How to Fill Out OREA Form 801
Form 801 is going to be with us. It has been drafted by the trade association OREA.
It could be updated and amended, but right now I am still suggesting that it be used.
Please note the following:
1) The word “submitted” should be deleted and the word “made” should be substituted,
2) The received time is the time that communication of the existence of an Offer was given by email, fax, letter, text, courier or personal delivery.
3) Don’t worry about the submitted time, that’s not relevant.
4) Don’t worry about the presented time, that’s not relevant.
5) Don’t worry about the method of presentation, “fax, email, personal delivery”, that’s not relevant,
6) Don’t worry about the disposition of the Offer (accepted, signed back/ countered, expired/declined) that’s not relevant.
Now you have a streamlined document that is ready to go and complies with the Act and the Regulations.
And, just make sure that you understand the new terminology.
The “made” time is the time when the Offer was signed and is in the possession of the Buyer’s agent. So, that’s not the Buyer, it must be transferred to the Buyer’s agent.
The “received” time is the time when the communication of the existence of the Offer was given the Listing agent. The Listing agent doesn’t have it yet. It is still in the possession of the Buyer’s agent. But, it’s coming.
Use Form 801, since it is still the standard in the industry. I’m sure there will be some changes made to improve it in due course.
Brian Madigan LL.B., Broker