy projects in the area.
that the subject property is located in
an area where renewable energy
producing equipment is proposed or
already in operation, including, but
not limited to Wind Turbines and
Solar Energy Collectors.
GREEN-5 Wind Turbines – Warranty New clause wording as follows: Warrants that the seller is not aware
of any renewable energy projects for
The Seller represents and warrants to the immediate area.
the Buyer that to the best of the
Seller’s knowledge and belief there
are no wind turbine(s) installed or Note: Clause can be altered to make
proposed to be installed within reference to solar energy collectors.
______________________ of the
boundaries of the subject property.
The parties agree that this
representation and warranty shall
survive and not merge on completion
of this transaction.