ottawa real estate board chambre immobilière...

Ottawa Real Estate Board Chambre immobilière d’Ottawa

1826 Woodward Drive, Ottawa, Ontario K2C 0P7

Telephone: (613) 225-2240 Fax: (613) 225-6420

E-mail address: [email protected]

www.ottawarealestate.org

Standard Forms Updating (Updated January 14, 2013) OREA has now announced the forms that will be added or changed in 2013. The forms are now on WEBForms™ and OREA.com. The No Carbon Required (NCR) 2013 forms are now be available for sale at the Board Office. Please order small quantities of any form, as there will be no refunds for out-of-date forms. We generally recommend that members order no more than about a month’s supply of forms. The following forms will be changing for 2013: Form 102 Agreement of Purchase and Sale – Co-operative Building Resale (REVISED) Form 103 Option to Purchase (REVISED) Form 110 Agreement of Purchase and Sale – Mobile/Modular/Manufactured Home (REVISED) Form 111 Agreement of Purchase and Sale – POTL – Common Elements Condominium (NEW) Form 115 Agreement of Purchase and Sale – Co-ownership Building Resale (REVISED) Form 127 Acknowledgement – Re: Conditions in Offers (REVISED) Form 145 Assignment of Agreement of Purchase and Sale (REVISED) Form 150 Assignment of Agreement of Purchase and Sale (Condominium) (REVISED) Form 160 (formerly 620) – Registrant’s Disclosure of Interest – Acquisition of Property (REVISED) Form 161 (formerly 621) – Registrant’s Disclosure of Interest – Disposition of Property (REVISED) Form 200 Listing Agreemnt - Authority to Sell (REORGANIZED)Form 220 Seller Property Information Statement (REVISED) Form 225 Seller Property Information Statement – Important Information for Sellers (NEW) Form 300 – Buyer Representation Agreement REVISED) Form 320 Confirmation of Co-operationg/Representation (REVISED) Form 400 Agreement to Lease – Residential (REVISED) Form 500 Agreement of Purchase and Sale – Commercial (REVISED) Form 501 Agreement of Purchase and Sale – Condominium Resale – Commercial (REVISED) Form 502 Agreement of Purchase and Sale – Business in Leased Premises (REVISED) Form 510 Agreement to Lease – Commercial (Long Form) (REVISED) Form 515 Agreement to Sub-Lease – Commercial (REVISED) Form 520 Listing Agreement – Commercial – Authority to Offer for Sale (REVISED) Form 525 Listing Agreement – Commercial – Authority to Offer for Lease (REVISED) Form 530 Listing Agreement – Commercial – Authority to Offer for Sub-Lease (REVISED) There are four new clauses that were added to the OREA Standard Clauses section. They are:

• Association Fees • Environmental – Env 2 – Endangered Species • Environmental – Env 7 – Endangered Species - Acknowledgement • Representation/Warranties

The Working with a REALTOR® brochures have also been updated but will not be available until all existing stockhas been used up. Form 200's are back-ordered and should be available the last week of January. The full report of the OREA Forms Committee outlining the reasons for the additions and/or changes follows.

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Standard Forms Committee‐ Report November, 2012. This has been an active and productive year for the Standard Forms Committee. The Committee reviewed a number of requests from Members, Real Estate Boards and other interested parties. As a result, a number of important revisions were made to the forms and two new forms were created for 2013. Form 111 (New)‐ Agreement of Purchase and Sale‐ POTL‐ Common Elements Condominium In the last couple of years there has been some confusion concerning the proper form to use when selling a “POTL”. The correct format has been to use the standard Form 100, not the Condominium Agreement, and to add the Schedule available in the Standard Clauses that describes the Common Elements Condominium. Because of the apparent confusion, the Committee combined the standard Agreement of Purchase and Sale form and the POTL Schedule and created a new form, Form 111‐ Agreement of Purchase and Sale‐ POTL‐ Common Elements Condominium. The Committee expects that this new form will eliminate any confusion on this topic. Agreements of Purchase and Sale These discussions of the Committee also resulted in a couple of housekeeping revisions to Form 100‐ Agreement of Purchase and Sale. In the Appendix to this Report there is a list of detailed revisions to the Standard Forms and these housekeeping revisions are listed there. These changes, where applicable, have also been made to all of the OREA Agreement of Purchase and Sale forms: 102, 103, 110, 115, 145, 150, 400, 500, 501, 502, 510, 511, 515. When Form 111, the POTL Agreement was created by the Committee, this led to a discussion of the most correct way to describe a condominium corporation in an Agreement of Purchase and Sale. As a result of these discussions, this section of Form 101‐ Agreement of Purchase and Sale‐ Condominium was revised so that it would be identical to this section in Form 111. These changes, along with the other housekeeping changes mentioned above, will also be made to the other Condominium Agreements, Forms 150 and 501. Form 127‐ Acknowledgement Re: Conditions in Offers The Committee received a request to make a revision to Form 127‐ Acknowledgement re: Conditions in Offers. As a result, the check boxes for the various conditions were replaced with ovals for the buyer’s initials. The last two categories were also reversed so that the last category is now “a home inspection report”. This was done so that it would be just above the “Other” category which might be used to describe another form of inspection e.g. inspection by engineer. Form 220‐ Seller Property Information Statement The Committee received requests from Real Estate Boards concerning the fact that there are non‐condominium properties that have association fees attached to the ownership of the property. A new section (4.) was added to Form 220‐ Seller Property Information Statement that makes reference to membership in an association and payment of association fees. In addition, in the section for rental equipment the words “rental agreements” were added after “leases” to make sure all the categories are

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covered. These changes resulted in some minor re‐arranging of the form, e.g. the section for rental items was moved to page 2. Form 225 (New)‐ Seller Property Information Statement‐ Important Information For Sellers The Committee created a new stand‐alone form to provide information to a seller who is being asked to complete Form 220. The Committee created Form 225‐ Seller Property Information Statement‐ Important Information for Sellers. This form explains the importance of completing the Seller Property Information Statement accurately. Form 300‐ Buyer Representation Agreement This year the Standard Forms Committee made an interesting revision to Form 300‐ Buyer Representation Agreement. In recent months there have been several court cases for commission based on the Buyer Representation Agreement. It became apparent that, if the court concluded that the buyers were aware of what they agreed to and that they did, in fact, receive a copy of the agreement, the court was willing to award the brokerage the commission as described in the agreement. However, if the evidence suggested that the buyers were not aware of what they had signed and they may not have even received a copy of the agreement, the court declared that the buyers probably did not understand their obligations under the agreement and the concept of “non est factum” made the agreement unenforceable. Because of these cases, the Committee added a separate Acknowledgement section at the end of Form 300‐ Buyer Representation Agreement, stating the buyers understand the terms of the agreement and indicating when they received their copy. (This new Acknowledgement was also added to the commercial Buyer Representation Agreement, the OREA Listing Agreements and Customer Service Agreements.) There were a couple of additional revisions to Form 300. On the front page, under the Address line, prompts were added and another line was added for Municipality and Postal Code. This was done to provide specific information for a Real Estate Board buyer registry. In the commission section, an additional line was added so that it was clear there was a place for a percentage commission, a fixed amount, and another place to indicate a commission for leasing. A statement in bold was also added explaining the Agreement applies for the purchase of one property only, but applies for both a purchase and a rental. Form 320‐ Confirmation of Co‐operation and Representation One of the most important issues for Members is disclosure of representation and entitlement to commission. Because of these issues, one of the most important forms OREA provides is Form 320‐ Confirmation of Co‐operation and Representation. Every year there are inevitable suggestions for improving this form. This year is no exception and the form has been substantially revised, and hopefully; simplified. In the first section that explains the role of the Listing Brokerage, a couple of options have been added. Also, the section for Co‐operating Brokerage has been completely revised, separating the sections for representation and payment of commission. The Committee is confident that Members will now find the form to be very user friendly.

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Form 400‐ Agreement to Lease‐ Residential The Committee made changes to Form 400‐ Agreement to Lease‐ Residential. A statement was added to Clause 12 requiring the Landlord to provide information to the Tenants as required by the Residential Tenancies Act. Also, a Schedule A was incorporated into the form, as it was noted that there are usually a number of clauses added to the agreement. Form 520‐ Listing Agreement‐ Commercial‐ Authority to Offer For Sale The Committee made a small but significant change to Form 520. Being a commercial form, the form contains a clause stating if the buyer defaults and the deposit is forfeited, the brokerage may retain 50% of the deposit. The words “agreed compensation” have now been replaced with the word “commission” to be consistent with the wording of the other clauses in the form. This change from “agreed compensation” to “commission” was also made on Form 525 and Form 530. Forms 525 and 530‐ Listing Agreement‐ Commercial‐ Authority to Offer For Lease An additional revision was also made to Form 525 and Form 530, the commercial listing forms for leasing. Commercial members have reported there is often confusion as to when a leasing commission is due and payable. A sentence was added to these two leasing listings stating the commission is due and payable “on the earlier of occupancy by the tenant or execution of the lease.” It was also decided that this clause indicating when the commission is payable should also be included in the residential Form 210‐ Listing Agreement‐ Authority to Offer For Lease. Form 160‐ Registrant’s Disclosure of Interest‐ Acquisition of Property (Formerly Form 620) Form 161‐ Registrant’s Disclosure of Interest‐ Disposition of Property (Formerly Form 621) On occasion, OREA receives calls from members who are not sure what form to use when a registrant is buying or selling a property. The title of these two forms were revised and the numbers for the forms were changed from Form 620 to Form 160‐ Registrant’s Disclosure of Interest‐ Acquisition of Property and from Form 621 to Form 161‐ Registrant’s Disclosure of Interest‐ Disposition of Property. It is hoped that moving these two forms to the 100 series forms will make them easier to find when a member is writing up an offer. Standard Clauses In addition to the Committee’s work on the Standard Forms, four new clauses were added to the Standard Clauses. One of the new clauses states that Association fees are payable for the property. The fourth clause is an acknowledgement that the buyer has been informed of a specific latent defect on the property and that the seller has no liability for any problems or costs related to this defect. These four clauses are as follows:

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ASSOCIATION FEES

Assoc – 1 Association Fees on Title

The Buyer acknowledges that there are agreements, restrictions and covenants registered on the title pertaining to an association and that there is an association fee payable in respect thereof. The Seller warrants that the said fee payable to the association in respect of the property is approximately $.................................................................................................... per ……….(year/month)……… and includes but is not limited to…………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… . The Buyer agrees to accept the title subject to the said agreements, restrictions and covenants and assume payment of the association fee, to be adjusted as of completion. ENVIRONMENTAL

Env – 2 Condition – Endangered Species

This Offer is conditional upon the Buyer determining, at the Buyer’s own expense, that the property does not contain a habitat or critical habitat as defined in the Species at Risk Act, SC 2002, C29, nor a habitat as defined in the Endangered Species Act, 2007 S.O. 2007, C6. Unless the Buyer gives notice in writing delivered to the Seller personally or in accordance with any other provisions for the delivery of notice in this Agreement of Purchase and Sale or any Schedule thereto not later than _____ p.m. on the _____ day of __________, 20_____, that this condition has been 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.

Env – 7 Endangered Species ‐ Acknowledgement

The Buyer acknowledges that the property may contain a habitat or critical habitat as defined in the Species at Risk Act, SC 2002, C29, and/or a habitat as defined in the Endangered Species Act, 2007 S.O. 2007, C6.

REPRESENTATIONS/WARRANTIES Rep/Warr ‐ 1 Seller Not Liable The Buyer acknowledges the Buyer has been informed of the following possible latent defect(s) in the property:………………………………………………………………………………………………………………………………………………. ………………………………………………………………………………………………………………………………………………………………

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The Buyer further acknowledges it is the Buyer’s sole responsibility to complete their own due diligence concerning this defect, for example, obtaining a report concerning this defect, and the Buyer releases the Seller of all liability for current and future damages resulting from this possible defect. Note: This clause should be used only when a specific defect is identified and disclosed and should not be used by the Seller as a general “as is” clause. Working With a Realtor In addition, the Committee plans to add a new statement to the Working With a Realtor brochure, indicating that members offer different levels of service: “It is important to understand that REALTORS offer different levels of service. Ask questions about the services your REALTOR will provide.” This brochure has not been revised recently and the Committee agreed that it is appropriate to revise the brochure to reflect the wide variety of business models practiced by our members. The 2013 revisions to the forms have been completed and will be on the Member’s section of the OREA website in mid December. They will be available on WebForms in the first week of January. Forms available in NCR format will be in stock by mid December. The price to Members for the 2013 NCR Forms packages has been revised to reflect increases in costs of production. The prices for 2013 forms are as follows: Forms 200, 210, 220, 300‐ 4 page NCR booklets‐ pack of 25‐ $20. Forms 310, 320‐ 3 page NCR booklets‐ pack of 25‐ $15. Forms 221, 222, 240‐ 1 page NCR forms‐ pack of 25‐ $10. Anna Vozza, Chairman, Standard Forms Committee.

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Standard Forms‐ 2013 Revisions.

Form 100: On page 1, in 1. IRREVOCABLE: change Offer to offer twice. Also clause 13 Inspection.

Page 2 at bottom, at the end of the HST clause, change purchase price to Purchase Price.

Page 4, in clause 21. Tender: in the second line, change may to shall.

Page 5, in the seller’s acceptance clause, in the first line, change Offer to offer.

(These changes, where applicable, will be made on all of the OREA Agreement of Purchase and Sale forms)

Form 101: The description of the property on page 1 was revised to make it similar to the property description created for Form 111 that was determined by the Committee to be preferable to the previous wording for the property description on Form 101.

On page 1, clause 1. IRREVOCABLE: change the word Offer to offer twice.

Page 2, at the end of the HST clause, change the words purchase price to Purchase Price.

Page 4, clause 24. TENDER: change the word may to shall.

Page 5, in the clause for seller’s acceptance, change the word Offer to offer.

Form 102: In page 1, at the end of the Purchase Price clause, the “s” was added to the word “Dollar”.

The housekeeping changes described under Form 100 were made to this form.

Form 103: Page 3, clause 17. TENDER: the word may was changed to shall.

Clause 25. HST: the words purchase price were changed to Purchase Price.

Form 111: New form for Common Elements Condominium (POTL).

Form 127: The check boxes on this form were replaced with ovals for signatures. Also, two categories, arranging insurance and arranging a home inspection were reversed so that the home inspection

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category would be just above the blank dotted lines in case an explanation for the type of inspection would be required.

Form 145 and 150: Typo was corrected on page 1 in the “deposit” paragraph, at the beginning of the fourth line, the word “Assignor” was changed to “Assignee”.

The housekeeping changes described under Form 100 were made to these forms.

Form 150: The description of the property on page 1 was revised to make it similar to the property description created for Form 111 that was determined by the Committee to be preferable to the previous wording for the property description on Form 101.

Form 200: An Acknowledgement section was added for the Seller to confirm the seller understands the agreement and has receive a true copy, and it indicates when the copy was received. To add this section, some spaces were tightened up and clause 3 and 4 have been reversed for layout purposes. Also, in the bold statement on page 3 where the seller executes the agreement the words “and have received a true copy of this agreement” have been removed because now that statement is in the new acknowledgement.

Form 201: The Acknowledgement section was added. This required some formatting to find the space, for example, on page 1, the two lines for Seller were reduced to 1. Also, the acceptance bold line was shortened by removing “AND HAVE RECEIVED A TRUE COPY OF THIS AGREEMENT” because now that statement is in the new Acknowledgement.

Form 202: The new Acknowledgement section was also added to this form.

Form 210: A statement was added in the commission clause indicating when the commission is due and payable. Also, the new Acknowledgement was added to the form. This required reducing a couple of double spaces on page one to single spaces.

Form 220: On page 1, in clause 3, the acronym (POTL) was added.

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A new section for clause 4. was added referring to non condominium properties that have association fees. This required some renumbering and re‐arranging of the clauses. The Heritage clause which is now clause 17 was moved to the previous page. The leases clause which is now clause 18 was moved to page 2 and the words “rental agreements” was added. In the IMPROVEMENTS section, clause 2 (c) was moved from page 3 to page 2 so that the renovations clause would not be on 2 pages.

Form 225: New form created to inform the seller of the importance of providing complete and accurate information when completing Form 220.

Form 300: Prompts were added under the Address line and a new line was added for Municipality and Postal Code. This was done to provide specific information for a Real Estate Board buyer registry.

In the Commission section an additional line was added to clarify that the commission could be a percentage, a fixed amount or an amount for leasing the property.

Also, a new clause was added in bold to clarify that this agreement applies for the purchase of one property, but, if the client leases a property, the agreement also applies to the purchase of the leased property or to the purchase of another property.

A new Acknowledgement section was added to the end of the form to confirm that the buyers understand the agreement and to indicate when the buyers received their copy. This revision required a small change to the bold statement in the middle of page 3. The words “and have received a true copy of this agreement.” were removed as this is now stated in the new acknowledgement section.

Form 310: The new Acknowledgement section was added to this form.

Form 320: 1. a) was expanded to help clarify the relationship between listing brokerage and the buyer.

Also, the example in the Additional comments section was changed since the customer service example is now covered in the expanded 1. a).

On page 2, Section 3 was completely revised to simplify the section.

Also, the statement referring to taxes payable on commission was shortened and placed below the Additional comments section.

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Form 400: An extra page was added to this form for a Schedule A, so that additional provisions could be added to the agreement. This required making reference to Schedule A in clause 9.

Also, a new sentence was added to clause 12 explaining the requirement for the Landlord to provide the tenant with information on the rights and responsibilities of the Tenant and information on the Landlord and Tenant Board.

Housekeeping, the word Offer was changed to offer on the Acceptance.

Form 501: The description of the property on page 1 was revised to make it similar to the property description created for Form 111 that was determined by the Committee to be preferable to the previous wording for the property description on Form 101. The housekeeping changes mentioned under Form 100 were also made.

Form 502: In clause 5, Non‐Competition, the word “miles” was changed to “kilometers”. The housekeeping changes mentioned under Form 100 were also made. Form 510: Housekeeping changes made. The word Offer was changed to offer in clause 9 and in the Acceptance section. Form 511: Housekeeping changes made. In clause 8 and in Acceptance section, the word Offer was changed to offer. Form 515: Housekeeping change Offer to offer two times in Irrevocable clause and change in Acceptance section.

Form 520: In the clause stating the deposit is forfeited if the buyer defaults, the words “agreed compensation” were replaced by “commission”.

The new Acknowledgement clause was added and this required formatting on page 1, reducing two double spaces to single spaces.

Form 525: A statement was added in the commission clause indicating when the commission is due and payable.

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Also, in the clause stating the deposit is forfeited if the tenant defaults, the words “agreed compensation” were replaced by “commission”. Also, on the same line, the word “authorize” was changed to “authorizes”.

The new Acknowledgement section was also added and this required reducing the double spaces on page 1 and some other minor formatting changes, for example the 4 dotted lines in the Commission clause were reduced to 3.

Form 530: A statement was added in the commission clause indicating when the commission is due and payable.

Also, in the clause stating the deposit is forfeited if the sub‐tenant defaults, the words “agreed compensation” were replaced by “commission”.

Also, the new Acknowledgement clause was added to the bottom of the last page. Some formatting was required, for example, on page 1, two double spaces were reduced to single spaces and a blank line was removed from the commission section so that now there are 3 lines.

Form 535: New Acknowledgement section was added.

Form 540: A new section was added to the end of the form to confirm that the buyers understand the agreement and to indicate when the buyers received their copy. This revision required a small change to the bold statement in the middle of page 3. The words “and have received a true copy of the agreement.” Have been removed as this is now stated in the new acknowledgement section.

Form 545: New acknowledgement section was added.

Form 620: The title was changed to: Registrant’s Disclosure of Interest‐ Acquisition of Property. The number of the form was changed to Form 160, so it would be easier to find when someone is writing an offer.

Form 621: The title was changed to: Registrant’s Disclosure of Interest‐ Disposition of Property. The number of the form was changed to Form 161, so that it would be easier to find when someone is writing an offer.

Working With a Realtor: A statement was added indicating that Members provide different levels of service:

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“It is important to understand that REALTORS offer different levels of service. Ask questions about the services your REALTOR will provide.”

Standard Clauses:

Insp ‐4 and Insp ‐5: In the second line of the clause, after the word “Buyer”, the word “and” was changed to “or”.

New clauses:

ASSOCIATION FEES

Assoc – 1 Association Fees on Title

The Buyer acknowledges that there are agreements, restrictions and covenants registered on the title pertaining to an association and that there is an association fee payable in respect thereof. The Seller warrants that the said fee payable to the association in respect of the property is approximately $.................................................................................................... per ……….(year/month)……… and includes but is not limited to…………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… . The Buyer agrees to accept the title subject to the said agreements, restrictions and covenants and assume payment of the association fee, to be adjusted as of completion. ENVIRONMENTAL

Env – 2 Condition – Endangered Species


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Env – 7 Endangered Species ‐ Acknowledgement


REPRESENTATIONS/WARRANTIES Rep/Warr ‐ 1 Seller Not Liable The Buyer acknowledges the Buyer has been informed of the following possible latent defect(s) in the property:………………………………………………………………………………………………………………………………………………. ……………………………………………………………………………………………………………………………………………………………… The Buyer further acknowledges it is the Buyer’s sole responsibility to complete their own due diligence concerning this defect, for example, obtaining a report concerning this defect, and the Buyer releases the Seller of all liability for current and future damages resulting from this possible defect. Note: This clause should be used only when a specific defect is identified and disclosed and should not be used by the Seller as a general “as is” clause.

2013 Standard Forms and Clauses Summary of Changes

FORM SECTION/CLAUSE EXPLANATION REVISION(S)

101 Agreement of Purchase and Sale – Condominium These and other housekeeping changes made to all Condominium Agreements, Form 150, and Form 501.

Description of Property

This section is now identical to a new standard form – Form 111: Agreement of Purchase and Sale – POTL – Common Elements Condominium. Clarifies the most correct way to describe a condominium corporation in an Agreement of Purchase and Sale.

NEW 111 Agreement of Purchase and Sale – POTL – Common Elements Condominium

The Standard Forms Committee combined the standard Agreement of Purchase and Sale form and the POTL Schedule and created this new form. Eliminates confusion regarding which form to use when selling a POTL (parcel of tied land).

Form is available on www.orea.com.

http://www.orea.com/



127 Acknowledgement re: Condition(s) In Offer

“The Buyer hereby acknowledges, with respect to conditions, that the Buyer” and “Pertaining To”

Checkboxes changed to ovals, which allows buyers to initial the information. This indicates buyers have read and acknowledged the information. The home inspection category placed above the “Other” category in case an explanation for the type of inspection is required (e.g., inspection by engineer).

NEW 160 Registrant’s Disclosure of Interest – Acquisition of Property

Formerly Form 620. Form moved to 100 series to make it easier for members to find.





NEW 161 Registrant’s Disclosure of Interest – Disposition of Property

Formerly Form 621. Form moved to 100 series to make it easier for members to find.


220 Seller Property Information Statement

General New question added re: non-condominium properties that have association fees to the ownership of the property.

NEW 225 Seller Property Information Statement – Important Information for Sellers

Provides information to sellers being asked to complete OREA Standard Form 220: Seller Property Information Statement – Residential.






300 Buyer Representation Agreement ‘Acknowledgement’ section added the commercial Buyer Representation Agreements, the OREA Listing Agreements, and Customer Service Agreements.

Acknowledgement New section added – Acknowledgement – to ensure REALTORS® explain, obtain buyers’ signatures, and provide a copy of the agreement to buyers.

Commission Additional line added to clarify that the commission could be a percentage, a fixed amount, or an amount for leasing the property.

Commission New clause added in bold to clarify that this agreement applies for the purchase of one property. If the client leases a property, the agreement also applies to the purchase of the leased property or to the purchase of another property.



320 Confirmation of Co-operation and Representation

Listing Brokerage One of the most important issues for members is disclosure of representation and entitlement to commission. Wording revised to simplify form for members’ use.

Co-operating Brokerage

Revisions made to simplify form for members’ use.



400 Agreement to Lease – Residential

Execution of Lease New statement added to help members comply with the Residential Tenancies Act.

Schedule A Schedule A incorporated into the form to simplify form for members’ use.

520 Listing Agreement – Commercial – Authority to Offer for Sale

Commission Wording change: “commission” replaces “agreed compensation.” This change also made on Form 525 and Form 530.



525 Listing Agreement – Commercial – Authority to Offer For Lease Wording re: commission also added to Form 210: Listing Agreement – Authority to Offer for Lease

Commission New wording added re: commission to clarify when a leasing commission is due and payable.

530 Listing Agreement – Commercial – Authority to Offer for Sub-Lease

Commission New wording added re: commission to clarify when a leasing commission is due and payable.


(year/month)

CLAUSE NAME EXPLANATION CLAUSE

NEW ASSOC-1: Association Fees on Title

Confirms the buyer understands that association fees are payable for the property.

The Buyer acknowledges that there are agreements, restrictions and covenants registered on the title pertaining to an association and that there is an association fee payable in respect thereof. The Seller warrants that the said fee payable to the association in respect of the property is approximately $ _____________________________________________ per __________________ and includes but is not limited to ________________________

_____________________________________________________________The Buyer agrees to accept the title subject to the said agreements, restrictions and covenants and assume payment of the association fee, to be adjusted as of completion.

NEW ENV-2: Condition – Endangered Species

Confirms the buyer understands that the buyer is responsible for determining the property does not contain a habitat or critical habitat, as defined by legislation.


NEW ENV-7: Endangered Species – Acknowledgement

Confirms the buyer understands the property may contain a habitat or critical habitat as defined in the legislation.


NEW REP/WARR-1: Seller Not Liable

Confirms the buyer is aware of possible latent defect(s) on the property and that the seller will not be held responsible for current or future damage as a result of these defects.

The Buyer acknowledges the Buyer has been informed of the following possible latent defect(s) in the property:_____________________________________________________ _________________________________________________________________________.

The Buyer further acknowledges it is the Buyer’s sole responsibility to complete their own due diligence concerning this defect, for example, obtaining a report concerning this defect, and the Buyer releases the Seller of all liability for current and future damages resulting from this possible defect.

(year/month)

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