What Are OREA Forms?
The Ontario Real Estate Association (OREA) creates standardized forms used in virtually all residential real estate transactions in the province. These forms have been developed over decades to protect both buyers and sellers, and they're updated regularly to reflect changes in legislation and market practice. Understanding the key forms helps sellers navigate the process with confidence.
Form 200: Agreement of Purchase and Sale
This is the core document — the actual contract between buyer and seller. It contains: the purchase price, deposit amount, closing date, list of included chattels and fixtures, conditions (inspection, financing, etc.), and all terms of the sale. Every clause in this form has legal implications.
As a seller, pay particular attention to: the irrevocability period (how long you have to accept, reject, or counter), the condition dates (when each condition must be fulfilled or waived), and the list of chattels and fixtures (ensure anything you want to keep is excluded in writing).
Form 244: Seller Property Information Statement (SPIS)
The SPIS is a disclosure form where sellers answer questions about the property's condition: known defects, previous repairs, insurance claims, environmental issues, and zoning compliance. Completing the SPIS is optional — and many agents advise against it because any inaccuracy could create future legal liability.
However, if your buyer requests it, you should discuss with your agent and lawyer whether to complete it. If you do fill it out, be completely honest. Deliberate concealment of known defects can lead to lawsuits regardless of whether you completed the SPIS.
Form 300: Listing Agreement
The listing agreement is the contract between you and your listing brokerage. It specifies: the listing price, the commission rate (listing and cooperating brokerage), the listing period, the services the brokerage will provide, and your obligations as the seller. Read it carefully — particularly the holdover clause, which can entitle the brokerage to commission if a buyer who viewed your home during the listing period purchases it after the listing expires.
Form 801: Condition of Financing
This schedule is attached to the Agreement of Purchase and Sale when the buyer's offer includes a financing condition. It specifies the deadline by which the buyer must confirm their mortgage approval. As a seller, you want this period to be as short as possible — typically 5 business days.
Form 802: Condition of Inspection
Similar to the financing condition, this schedule specifies the timeline for the buyer's home inspection. Standard is 5–10 days. The condition gives the buyer the right to have the property inspected and to walk away (with deposit refund) if the inspection reveals unsatisfactory results.
Amendments and Waivers
After the initial Agreement of Purchase and Sale is signed, any changes require a formal amendment (OREA Form 120). Common amendments include: extending the closing date, modifying the chattels list, and adjusting the purchase price after inspection findings. Both parties must sign every amendment. Verbal agreements to modify terms are not enforceable.
Working With Your Lawyer
Your real estate lawyer reviews all OREA forms before and after signing. They ensure the legal terms protect your interests, flag unusual clauses, and handle the closing process. Engage your lawyer before you list — not after you receive an offer.