Get Orea Form 201

Once you've completed the closing process, the home belongs to the buyer and any financial problems would be their responsibility.

Under Ontario law, the seller must disclose a latent defect that is known to them, which makes the home unfit, dangerous, and/or uninhabitable for the buyer.

A breach of contract may also render the seller liable to pay damages to the buyer for any loss resulting from the breach. ing to the Sale of Goods Act the buyer is entitled to damages for losses he/she suffers because of the seller's delay or a defect in the goods.

The use of Disclosure Statements is mandatory in some places, but in Ontario, and elsewhere in Canada, they are voluntary although “strongly recommended” by real estate agents. At the Thunder Bay Real Estate Board Level, the SPIS, which is published by the Ontario Real Estate Association (OREA), is mandatory.

Until the deal closes and you take possession of the property, the seller is responsible for the property. Any damage to the property or to the items included in the sale, are the sole responsibility of the seller until your purchase funds are transferred and you take possession of the home.

What is OREA Form 120? An OREA Amendment to the Agreement of Purchase and Sale Form 120 is a legal document that alters the terms of the original agreement. It is a small two-page file that can be used at the stage of processing a real estate transaction.

Until the deal closes and you take possession of the property, the seller is responsible for the property. Any damage to the property or to the items included in the sale, are the sole responsibility of the seller until your purchase funds are transferred and you take possession of the home.