Forms have become an important part of real estate transactions, but they can appear to be confusing documents that are written in legal terms that can confuse buyers and sellers.
For anyone who has ever looked to purchase or sell a home or commercial property, this may very well be your first real exposure to the pages and pages of legal forms that need to be reviewed and signed as part of the process. It may seem daunting. If you are buying a property, this may been your first exposure to the “Working with a Realtor” or “Buyer Agency” forms. Or if you have just written an offer or received an offer from a buyer, you will be exposed to these documents for the first time. And there may be a temptation not to spend the appropriate amount of time to review the various forms before you actually sign them. But fear not. When you work with a knowledgeable and competent real estate agent, part of their responsibility to you is to make sure that you have a solid understanding of what you are signing.
One of the best ways to familiarize yourself with the various forms is to have your realtor supply you with what is referred to as Forms Explained. These documents take the actual forms used in the typical real estate transaction and break them down into easy to understand English. If you take some time to understand the basic contents and terms of the forms, you can spend more time on the components of the document that are unique to your transaction.
The following forms are available in Forms Explained:
100 – Agreement of Purchase & Sale
101 – Agreement of Purchase & Sale – Condominium Resale
108 – Entry/Access to Property Acknowledgement
109 – Offer Presentation – Acknowledgement
120 – Amendment to Agreement of Purchase and Sale
121 – Notice to Remove Condition(s)
122 – Mutual Release
127 – Condition(s) in Offer – Acknowledgement
145 – Assignment of Agreement of Purchase and Sale
150 – Assignment of Agreement of Purchase and Sale Condominium
200 – Listing Agreement – Authority to Offer for Sale
201 – Seller Customer Service Agreement
225 – Seller Property Information Statement – Important Information for Sellers
244 – Seller’s Direction re: Property/Offers
300 – Buyer Representation Agreement – Authority for Purchase or Lease
310 – Buyer Customer Service Agreement
320 – Confirmation of Co-operation and Representation
500 – Agreement of Purchase and Sale – Commercial
501 – Agreement of Purchase and Sale Condominium Resale – Commercial
502 – Agreement of Purchase and Sale for Business in Leased Premises
520 – Listing Agreement – Commercial – Authority to Offer for Sale
525 – Listing Agreement – Commercial – Authority to Offer for Lease
610 – Disclosure of Benefit/Payment to Registrant
641 – Referral Agreement
801 – Offer Summary Document
810 – Working with a REALTOR®.
The most important part of any real estate transaction is understanding exactly what the documents you are signing mean and having a comfort level with them. Our office is happy to provide you with assistance in securing FORMS EXPLAINED for your review. If we can be of any assistance please feel free to reach out to us and we will be happy to help!