OREA Standard Forms & Clauses Revisions Update 2016 for Presented by Cassandra Agnew Walker Senior Manager, Standard Forms
Table of Contents About the Facilitator Page 3 Session Agenda.. Page 4 Standard Forms 2016 Revisions Page 5 Standard Forms 2016 New Forms & Clauses Page 6 Summary of Revisions. Page 7 Standard Forms Copyright.. Page 8 Bill 55 & Form #801. Page 10 Resources. Page 14 Electronic Commerce Act & E-Signatures. Page 16 Adding Integrity to trading with Forms Page 18
About the Facilitator CASSANDRA Agnew Walker, Senior Manager, Standard Forms for OREA Prior to working with the Ontario Real Estate Association Cassandra enjoyed sales success in the real estate industry for over 32 years. She worked with Sellers, Buyers and fellow REALTORS in almost all sectors of real estate. Cassandra instructed the registration Course 1, 2 & 3, Principles of Mortgage Financing, Brokerage Office Management and over 25 Education Seminars, covering topics including Success in Real Estate Sales, Representation, Ethics, Legal Ease, Appraisal, Liability & Risk Reduction and Standard Forms & Clauses. Of her many accomplishments is the REI instructor designation for outstanding contributions to educational programs, enthusiasm and performance as a Real Estate Instructor. Cassandra was involvement in organized real estate for 25 years, President of her home board, participated on over 65 Board and OREA Committees, including 4 years as OREA Director at Large. While she enjoyed selling, working with buyers and sellers, and volunteering Cassandra also accomplished over 20,000 hours of teaching and facilitating for Brokerages, CREA, OREA and real estate boards and association across Ontario and today is delighted to continue her involvement and communication with members while working with OREA.
AGENDA TODAY for Membership / Attendees OREA 2016 Forms & Clauses NEW & REVISED Bill 55 - Offer Handling & FORM #801 refresher Electronic Commerce Act & E-Signatures Adding Integrity with Standard FORMS Helpful resources 4
OREA Standard Forms and Clauses OREA Standard Forms Committee received and reviewed numerous requests resulting in 2016 new & revised Forms 20/20 Standard Forms Committee communications - our eyes and ears are open to Member communication Standard Forms 2016 REVISIONS - essentials Working with a REALTOR Brochures numbered - #811 & #816 Kitec Plumbing reference in Form #220 & #823 Commercial Form #502, Sale of Business authorization clause added Commercial Form(s) signature section revised for continuity, description of property & parties Form #801, listing brokerage counter offer section removed
Standard Forms 2016 NEW Forms & Clauses Standard Forms Committee created 2 NEW Forms Co-Brokerage Agreement, FORM #650 Residential Information Checklist, FORM #823 for Chattels/Fixtures/Rentals Included Standard Forms Committee created 3 NEW Clauses: 2 Kitec plumbing clauses a seller warranty & a buyer acknowledgment Consent for e-signatures *Memo to Broker of Records members optional usage and benefit
Finding the Summary of Revisions file and other helpful Resources? www.orea.com Standard Forms Landing Page
OREA Standard Forms & Clauses COPYRIGHT Members rights, benefits and limitations - using the OREA Standard Forms & Clauses 2016, Ontario Real Estate Association ( OREA ). All rights reserved. This form was developed by OREA for the use and reproduction of its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. Are you using your OREA Standard Forms & Clauses correctly? - Do you post on your website for your clients? - Do you circulate? - Do you edit preprint? - Do you always receive an exact standard form?
OREA Standard Forms & Clauses Use COPYRIGHT 1. Do Not to change, amend or modify these OREA Standard Forms in any manner, save and except, to affix Member Board s name and/or logo in the space provided directly above the Form # 2. Always restrict access to OREA Standard Forms to Members only 3. Do Not to remove the disclaimer or copyright language from any OREA Standard Form 4. When providing an OREA Standard Form to Members, provide the entire standard form 5. Do Not assign, transfer or sublicense access to, or use of, any OREA Standard Form(s) 6. Make OREA Standard Forms available to Members only and not to any other third party, through Board respective websites only, subject to same terms and conditions herein 7. In the future, cease any use or distribution of the OREA Standard Forms promptly if OREA requests you do so in writing
Bill 55, REBBA 2002 Amendments & Form #801 HANDLING OFFERS - What does the REBBA Code say? Agreements written & legible All offers received & presented All parties treated fairly ethically Professional conduct Amendment effective 2015 July 1 st TWO areas of thoughts
OREA Form #801 Offer Summary Document NEW May 2015 June version mild clarification to identify counter offer section September 2015 version - clarification to streamline the form by removing the bottom Listing Brokerage counter offer section
Resources orea.com - Summary of Revisions 2016 folder of form & clauses - Form #801 FAQ file - Webinars Form #801 Update Nov - Input welcome - Tutorials - Bulletins/Memos to Members - oreablog.com posts - 22 Forms Explained Files E-mail contact StandardForms@orea.com
Electronic Commerce Act the simple amendment OREA Memo E-Signatures &Documents Electronic Commerce Act Revised ECA provides that a contract or other legal document will not be invalid simply because it is in an electronic form PROVIDED a number of requirements are met. What does this mean for REALTORS? Requirements under the Electronic Commerce Act: In Writing Signed Retained Electronic Signature Technology Provider Checklist
Adding Integrity with FORMS What s in a file of a REALTOR? What s a REALTOR required to do? REBBA 2002 Brokerage policies Consumer s & the marketplace Information Discovery & Exchange, Quality control documents. A host of additional documentation may be used, provided or requested to assist buyers, sellers and registrants within the sale process.