Form 203

What Is OREA Form 203 Schedule A

OREA Form 203 Schedule A is an integral part of Ontario, Canada's real estate transaction process. It represents the Listing Agreement's Schedule, which gives a real estate broker or salesperson the authority to sell a property. This form outlines the specific terms and conditions under which the seller is engaging the services of a brokerage to list and sell their property. It provides detailed information including but not limited to listing price, commission rates, duration of the listing, and any special conditions agreed upon by both parties.

Who Must Use Form 203, Schedule

Form 203, Schedule is mandatory for any homeowner or seller in Ontario who wishes to list their property for sale with a real estate brokerage. Specifically, this form is used in the following situations:

• When an individual intends to sell residential real estate and engages the services of a real estate brokerage.
• If a property owner wants to formalize the agreement with a real estate broker to handle the sale of a property.
• In instances where legal documentation is required to outline the relationship and expectations between the seller and the brokerage.
• Clear communication of the terms of the sale, including obligations, rights, and compensation, is needed between the two parties.

How To Fill Out The OREA Listing Agreement

To fill out the "Form 203, Schedule - Listing Agreement, Authority to Offer for Sale," follow these steps:

• Enter the brokerage's name and the seller(s) at the top of the form.
• Provide the full address of the property being offered for sale.
• Include the legal description of the property, which typically consists of lot and plan numbers and any subject-to clauses, if applicable.
• Fill in the date of the agreement.
• The brokerage and the seller(s) must initial the form to validate it:

Remember, each form section should be filled out accurately and completely. Double-check all entries for correctness and ensure all required parties have initialed the form.

When to File Form 203, Schedule

The filing of Form 203, Schedule should occur as soon as the property owner and the real estate professional agree regarding the terms of the sale and wish to formalize their intentions to list the property on the market. This document must be fully executed before any marketing activities begin or the property is shown to potential buyers. The completed form serves as the legal basis for the relationship between the seller and the brokerage and must be retained for a specified period as dictated by regulatory authorities.