Broker - WRAP-UP - BRINGING IT ALL TOGETHER
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Table of contents :
Broker_Wrap-Up_PW_Day1_Final%20v2_2021-06-11
Preparing for the Broker Wrap-Up
Participant Workbook
Forms Booklet
Self-Reflection and Action Planning Workbook
Step 1: Self-reflection
About Broker Wrap-Up
Curriculum Overview
Session Overview
Broker Final Exam
Agenda
Learner Disclaimer
Session Activities – Day 1
Self-Reflection
Activity Instructions:
Lorenzo DeBello
Joseph Sample
Advertisement #1:
Advertisement #2:
Advertisement #3:
Self-Reflection
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Binder1
3. Form 100 - Agreement of Purchase and Sale - Papirnik
4. Form 320 - Confirmation of Co-operation and Representation - Papirnik
5. Bank Draft - Papirnik
1. Setting Up and Maintaining Trade related Records - Package 2
2. Form 200 - Listing Agreement Seller Representation Agreement
1. Setting Up and Maintaining Trade related Records Pkg 3
4. Form 630 - Individual Identification Information Record - Kyle Toms
5. Form 630 - Individual Identification Information Record - Lily Toms
Form 630 - Individual Identification Information Record - Papirnik
2. Form 810 - Working with a Realtor - Toms
3. Form 300 - Buyer Representation Agreement - Toms
1. Setting Up and Maintaining Trade related Records pkg 4
2. Form 100 - Agreement of Purchase and Sale - Unaccepted Offer
Broker_Wrap-Up_PW_Day2_Final%20v2_2021-06-11
Preparing for the Broker Wrap-Up
Participant Workbook
Forms Booklet
Self-Reflection and Action Planning Workbook
Step 1: Self-reflection
About Broker Wrap-Up
Curriculum Overview
Session Overview
Broker Final Exam
Agenda
Session Activities – Day 2
Additional Questions
Additional Question
Self-Reflection
Activity Instructions
Background Information for Package 1
Background Information for Package 2
Background Information for Package #3
Background Information for Package #4
Additional Questions
Additional Question
Self-Reflection
Broker_Wrap_Up_Forms_Day-2_Final%20v2_2021-06-11
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1. Real Estate Trust Account – Working with a Real Estate Trust Ledger
2. Form 122 - Mutual Release
1. Real Estate Trust Account – Working with a Real Estate Trust Ledger 2
3. Form 320 - Confirmation of Co-operation and Representation - Papirnik
4. Form 100 - Agreement of Purchase and Sale - Papirnik (6) (2)
5. Bank Draft - Papirnik (1)
1. Real Estate Trust Account – Working with a Real Estate Trust Ledger pkg 3
3. Form 320 - Confirmation of Cooperation and Representation - Toms
4. Form 100 - Agreement of Purchase and Sale - Kyle & Lily Toms
1. Real Estate Trust Account – Working with a Real Estate Trust Ledger pkg 5
2. Form 120 - Amendment to Agreement of Purchase and Sale
1. Real Estate Trust Account – Working with a Real Estate Trust Ledger pkg 6
2. Cheque - Steil
1. Real Estate Trust Account – Monthly Reconciliation
Trade Processing Pkg 1
2. Trade Processing Checklist
Trade Processing Pkg 1
1. Form 640 - Trade Record Sheet - Papirnik
2. Form 320 - Confirmation of Co-operation and Representation - Papirnik
3. Form 100 - Agreement of Purchase and Sale - Papirnik (6) (2)
Trade Processing pkg 2
2. Form 641 - Referral Agreement
Trade Processing pkg 3
Closing Out Trades Pkg 1
Closing Out Trades pkg 2
Form 640 - Trade Record Sheet - Papirnik (Learner)
Closing Out Trades pkg 3
Form 640 - Trade Record Sheet - Toms (Learner)
Closing Out Trades pkg 4
Form 640 - Trade Record Sheet - Norani (Learner)
Analyzing Financial Statements
Income Statement - Forms Booklet
3. Form 500 - Agreement of Purchase and Sale - Commercial
3. Deposits Currently Held in Trust
Form 640 - Trade Record Sheet - Steil (Learner)
Broker-Wrap-Up_Act-Plan-Workbk_Final_2021-02-09
Citation preview
PARTICIPANT WORKBOOK
BROKER WRAP-UP DAY 1
Real Estate Broker Program © 2020 Real Estate Council of Ontario. All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or in any means—electronic, mechanical, photocopying, recording, or otherwise—without prior written permission, except for the personal use of the Real Estate Broker Program learner.
BROKER WRAP-UP: INTRODUCTION
Table of Contents Preparing for the Broker Wrap-Up .................................................................................................. ii About Broker Wrap-Up ................................................................................................................... iv Agenda ............................................................................................................................................. v Meet the Participants ......................................................................................................................1 Welcome to the Broker Wrap-Up ....................................................................................................3 Setting Up and Maintaining Trade-related Records ........................................................................4 Selecting a Brokerage Management Software System................................................................. 13 Self-Reflection ............................................................................................................................... 19 Incorporating Statutory Requirements into Brokerage Operations ............................................. 20 Staff Requirements and Recruiting .................................................................................................... Staff Requirements and Recruiting Part I: Ontario Human Rights Code ................................ 29 Staff Requirements and Recruiting Part II: Unregistered and Registered Assistants ............. 33 Staff Requirements and Recruiting Part III: RECO Registration .............................................. 38 Advertising and Business Promotion ............................................................................................ 43 Day 1 Summary ............................................................................................................................. 48 Self-Reflection ............................................................................................................................... 51
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BROKER WRAP-UP: INTRODUCTION
PREPARING FOR THE BROKER WRAP-UP You will be using the following materials for the Broker Wrap-Up: 1. Participant Workbook 2. Forms Booklet 3. Action Planning Workbook (based on your self-reflection notes) As part of your preparation, familiarize yourself with the content and layout of the above materials.
Participant Workbook This workbook is intended for use by a Broker Wrap-Up learner only. During the session, use the workbook to: • Review the activities (instructions, scenarios, questions) • Record answers to direct questions • Take notes, which can be any information you want to record (e.g., reflections you have during an activity or goals you set for yourself) • Complete math calculations/work with formulas • Follow along with the flow of each day Activities are presented sequentially and your facilitator will provide guidance on their execution. This workbook works in tandem with the Forms Booklet and the Action Planning Booklet.
Forms Booklet The Forms Booklet contains documents you will need to reference to complete certain activities. This information is included in the corresponding “Activity Instructions” section.
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BROKER WRAP-UP: INTRODUCTION Self-Reflection and Action Planning Workbook The three steps to action planning are: 1. Self-reflection 2. Create the plan 3. Take action Step 1: Self-reflection The self-reflection is your personal use only; namely, to help you identify areas you think you performed well and areas you think you could improve. Take notes in the Self-Reflection section of this Participant Workbook when instructed by the facilitator. Select one or two areas where you performed well and one or two areas for improvement and enter them into the corresponding columns of your Action Planning Workbook. Step 2: Create the Plan Complete the Create the Plan portion on the last day of the Broker Wrap-Up as follows: 1. Priority rank your areas for improvement and select the top two areas you want to focus on for improvement. 2. Determine your goals for each of those areas. 3. Identify action steps to help you meet each of your goals. Please note, improvement planning is most effective when you focus on two to three key items at a time. Step 3: Take Action Complete the Take Action portion of your plan after you leave the Broker Wrap-Up.
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BROKER WRAP-UP: INTRODUCTION
ABOUT BROKER WRAP-UP Curriculum Overview In this session, you will spend two days practising core activities and tasks related to compliance for a broker of record and brokerage with an experienced real estate broker acting as a coach. This experience will enable you to apply the knowledge and skills gained from the eLearning portion of the Real Estate Broker Program in simulated realistic interactions. It is designed to help you develop confidence and accelerate your journey to establish or take over a brokerage, manage risks on an ongoing basis, and ensure alignment with strategic outcomes.
Session Overview This is your session! You are the only person responsible for the level of effort you put into your learning journey. In other words, what you gain from this opportunity will be equal to the effort you put into it. Please take every advantage of this opportunity to enhance your success as a broker of record. The primary objective of this session is to: • Facilitate opportunities for you to demonstrate the knowledge and skills that are needed to be practice-ready as a broker of record and ensure the brokerage complies with the Real Estate and Business Brokers Act (REBBA). In this session, you are placed in a situation—highly procedural—that resembles on-the-job circumstances. Its purpose is to: • Facilitate practise in a safe classroom environment • Promote learner self-discovery • Illustrate real-world circumstances
Broker Final Exam The next step to completion of the Real Estate Broker Program is the Broker Final Exam. You will receive your assessment score via email a few days after writing the exam (pass/fail).
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BROKER WRAP-UP: INTRODUCTION
AGENDA Meet the Participants Welcome to the Broker Wrap-Up Setting Up and Maintaining Trade-related Records Break Selecting a Brokerage Management Software System Self-Reflection Lunch Incorporating Statutory Requirements into Brokerage Operations Staff Requirements and Recruiting Break Advertising and Business Promotion Day 1 Summary Action Planning and Self-Reflection Day 2 Preview
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BROKER WRAP-UP: INTRODUCTION Learner Disclaimer Throughout the program, you have learned about organized real estate, which includes membership with a local real estate board, the Ontario Real Estate Association (OREA), and the Canadian Real Estate Association (CREA). These associations provide services to brokerages, brokers, and salespersons who choose to have membership. If you become a member, you will have access to standard forms and clauses created by OREA. However, not all brokerages, brokers, and salespersons choose to be members of organized real estate and are not required to use these forms. As they are commonly used in trading, specific forms and clauses will be used throughout the program for illustrative purposes. Images of OREA standard forms and clauses are included with permission of the Ontario Real Estate Association (OREA).
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BROKER WRAP-UP: DAY 1
SESSION ACTIVITIES – DAY 1 Meet the Participants Discuss the following in your group: •
How long have you been trading in real estate?
•
Why have you decided to become a broker?
•
What is your goal once you become a broker? (e.g., opening your own brokerage, assuming responsibility of an existing brokerage, etc.)
Take notes about your colleagues, and be prepared to introduce someone from your group to the rest of the class.
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BROKER WRAP-UP: DAY 1 What are your expectations of the Broker Wrap-Up?
What are some examples of broker of record responsibilities?
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BROKER WRAP-UP: DAY 1 Welcome to the Broker Wrap-Up Write notes about the Broker Wrap-Up here:
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BROKER WRAP-UP: DAY 1 Setting Up and Maintaining Trade-related Records Practice Activity Instructions: 1. Whole-class practice activity 2. As the broker of record for ABC Real Estate Inc., explain what you will do with the following documents submitted to the brokerage by a salesperson: o Trade input form o Agreement of purchase and sale o Confirmation of co-operation and representation o Receipt for deposit for the listing brokerage o Receipt of funds As the broker of record, what will you do with these documents?
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BROKER WRAP-UP: DAY 1
Activity Storyline Scenario The brokers and salespersons of ABC Real Estate Inc. have just submitted four document packages related to four different transactions. As the broker of record, you will need to review these four document packages and outline the actions to take to set up and maintain trade-related records for each.
Activity Objective: Identify the actions a brokerage broker of record must take to address REBBA minimum requirements for maintaining trade-related records. Activity Instructions: 1. You will work in small groups. 2. Read the activity storyline scenario (above) 3. Familiarize yourself with all four document packages in your Forms Booklet. The packages contain various trade-related records. 4. Do not look for errors within the documents, and do not be concerned about the dates found in the document. 5. List the actions for setting up and maintaining documents in accordance with REBBA and other legislative requirements in this Participant Workbook. 6. The documents in each package work together. They are not disparate pieces of paper. 7. You have 20 minutes to complete this activity.
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BROKER WRAP-UP: DAY 1 What actions are required to properly set up and maintain the trade-related records in Document Package #1?
What actions are required to properly set up and maintain the trade-related records in Document Package #2?
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BROKER WRAP-UP: DAY 1 Were any documents missing in Document Package #2?
What brokerage policy would you implement for missing documentation?
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BROKER WRAP-UP: DAY 1 What actions are required to properly set up and maintain the trade-related records in Document Package #3?
What actions are required to properly set up and maintain the trade-related records in Document Package #4?
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BROKER WRAP-UP: DAY 1
Additional Questions What are the brokerage’s obligations regarding expired representation agreements?
How should you file and maintain an expired representation agreement?
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BROKER WRAP-UP: DAY 1 What if you discover that an offer was presented and accepted last week on a competitor’s listing, but that sale was never entered into your brokerage’s real estate trust ledger? How would you correct this error?
Why is it important for a brokerage to properly set up and maintain their trade-related records?
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BROKER WRAP-UP: DAY 1 What are the risks to the brokerage if it does not set up and maintain trade-related records properly?
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BROKER WRAP-UP: DAY 1 Additional notes during class discussion:
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BROKER WRAP-UP: DAY 1 Selecting a Brokerage Management Software System Activity Instructions: 1. Whole-class activity 2. Create a list of features and capabilities to consider when selecting a brokerage management software system What are some features and capabilities to consider when selecting a brokerage management software system?
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BROKER WRAP-UP: DAY 1 Activity Objective: Using the list we have just created, identify the accounting software systems and capabilities a broker of record should look for based on: 1. REBBA requirements 2. Brokerage requirements 3. Broker and salesperson needs Activity Instructions: 1. You will work in small groups. 2. Review the list we have just created and add to it, if required. 3. Use the list to answer the following questions: •
What brokerage management software system features and capabilities should you look for based on REBBA requirements?
•
What brokerage management software system features and capabilities should you look for based on brokerage requirements?
•
What brokerage management software system features and capabilities should you look for based on broker and salesperson needs?
4. Write your responses in this Participant Workbook. You may also use your Participant Workbook (virtual) or flip chart (in-class). 5. You have 10 minutes to complete this activity.
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BROKER WRAP-UP: DAY 1 What brokerage management software system features and capabilities should you look for based on REBBA requirements?
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BROKER WRAP-UP: DAY 1 What additional brokerage management software system features and capabilities should you look for based on brokerage requirements?
What additional brokerage management software system features and capabilities should you look for based on broker and salesperson needs?
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BROKER WRAP-UP: DAY 1
Additional Questions What must the trade record sheet contain to meet REBBA requirements?
What else would you like to see in a trade record sheet?
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BROKER WRAP-UP: DAY 1 Additional notes during class discussion:
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BROKER WRAP-UP: DAY 1
Self-Reflection Reflect on the activities you have just completed. Identify areas you believe you performed well.
Identify areas you believe need improvement.
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BROKER WRAP-UP: DAY 1 Incorporating Statutory Requirements into Brokerage Operations Practice Activity Instructions: 1. Whole-class practice activity. Practice Activity Question: How does the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations affect brokerage operations?
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BROKER WRAP-UP: DAY 1
Activity Storyline Scenario ABC Real Estate Inc. has decided to expand. As the broker of record, you plan to review and update job descriptions, independent contractor agreements and employment agreements, training programs for brokers and salespersons, and the brokerage policy and procedures manual to ensure various legislation is implemented accurately.
Activity Objectives: •
Identify statutory requirements when developing: o Job descriptions for roles in a brokerage o Independent contractor agreements and employment agreements o Training programs for brokers and salespersons o Brokerage policy and procedures manual
Activity Instructions: 1. You will work in small groups. 2. Review the legislation list (on the next page). 3. Read the activity storyline scenario (above). 4. Discuss the questions and write your group’s responses in this Participant Workbook. You may also use the whiteboard (virtual) or flip chart (in-class). 5. You have 30 minutes to complete this activity.
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BROKER WRAP-UP: DAY 1
Fact Sheet Legislation that will impact brokerage operations: •
Accessibility for Ontarians with Disabilities Act
•
An Act to promote the efficiency and adaptability of the Canadian economy by regulating certain activities that discourage reliance on electronic means of carrying out commercial activities, and to amend the Canadian Radio-television and Telecommunications Commission Act, the Competition Act, the Personal Information Protection and Electronic Documents Act and the Telecommunications Act (CASL)
•
Competition Act
•
Consumer Reporting Act
•
Digital Privacy Act
•
Employment Standards Act
•
Income Tax Act
•
Occupational Health and Safety Act
•
Ontario Human Rights Code
•
Personal Information Protection and Electronic Documents Act (PIPEDA)
•
Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations (FINTRAC)
•
Real Estate and Business Brokers Act and associated Regulations
•
Residential Tenancies Act
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BROKER WRAP-UP: DAY 1 What legislation must you consider when developing job descriptions for roles in a brokerage? Why?
What legislation must you consider when developing independent contractor agreements and employment agreements?
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BROKER WRAP-UP: DAY 1 How are independent contractor agreements similar to employment agreements?
How are independent contractor agreements different from employment agreements?
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BROKER WRAP-UP: DAY 1 Why is the Income Tax Act a key factor in the independent contractor agreement?
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BROKER WRAP-UP: DAY 1 What specific topics and legislation must you consider when developing training programs for brokers and salespersons? Why?
What legislation should be addressed in a brokerage policy and procedures manual?
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BROKER WRAP-UP: DAY 1 Other than legislation, what else might you include in your brokerage’s policy and procedures manual?
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BROKER WRAP-UP: DAY 1 Additional notes during class discussion:
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BROKER WRAP-UP: DAY 1 Staff Requirements and Recruiting Part I: Ontario Human Rights Code
Activity Storyline Scenario As the broker of record for ABC Real Estate Inc., your plans for expansion include recruiting additional brokers, salespersons, and administrative staff.
Activity Instructions: 1. Whole-class activity. 2. Read the activity storyline scenario (above) 3. Read the question (below) and write your answers in this Participant Workbook.
What questions are you not permitted to ask a candidate in an interview based on the Ontario Human Rights Code?
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BROKER WRAP-UP: DAY 1
Activity Storyline Scenario As the broker of record for ABC Real Estate Inc., you are preparing to interview a few candidates interested in joining your brokerage. You must ensure that you do not ask any questions that relate directly or indirectly to the prohibited grounds of discrimination defined in the Ontario Human Rights Code. However, bona fide job requirements, such as the questions on the RECO registration application form, are not violations of the Ontario Human Rights Code.
Activity Objective: •
Evaluate four questions you intend to ask candidates interested in joining your brokerage
Activity Instructions: 1. You will work in small groups. 2. Read the activity storyline scenario (above) 3. Discuss the questions and write your group’s responses in this Participant Workbook. You may also use the whiteboard (virtual) or flip chart (in-class). 4. You have 10 minutes to complete this activity. Why have you decided to pursue a career in real estate? Are you permitted to ask this question?
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BROKER WRAP-UP: DAY 1 Why is there a break in your employment? Are you permitted to ask this question?
Why are you thinking of leaving your current brokerage? Are you permitted to ask this question?
When did you graduate from high school? Are you permitted to ask this question?
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BROKER WRAP-UP: DAY 1 Additional notes during class discussion:
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BROKER WRAP-UP: DAY 1 Staff Requirements and Recruiting Part II: Unregistered and Registered Assistants
Activity Storyline Scenario You are interviewing Joseph Sample, a team leader currently employed with another brokerage. Joseph Sample’s team consists of two registered assistants and one unregistered assistant. You expect Joseph Sample to join ABC Real Estate Inc. and to bring his three team members with him. As a broker of record, you will need to ensure that teams in your brokerage comply with REBBA requirements.
Activity Objectives: •
Identify factors to consider if Joseph Sample and his team join your brokerage
•
Identify activities unregistered assistants are not permitted to perform
•
Explain how unregistered assistants may be paid
•
Identify how registered assistants may be paid for trading and non-trading activities
Activity Instructions: 1. You will work in small groups. 2. Read the activity storyline scenario (above). 3. Discuss the questions and write your group’s responses in this Participant Workbook. You may also use the whiteboard (virtual) or flip chart (in-class). 4. You have 20 minutes to complete this activity.
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BROKER WRAP-UP: DAY 1 What factors should you consider if your brokerage includes real estate teams?
What conversations should you have with Joseph Sample?
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BROKER WRAP-UP: DAY 1 As the broker of record, what are you responsible for?
What activities is an unregistered assistant not permitted to perform?
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BROKER WRAP-UP: DAY 1 How may unregistered assistants be paid?
How may registered assistants be paid for trading and non-trading activities?
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BROKER WRAP-UP: DAY 1 Additional notes during class discussion:
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BROKER WRAP-UP: DAY 1 Staff Requirements and Recruiting Part III: RECO Registration
Activity Storyline Scenario You decide to hire Joseph Sample and his team. You would also like to hire two individuals you interviewed recently: •
Gillian Thomson, who has just completed her pre-registration courses to become a salesperson
•
Lorenzo DeBello, a former salesperson planning to be reinstated after taking three months off
You will need to help Gillian Thomson and Lorenzo DeBello with their RECO registrations and transfer Joseph Sample’s registration to your brokerage.
Activity Objective: •
Explain the process for obtaining registration for Joseph Sample and his two registered assistants, as well as Gillian Thomson, and Lorenzo DeBello to be able to trade on behalf of the brokerage
Activity Instructions: 1. You will work in small groups. 2. Read the activity storyline scenario (above). 3. Discuss the questions and write your group’s responses in this Participant Workbook. You may also use the whiteboard (virtual) or flip chart (in-class). 4. You have 15 minutes to complete this activity. Note: Log onto the RECO MyWeb on the RECO website (www.reco.on.ca) for detailed information.
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BROKER WRAP-UP: DAY 1 Gillian Thomson: What form would be used for Gillian Thomson to apply for registration from RECO?
What actions must be taken for Gillian Thomson to obtain her registration from RECO?
What are the application fees to register a new salesperson?
What additional documents must be included with the application for registration?
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BROKER WRAP-UP: DAY 1 Lorenzo DeBello What form would be used for Lorenzo DeBello to apply for reinstatement from RECO?
What actions must be taken for Lorenzo DeBello to obtain his reinstatement of registration from RECO?
What are the associated reinstatement fees?
What additional documents must be included with the application for reinstatement?
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BROKER WRAP-UP: DAY 1 Joseph Sample How would you transfer the registration of Joseph Sample and his two registered assistants?
What are the associated transfer fees?
What additional documents must be included with the application for transfer?
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BROKER WRAP-UP: DAY 1 Additional notes during class discussion:
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BROKER WRAP-UP: DAY 1 Advertising and Business Promotion
Activity Storyline Scenario Now that your recruiting efforts have been successful, your brokers and salespersons are actively trading in real estate. A member of Joseph Sample’s real estate team has created three advertisements for the team. They ask you to review and approve the advertisements before publication. You review the three advertisements and note that they do not comply with REBBA requirements.
Activity Objectives: •
Analyze three advertisements and specify why they do not comply with REBBA requirements
•
Identify actions to take when an advertisement is non-compliant
•
Explain the implications of non-compliant advertising for the brokerage
Activity Instructions: 1. You will work in small groups. 2. Read the activity storyline scenario (above). 3. Review the three advertisements in this Participant Workbook. 4. Discuss the questions and write your group’s responses in this Participant Workbook. You may also use the whiteboard (virtual) or flip chart (in-class). 5. You have 15 minutes to complete this activity.
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BROKER WRAP-UP: DAY 1 Advertisement #1: I sell more homes for more money than anyone else. #1 Top Producer in Anycity I am the top-producing agent in Anycity. I list and sell more properties than any other agent in the area. My listings sell for more money and in less time than my competitors. So, when you list your home with me, my selling system will get you more money. In today’s market, time is money. I won’t let your listing get lost in Anycity’s growing inventory. Getting your house sold while it’s fresh and at the peak of interest will benefit you and your bottom line. Joseph Sample, Agent Office: 000-123-4567 Cell: 000-122-1212 [email protected] ABC Real Estate Inc., Real Estate Brokerage What’s wrong with Advertising #1 and why?
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BROKER WRAP-UP: DAY 1 Advertisement #2: Beautiful home overlooking lake 4 bedrooms, 2 bath, main floor family room Joseph Sample, Sales Associate Cell: 000-123-1212 [email protected]
What’s wrong with Advertising #2 and why?
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BROKER WRAP-UP: DAY 1 Advertisement #3: The advertisement is a promotional flyer for the Joseph Sample Team to be distributed in the neighbourhood where one of their listings recently sold and scheduled to close in 60 days. The flyer includes reference to the successful sale. The seller has given permission to disclose the sale price. JUST SOLD Your Neighbour’s Home 10% Over Asking Asking: $869,900 123 Pine Street, Anycity Your home may be worth more than you think! Call for your complimentary evaluation. The Joseph Sample Team Andrew Advertiser*, Maria Example*, Joseph Sample* ABC Real Estate Inc., Brokerage Office: 000-123-4567 *salesperson What’s wrong with Advertising #3 and why?
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BROKER WRAP-UP: DAY 1 What actions will you take if an advertisement is non-compliant?
What are the implications of non-compliant advertising for the brokerage?
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BROKER WRAP-UP: DAY 1 Day 1 Summary Recap •
Setting Up and Maintaining Trade-related Records
•
Selecting a Brokerage Management Software System
•
Incorporating Statutory Requirements into Brokerage Operations
•
Staff Requirements and Recruiting
•
Advertising and Business Promotion
Do you have any questions about what was done and what was discussed?
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BROKER WRAP-UP: DAY 1 What is the one new thing you learned today?
Which learning activity that we did today do you believe will be the most challenging as a broker of record?
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BROKER WRAP-UP: DAY 1 Which learning activity that we did today do you believe will be the most helpful as a broker of record?
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BROKER WRAP-UP: DAY 1
Self-Reflection Reflect on the activities you have just completed. Identify areas you believe you performed well.
Identify areas you believe need improvement.
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BROKER WRAP-UP: DAY 1 Additional notes during class discussion:
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FORMS BOOKLET
BROKER WRAP-UP DAY 1
Real Estate Broker Program © 2020 Real Estate Council of Ontario. All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or in any means— electronic, mechanical, photocopying, recording, or otherwise—without prior written permission, except for the personal use of the Real Estate Broker Program learner.
Table of Contents
(use links to jump to each package)
Setting Up and Maintaining Trade-related Records – Document Package 1 Trade Input Form Agreement of Purchase and Sale Confirmation of Co-operation and Representation Certified Bank Draft #1936 to ABC Real Estate Inc. from OPI Banking Setting Up and Maintaining Trade-related Records – Document Package 2 Listing Agreement – Seller Representation Agreement – Authority to Offer for Sale Individual Identification Information Record Setting Up and Maintaining Trade-related Records – Document Package 3 Working with a REALTOR® Buyer Representation Agreement – Authority for Purchase or Individual Identification Information Records Setting Up and Maintaining Trade-related Records – Document Package 4 Agreement of Purchase and Sale (presented and not accepted)
TOC
Setting Up and Maintaining Trade – related Records Document Package #1
TRADE INPUT FORM T ade # (assigned) Tr
Listing #
MLS ® #
Sale Price
Sale Date
Closing Date
$625,000
Feb 26, 2021
Jan 3, 2021
65 Greenspan St., Anycity
Property Address
Seller
Ronald & Grace Papirnik
Bruno Waldman
Buyer
Address
Address
City
Postal Code
T .# Tel
City
Postal Code
T .# Tel
Postal Code
T .# Tel
$25, 000 Deposit
Supp. Dep. (details)
FIRM
Conditions:
Date Date Date T Type of Sale:
x
Our List
Our Sale
x
MLS®
Excl.
Ref
Other
5%
Commission Distribution: $ 31,250 T Total Commission
Comm. Rate
Amount
ABC Real Estate, Inc.
Brokerage Distribution:
Other
$
15,625
Listing Brokerage $ Listing Ref. Brokerage
Wonderland Realty Inc.
$
15,625
Co-operating Brokerage
$ Co-operating Ref. Brokerage $ T Total Commission
Greg Drury
$
14,062.50
Listing Broker/Salesperson #1 $ Listing Broker/Salesperson #2 $ Listing Broker/Salesperson #3 $ Selling Broker/Salesperson #1 $ Selling Broker/Salesperson #2 $ Selling Broker/Salesperson #3
Brokerage Information: Brokerage
Brokerage (If Refer f rral)
Address
Address
City
Postal Code
T .# Tel
City
Mr. King
Solicitor Information:
Mr. Bruce Winter
Seller’s Solicitor
Buyer’s Solicitor
Address
Address
10 1st St.
77 Common Ave.
658-987-4443
Anycity
City
Postal Code
T .# Tel
Anycity
City
988-765-6767 Postal Code
T .# Tel
Additional Information:
Greg Drury Broker/Salesperson Signature
Jan 3, 2021 Date
Sample Trade Input Form is for illustrative purposes only. Modify as required. THIS FORM DOES NOT REPLACE TRADE RECORD SHEET.
Agreement of Purchase and Sale Form 100
for use in the Province of Ontario
30 December 20 This Agreement of Purchase and Sale dated this ....................... day of .................................................................................................... 20............
Ronald Papirnik & Grace Papirnik agrees to purchase from BUYER: ......................................................................................................................................................................., (Full legal names of all Buyers)
Bruno Waldman the following SELLER: ......................................................................................................................................................................................, (Full legal names of all Sellers)
REAL PROPERTY:
65 Greenspan St. Anycity Anyregion Address ........................................................................................................................................................................................................... south Greenspan St. fronting on the ................................................................................... side of ....................................................................................................
City of Anycity in the ............................................................................................................................................................................................................... 62 feet 135 feet and having a frontage of ............................................................... more or less by a depth of ............................................................ more or less Lot 22 Plan 90M -2345 Anycity, Anyregion and legally described as .................................................................................................................................................................................... ................................................................................................................................................................................................. (the “property”) (Legal description of land including easements not described elsewhere)
625,000.00 Dollars (CDN$) ..........................................
PURCHASE PRICE:
Six Hundred Twenty-Five Thousand Dollars ............................................................................................................................................................................................................. upon acceptance DEPOSIT: Buyer submits ................................................................................................................................................................................... (Herewith/Upon Acceptance/as otherwise described in this Agreement)
Twenty-Five Thousand 25,000.00 ..................................................................................................................................................... Dollars (CDN$) .......................................... ABC Real Estate Inc. “Deposit Holder” to be held by negotiable cheque payable to ............................................................................................................................ in trust pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion. For the purposes of this Agreement, “Upon Acceptance” shall mean that the Buyer is required to deliver the deposit to the Deposit Holder within 24 hours of the acceptance of this Agreement. The parties to this Agreement hereby acknowledge that, unless otherwise provided for in this Agreement, the Deposit Holder shall place the deposit in trust in the Deposit Holder’s non-interest bearing Real Estate Trust Account and no interest shall be earned, received or paid on the deposit. Buyer agrees to pay the balance as more particularly set out in Schedule A attached. SCHEDULE(S) A..............................................................................................................attached hereto form(s) part of this Agreement. 1.
Buyer 8:30 3 IRREVOCABILITY: This offer shall be irrevocable by ..................................................................... until ............................... on the .............. (Seller/Buyer)
(a.m./p.m.)
January 21 day of ................................................................... 20 ........., after which time, if not accepted, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest. 2.
26 February day of ................................................... COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on the ..............
21 20 ............... Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided for in this Agreement.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 1 of 6
From Form 00: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
3.
NOTICES: The Seller hereby appoints the Listing Brokerage as agent for the Seller for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage (Buyer’s Brokerage) has entered into a representation agreement with the Buyer, the Buyer hereby appoints the Buyer’s Brokerage as agent for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be appointed or authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices. Any notice relating hereto or provided for herein shall be in writing. In addition to any provision contained herein and in any Schedule hereto, this offer, any counter-offer, notice of acceptance thereof or any notice to be given or received pursuant to this Agreement or any Schedule hereto (any of them, “Document”) shall be deemed given and received when delivered personally or hand delivered to the Address for Service provided in the Acknowledgement below, or where a facsimile number or email address is provided herein, when transmitted electronically to that facsimile number or email address, respectively, in which case, the signature(s) of the party (parties) shall be deemed to be original.
FAX No.: ......................................................................................
FAX No.: ..........................................................................................
[email protected] Email Address: ..............................................................................
[email protected] Email Address: ..................................................................................
(For delivery of Documents to Seller)
(For delivery of Documents to Seller)
4.
(For delivery of Documents to Buyer)
(For delivery of Documents to Buyer)
CHATTELS INCLUDED:
Existing stainless steel Fridge, stove, microwave, and built-in dishwasher, all existing window coverings, existing workbench in basement, existing washer and dryer.
Unless otherwise stated in this Agreement or any Schedule hereto, Seller agrees to convey all fixtures and chattels included in the Purchase Price free from all liens, encumbrances or claims affecting the said fixtures and chattels.
5.
FIXTURES EXCLUDED:
Children's play house in back yard
6.
RENTAL ITEMS (Including Lease, Lease to Own): The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental contract(s), if assumable:
Hot water tank
The Buyer agrees to co-operate and execute such documentation as may be required to facilitate such assumption.
7.
HST: If the sale of the property (Real Property as described above) is subject to Harmonized Sales Tax (HST), then such tax shall be
included in ............................................................... the Purchase Price. If the sale of the property is not subject to HST, Seller agrees to certify on or before (included in/in addition to)
closing, that the sale of the property is not subject to HST. Any HST on chattels, if applicable, is not included in the Purchase Price.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 2 of 6
From Form 00: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
8.
12 February 21 TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the .............. day of ......................................................., 20..........., (Requisition Date) to examine the title to the property at Buyer’s own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or; (ii) five days prior to completion, to satisfy Buyer that there are no outstanding
residential work orders or deficiency notices affecting the property, and that its present use (....................................................................................) may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require. 9.
FUTURE USE: Seller and Buyer agree that there is no representation or warranty of any kind that the future intended use of the property by Buyer is or will be lawful except as may be specifically provided for in this Agreement.
10. TITLE: Provided that the title to the property is good and free from all registered restrictions, charges, liens, and encumbrances except as otherwise specifically provided in this Agreement and save and except for (a) any registered restrictions or covenants that run with the land providing that such are complied with; (b) any registered municipal agreements and registered agreements with publicly regulated utilities providing such have been complied with, or security has been posted to ensure compliance and completion, as evidenced by a letter from the relevant municipality or regulated utility; (c) any minor easements for the supply of domestic utility or telecommunication services to the property or adjacent properties; and (d) any easements for drainage, storm or sanitary sewers, public utility lines, telecommunication lines, cable television lines or other services which do not materially affect the use of the property. If within the specified times referred to in paragraph 8 any valid objection to title or to any outstanding work order or deficiency notice, or to the fact the said present use may not lawfully be continued, or that the principal building may not be insured against risk of fire is made in writing to Seller and which Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance save and except against risk of fire (Title Insurance) in favour of the Buyer and any mortgagee, (with all related costs at the expense of the Seller), and which Buyer will not waive, this Agreement notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or deduction and Seller, Listing Brokerage and Co-operating Brokerage shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, Buyer shall be conclusively deemed to have accepted Seller’s title to the property. 11. CLOSING ARRANGEMENTS: Where each of the Seller and Buyer retain a lawyer to complete the Agreement of Purchase and Sale of the property, and where the transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Seller and Buyer acknowledge and agree that the exchange of closing funds, non-registrable documents and other items (the “Requisite Deliveries”) and the release thereof to the Seller and Buyer will (a) not occur at the same time as the registration of the transfer/deed (and any other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(s) receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Seller and Buyer irrevocably instruct the said lawyers to be bound by the document registration agreement which is recommended from time to time by the Law Society of Ontario. Unless otherwise agreed to by the lawyers, such exchange of Requisite Deliveries shall occur by the delivery of the Requisite Deliveries of each party to the office of the lawyer for the other party or such other location agreeable to both lawyers. 12. DOCUMENTS AND DISCHARGE: Buyer shall not call for the production of any title deed, abstract, survey or other evidence of title to the property except such as are in the possession or control of Seller. If requested by Buyer, Seller will deliver any sketch or survey of the property within Seller’s control to Buyer as soon as possible and prior to the Requisition Date. If a discharge of any Charge/Mortgage held by a corporation incorporated pursuant to the Trust And Loan Companies Act (Canada), Chartered Bank, Trust Company, Credit Union, Caisse Populaire or Insurance Company and which is not to be assumed by Buyer on completion, is not available in registrable form on completion, Buyer agrees to accept Seller’s lawyer’s personal undertaking to obtain, out of the closing funds, a discharge in registrable form and to register same, or cause same to be registered, on title within a reasonable period of time after completion, provided that on or before completion Seller shall provide to Buyer a mortgage statement prepared by the mortgagee setting out the balance required to obtain the discharge, and, where a real-time electronic cleared funds transfer system is not being used, a direction executed by Seller directing payment to the mortgagee of the amount required to obtain the discharge out of the balance due on completion. 13. INSPECTION: Buyer acknowledges having had the opportunity to inspect the property and understands that upon acceptance of this offer there shall be a binding agreement of purchase and sale between Buyer and Seller. The Buyer acknowledges having the opportunity to include a requirement for a property inspection report in this Agreement and agrees that except as may be specifically provided for in this Agreement, the Buyer will not be obtaining a property inspection or property inspection report regarding the property. 14. INSURANCE: All buildings on the property and all other things being purchased shall be and remain until completion at the risk of Seller. Pending completion, Seller shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage, Buyer may either terminate this Agreement and have all monies paid returned without interest or deduction or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion. If Seller is taking back a Charge/ Mortgage, or Buyer is assuming a Charge/Mortgage, Buyer shall supply Seller with reasonable evidence of adequate insurance to protect Seller’s or other mortgagee’s interest on completion. INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 3 of 6
From Form 00: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
15. PLANNING ACT: This Agreement shall be effective to create an interest in the property only if Seller complies with the subdivision control provisions of the Planning Act by completion and Seller covenants to proceed diligently at Seller’s expense to obtain any necessary consent by completion. 16. DOCUMENT PREPARATION: The Transfer/Deed shall, save for the Land Transfer Tax Affidavit, be prepared in registrable form at the expense of Seller, and any Charge/Mortgage to be given back by the Buyer to Seller at the expense of the Buyer. If requested by Buyer, Seller covenants that the Transfer/Deed to be delivered on completion shall contain the statements contemplated by Section 50(22) of the Planning Act, R.S.O.1990. 17. RESIDENCY: (a) Subject to (b) below, the Seller represents and warrants that the Seller is not and on completion will not be a non-resident under the non-residency provisions of the Income Tax Act which representation and warranty shall survive and not merge upon the completion of this transaction and the Seller shall deliver to the Buyer a statutory declaration that Seller is not then a non-resident of Canada; (b) provided that if the Seller is a non-resident under the non-residency provisions of the Income Tax Act, the Buyer shall be credited towards the Purchase Price with the amount, if any, necessary for Buyer to pay to the Minister of National Revenue to satisfy Buyer’s liability in respect of tax payable by Seller under the non-residency provisions of the Income Tax Act by reason of this sale. Buyer shall not claim such credit if Seller delivers on completion the prescribed certificate. 18. ADJUSTMENTS: Any rents, mortgage interest, realty taxes including local improvement rates and unmetered public or private utility charges and unmetered cost of fuel, as applicable, shall be apportioned and allowed to the day of completion, the day of completion itself to be apportioned to Buyer. 19. PROPERTY ASSESSMENT: The Buyer and Seller hereby acknowledge that the Province of Ontario has implemented current value assessment and properties may be re-assessed on an annual basis. The Buyer and Seller agree that no claim will be made against the Buyer or Seller, or any Brokerage, Broker or Salesperson, for any changes in property tax as a result of a re-assessment of the property, save and except any property taxes that accrued prior to the completion of this transaction. 20. TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Seller and Buyer or by their respective lawyers who may be specifically authorized in that regard. 21. TENDER: Any tender of documents or money hereunder may be made upon Seller or Buyer or their respective lawyers on the day set for completion. Money shall be tendered with funds drawn on a lawyer’s trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. 22. FAMILY LAW ACT: Seller warrants that spousal consent is not necessary to this transaction under the provisions of the Family Law Act, R.S.O.1990 unless the spouse of the Seller has executed the consent hereinafter provided. 23. UFFI: Seller represents and warrants to Buyer that during the time Seller has owned the property, Seller has not caused any building on the property to be insulated with insulation containing ureaformaldehyde, and that to the best of Seller’s knowledge no building on the property contains or has ever contained insulation that contains ureaformaldehyde. This warranty shall survive and not merge on the completion of this transaction, and if the building is part of a multiple unit building, this warranty shall only apply to that part of the building which is the subject of this transaction. 24. LEGAL, ACCOUNTING AND ENVIRONMENTAL ADVICE: The parties acknowledge that any information provided by the brokerage is not legal, tax or environmental advice. 25. CONSUMER REPORTS: The Buyer is hereby notified that a consumer report containing credit and/or personal information may be referred to in connection with this transaction. 26. AGREEMENT IN WRITING: If there is conflict or discrepancy between any provision added to this Agreement (including any Schedule attached hereto) and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement including any Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seller. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein. For the purposes of this Agreement, Seller means vendor and Buyer means purchaser. This Agreement shall be read with all changes of gender or number required by the context. 27. TIME AND DATE: Any reference to a time and date in this Agreement shall mean the time and date where the property is located.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 4 of 6
From Form 00: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
28. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms herein. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
...............................................................................
........................................................................
(Witness)
(Buyer)
Ann Grant
............................................................................... (Witness)
Ronald Papirnik
........................................................................ (Buyer) Grace
Ann Grant
Papirnik
........................................
(Seal)
(Date)
........................................
(Seal)
(Date)
I, the Undersigned Seller, agree to the above offer. I hereby irrevocably instruct my lawyer to pay directly to the brokerage(s) with whom I have agreed to pay commission, the unpaid balance of the commission together with applicable Harmonized Sales Tax (and any other taxes as may hereafter be applicable), from the proceeds of the sale prior to any payment to the undersigned on completion, as advised by the brokerage(s) to my lawyer. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
...............................................................................
........................................................................
(Witness)
(Seller)
Greg Drury
...............................................................................
Bruno Waldman
........................................................................
(Witness)
(Seller)
........................................
(Seal)
(Date)
........................................
(Seal)
(Date)
SPOUSAL CONSENT: The undersigned spouse of the Seller hereby consents to the disposition evidenced herein pursuant to the provisions of the Family Law Act, R.S.O.1990, and hereby agrees to execute all necessary or incidental documents to give full force and effect to the sale evidenced herein. ...............................................................................
........................................................................
(Witness)
(Spouse)
........................................
(Seal)
(Date)
CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all changes both typed
6:30 3rd January 21 and written was finally accepted by all parties at .......................................... this ................. day of....................................................., 20........... (a.m./p.m.)
..................................................................................................
(Signature of Seller or Buyer)
INFORMATION ON BROKERAGE(S)
ABC Real Estate Inc. Listing Brokerage .......................................................................................................................
654-322-1234 ........................................................... (Tel.No.)
Greg Drury ............................................................................................................................................................................................................... (Salesperson/Broker/Broker of Record Name)
Wonderland Realty Inc. Co-op/Buyer Brokerage .............................................................................................................
765-432-9876 ...........................................................
(Tel.No.)
Ann Grant ............................................................................................................................................................................................................... (Salesperson/Broker/Broker of Record Name)
ACKNOWLEDGEMENT I acknowledge receipt of my signed copy of this accepted Agreement of I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. .......................................................................... ............................ (Seller)
(Date)
Bruno Waldman
.......................................................................... ............................
(Seller)
(Date)
........................................................................ ...............................
(Buyer)
(Date)
Ronald Papirnik
........................................................................ ...............................
(Buyer)
(Date)
Grace Papirnik
Address for Service ............................................................................
Address for Service ............................................................................
........................................................
........................................................
............................................. (Tel. No.)
.............................................
(Tel. No.)
Mr. King Seller’s Lawyer ...................................................................................
Mr Bruce Winter Buyer’s Lawyer ...................................................................................
10 1st St. Anycity Address ............................................................................................
77 Common Ave Address .............................................................................................
[email protected] Email ................................................................................................
[email protected] Email ................................................................................................
658-987-4443 ....................................................... (Tel. No.)
FOR OFFICE USE ONLY
.............................................. (Fax. No.)
988-765-6767 .......................................................
(Tel. No.)
........... ................................... (Fax. No.)
COMMISSION TRUST AGREEMENT
To: Co-operating Brokerage shown on the foregoing Agreement of Purchase and Sale: In consideration for the Co-operating Brokerage procuring the foregoing Agreement of Purchase and Sale, I hereby declare that all moneys received or receivable by me in connection with the Transaction as contemplated in the MLS® Rules and Regulations of my Real Estate Board shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the MLS® Rules and shall be subject to and governed by the MLS® Rules pertaining to Commission Trust. DATED as of the date and time of the acceptance of the foregoing Agreement of Purchase and Sale.
Acknowledged by:
.......................................................................................................................
.............................................................................................
(Authorized to bind the Listing Brokerage)
Greg Drury
(Authorized to bind the Co-operating Brokerage) Ann Grant
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 100
Revised 2020
Page 5 of 6
From Form 00: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Schedule A Form 100
Agreement of Purchase and Sale
for use in the Province of Ontario
This Schedule is attached to and forms part of the Agreement of Purchase and Sale between:
Ronald Papirnik Grace Papirnik & BUYER: ..................................................................................................................................................................................................., and Bruno Waldman SELLER: ..........................................................................................................................................................................................................
65 Greenspan St. Anyregion for the purchase and sale of ............................................................................................................................................................................... 30 day of ................................................................................., 20 December ........................................................................ dated the .............. 20................ Buyer agrees to pay the balance as follows:
The Buyer agrees to pay a further sum of Six Hundred Thousand Dollars ($600,000), subject to adjustments, to the Seller on completion of this transaction, with funds drawn on a lawyer's trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. The Seller represents and warrants that the chattels and fixtures as included in this Agreement of Purchase and Sale will be in good working order and free from all liens and encumbrances on completion. The Parties agree that this representation and warranty shall survive and not merge on completion of this transaction, but apply only to the state of the property at completion of this transaction. The Seller represents and warrants to Buyer that during the time the Seller owned the property, the Seller has not installed in any building on the property Kitec plumbing, any fittings for Kitec plumbing nor any Kitec Plumbing Systems ("Kitec") and that to the best of the undersigned's knowledge, no building on the property contains or has ever contained Kitec. This warranty shall survive and not merge on the completion of the above transaction, and if the building is part of a multiple unit building, this warranty shall only apply to the part of the building, which is subject to this transaction. The Buyer shall have the right to inspect the property two further times prior to completion, at mutually agreed upon times, provided that written notice is given to the Seller. The Seller agrees to provide access to the property for the purpose of this inspection. The Parties to this Agreement hereby acknowledge that the Deposit Holder shall place all deposit monies in an interest bearing security with any accrued interest on deposit to be paid to the Buyer as soon as possible after completion or other termination of this agreement. The deposit holder will immediately inform the person depositing the trust money as to the interest rate received on the deposit. In the event that the closing date is advanced or the transaction is terminated, the party receiving the interest agrees to accept the short-term rate for deposits withdrawn before maturity. The buyer agrees to provide their Social Insurance Number prior to being paid the interest on deposit._____________________
This form must be initialed by all parties to the Agreement of Purchase and Sale.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 6 of 6
From From Form Form 00: Schedule A Agreement of Purchase and©Sale ©Ontario 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020Estate Real Estate of Ontario 00: Agreement of Purchase and Sale 2020 Real Estate Association. All rights reserved. Used under license. 2020 Real CouncilCouncil of Ontario
Confirmation of Co-operation and Representation
Form 320
for use in the Province of Ontario
& Ronald Papirnik Grace Papirnik BUYER: ..........................................................................................................................................................................................................
Bruno Waldman SELLER: .......................................................................................................................................................................................................... 65 Greenspan St. Anycity Anyregion For the transaction on the property known as: ........................................................................................................................................................ DEFINITIONS AND INTERPRETATIONS: For the purposes of this Confirmation of Co-operation and Representation: “Seller” includes a vendor, a landlord, lessor, or a prospective, seller, vendor, landlord or lessor and “Buyer” includes a purchaser, a tenant, lessee or a prospective, buyer, purchaser, tenant or lessee and “sale“ includes a lease, and “Agreement of Purchase and Sale” includes an Agreement to Lease. Commission shall be deemed to include other remuneration. The following information is confirmed by the undersigned salesperson/broker representatives of the Brokerage(s). If a Co-operating Brokerage is involved in the transaction, the brokerages agree to co-operate, in consideration of, and on the terms and conditions as set out below. DECLARATION OF INSURANCE: The undersigned salesperson/broker representative(s) of the Brokerage(s) hereby declare that he/she is insured as required by the Real Estate and Business Brokers Act, 2002, (REBBA). 1.
LISTING BROKERAGE a)
The Listing Brokerage represents the interests of the Seller in this transaction. It is further understood and agreed that: 1)
✘
2) b)
The Listing Brokerage is not representing or providing Customer Service to the Buyer. (If the Buyer is working with a Co-operating Brokerage, Section 3 is to be completed by Co-operating Brokerage) The Listing Brokerage is providing Customer Service to the Buyer.
MULTIPLE REPRESENTATION: The Listing Brokerage has entered into a Buyer Representation Agreement with the Buyer and represents the interests of the Seller and the Buyer, with their consent, for this transaction. The Listing Brokerage must be impartial and equally protect the interests of the Seller and the Buyer in this transaction. The Listing Brokerage has a duty of full disclosure to both the Seller and the Buyer, including a requirement to disclose all factual information about the property known to the Listing Brokerage. However, the Listing Brokerage shall not disclose: • That the Seller may or will accept less than the listed price, unless otherwise instructed in writing by the Seller; • That the Buyer may or will pay more than the offered price, unless otherwise instructed in writing by the Buyer; • The motivation of or personal information about the Seller or Buyer, unless otherwise instructed in writing by the party to which the information applies, or unless failure to disclose would constitute fraudulent, unlawful or unethical practice; • The price the Buyer should offer or the price the Seller should accept; • And; the Listing Brokerage shall not disclose to the Buyer the terms of any other offer. However, it is understood that factual market information about comparable properties and information known to the Listing Brokerage concerning potential uses for the property will be disclosed to both Seller and Buyer to assist them to come to their own conclusions.
Additional comments and/or disclosures by Listing Brokerage: (e.g. The Listing Brokerage represents more than one Buyer offering on this property.)
2.
PROPERTY SOLD BY BUYER BROKERAGE – PROPERTY NOT LISTED The Brokerage ............................represent the Buyer and the property is not listed with any real estate brokerage. The Brokerage will be paid (does/does not)
by the Seller in accordance with a Seller Customer Service Agreement or:
by the Buyer directly
Additional comments and/or disclosures by Buyer Brokerage: (e.g. The Buyer Brokerage represents more than one Buyer offering on this property.)
INITIALS OF BUYER(S)/SELLER(S)/BROKERAGE REPRESENTATIVE(S) (Where applicable)
BUYER
CO-OPERATING/BUYER BROKERAGE
SELLER
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
LISTING BROKERAGE
Form 320
Revised 2019
Page 1 of 2
From Form 320: Confirmation of Co-operation and Representation © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
3.
Co-operating Brokerage completes Section 3 and Listing Brokerage completes Section 1. CO-OPERATING BROKERAGE- REPRESENTATION: a)
✘
The Co-operating Brokerage represents the interests of the Buyer in this transaction.
b)
The Co-operating Brokerage is providing Customer Service to the Buyer in this transaction.
c)
The Co-operating Brokerage is not representing the Buyer and has not entered into an agreement to provide customer service(s) to the Buyer.
CO-OPERATING BROKERAGE- COMMISSION: a)
✘
The Listing Brokerage will pay the Co-operating Brokerage the commission as indicated in the MLS® information for the property
2.5% ……………………………………………................................... to be paid from the amount paid by the Seller to the Listing Brokerage. (Commission As Indicated In MLS® Information)
b)
The Co-operating Brokerage will be paid as follows:
Additional comments and/or disclosures by Co-operating Brokerage: (e.g., The Co-operating Brokerage represents more than one Buyer offering on this property.)
Commission will be payable as described above, plus applicable taxes. COMMISSION TRUST AGREEMENT: If the above Co-operating Brokerage is receiving payment of commission from the Listing Brokerage, then the agreement between Listing Brokerage and Co-operating Brokerage further includes a Commission Trust Agreement, the consideration for which is the Co-operating Brokerage procuring an offer for a trade of the property, acceptable to the Seller. This Commission Trust Agreement shall be subject to and governed by the MLS® rules and regulations pertaining to commission trusts of the Listing Brokerage’s local real estate board, if the local board’s MLS® rules and regulations so provide. Otherwise, the provisions of the OREA recommended MLS® rules and regulations shall apply to this Commission Trust Agreement. For the purpose of this Commission Trust Agreement, the Commission Trust Amount shall be the amount noted in Section 3 above. The Listing Brokerage hereby declares that all monies received in connection with the trade shall constitute a Commission Trust and shall be held, in trust, for the Co-operating Brokerage under the terms of the applicable MLS® rules and regulations. SIGNED BY THE BROKER/SALESPERSON REPRESENTATIVE(S) OF THE BROKERAGE(S) (Where applicable)
Wonderland Realty Inc. ........................................................................................................
ABC Real Estate Inc. ........................................................................................................
........................................................................................................
........................................................................................................
765-432-9876 Fax: ................................................ Tel:. .........................................
654-322-1234 Tel:. ......................................... Fax: ................................................
..................................................................... ................................
..................................................................... ................................
salesperson B Ann Grant ........................................................................................................
salesperson Greg Drury A ........................................................................................................
(Name of Co-operating/Buyer Brokerage)
(Authorized to bind the Co-operating/Buyer Brokerage)
(Date)
(Print Name of Salesperson/Broker/Broker of Record)
(Name of Listing Brokerage)
(Authorized to bind the Listing Brokerage)
(Date)
(Print Name of Salesperson/Broker/Broker of Record)
CONSENT FOR MULTIPLE REPRESENTATION (To be completed only if the Brokerage represents more than one client for the transaction) The Buyer/Seller consent with their initials to their Brokerage representing more than one client for this transaction. BUYER’S INITIALS
SELLER’S INITIALS
ACKNOWLEDGEMENT I have received, read, and understand the above information. .........................................................
................................................ (Date)
(Signature of Seller) Bruno Waldman
.........................................................
................................................
...................................................
(Signature of Buyer) Ronald Kyle Toms Papirnik
(Signature of Buyer)
Lily GraceToms Papirnik
(Date)
...................................................
(Signature of Seller)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 320
.......................................
(Date)
.......................................
(Date)
Revised 2019
Page 2 of 2
From Form 320: Confirmation of Co-operation and Representation © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
OPI Banking
999 King St. Anycity, ON M7H 4L9
Certified Bank Draft January 4, 2021
ABC Real Estate Inc.
25,000.00
Twenty-Five Thousand -------------------------------------------------------/xx
Deposit on 65 Greenspan St.
Antonia Sena Gabriel Gomez
TOC
Setting Up and Maintaining Trade – related Records Document Package #2
Listing Agreement Form 200
for use in the Province of Ontario
Seller Representation Agreement Authority to Offer for Sale ®
EXCLUSIVE This is a Multiple Listing Service® Agreement
OR
Exclusive Listing Agreement
(Seller’s Initials)
BETWEEN:
(Seller’s Initials)
ABC Real Estate Inc. BROKERAGE: ................................................................................................................................................................................................ 719 Andover Rd. Anycity, 654-322-1234 ..................................................................................................................(the “Listing Brokerage”) Tel. No. ...................................................... Bruno Waldman SELLER: .........................................................................................................................................................................................(the “Seller”) In consideration of the Listing Brokerage listing the real property for sale known as....................................................................................................
65 Greenspan St. Anycity ON M5M 0N9 ..................................................................................................................................................................................................(the “Property”) 2 the Seller hereby gives the Listing Brokerage the exclusive and irrevocable right to act as the Seller’s agent, commencing at 12:01 a.m. on the .............. day December 20 31 day of .............................................., March 21 of .............................................., 20..........., until 11:59 p.m. on the ............ 20.......... (the “Listing Period”), Seller acknowledges that the length of the Listing Period is negotiable between the Seller and the Listing Brokerage and, if an MLS® listing, may be subject to minimum requirements of the real estate board, however, in accordance with the Real Estate and Business Brokers Act, 2002, (REBBA), if the Listing Period exceeds six months, the Listing Brokerage must obtain the Seller’s initials.
to offer the Property for sale at a price of:
{
{
(Seller’s Initials)
629,900.00 Dollars (CDN$) ..........................................
Six Hundred Twenty-Nine Thousand Nine Hundred .............................................................................................................................................................................................................Dollars and upon the terms particularly set out herein, or at such other price and/or terms acceptable to the Seller. It is understood that the price and/or terms set out herein are at the Seller’s personal request, after full discussion with the Listing Brokerage’s representative regarding potential market value of the Property. The Seller hereby represents and warrants that the Seller is not a party to any other listing agreement for the Property or agreement to pay commission to any other real estate brokerage for the sale of the Property.
(Seller’s Initials)
1.
DEFINITIONS AND INTERPRETATIONS: For the purposes of this Agreement (“Authority” or “Agreement”): “Seller” includes vendor, a “buyer” includes a purchaser, or a prospective purchaser. A “real estate board” includes a real estate association. A purchase shall be deemed to include the entering into of any agreement to exchange, or the obtaining of an option to purchase which is subsequently exercised. Commission shall be deemed to include other remuneration. This Agreement shall be read with all changes of gender or number required by the context. For purposes of this Agreement, anyone introduced to or shown the Property shall be deemed to include any spouse, heirs, executors, administrators, successors, assigns, related corporations and affiliated corporations. Related corporations or affiliated corporations shall include any corporation where one half or a majority of the shareholders, directors or officers of the related or affiliated corporation are the same person(s) as the shareholders, directors, or officers of the corporation introduced to or shown the Property.
2.
COMMISSION: In consideration of the Listing Brokerage listing the Property, the Seller agrees to pay the Listing Brokerage a commission of
5 ...............% of the sale price of the Property or ........................................................................................................................................ for any valid offer to purchase the Property from any source whatsoever obtained during the Listing Period and on the terms and conditions set out in this Agreement OR such other terms and conditions as the Seller may accept. The Seller authorizes the Listing Brokerage to co-operate with any 2.5 other registered real estate brokerage (co-operating brokerage) and to offer to pay the co-operating brokerage a commission of................% of the sale price of the Property or................................................................................................ out of the commission the Seller pays the Listing Brokerage. The Seller further agrees to pay such commission as calculated above if an agreement to purchase is agreed to or accepted by the Seller or anyone
90 on the Seller’s behalf within ............................. days after the expiration of the Listing Period (Holdover Period), so long as such agreement is with anyone who was introduced to the Property from any source whatsoever during the Listing Period or shown the Property during the Listing Period. If, however, the offer for the purchase of the Property is pursuant to a new agreement in writing to pay commission to another registered real estate brokerage, the Seller’s liability for commission shall be reduced by the amount paid by the Seller under the new agreement. The Seller further agrees to pay such commission as calculated above even if the transaction contemplated by an agreement to purchase agreed to or accepted by the Seller or anyone on the Seller’s behalf is not completed, if such non-completion is owing or attributable to the Seller’s default or neglect, said commission to be payable on the date set for completion of the purchase of the Property. Any deposit in respect of any agreement where the transaction has been completed shall first be applied to reduce the commission payable. Should such amounts paid to the Listing Brokerage from the deposit or by the Seller’s solicitor not be sufficient, the Seller shall be liable to pay to the Listing Brokerage on demand, any deficiency in commission and taxes owing on such commission. All amounts set out as commission are to be paid plus applicable taxes on such commission. INITIALS OF LISTING BROKERAGE: The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 200
Revised 2019
Page 1 of 3
From Form 200: Listing Agreement Seller Representation Agreement Authority to Offer for Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
3.
REPRESENTATION: The Seller acknowledges that the Listing Brokerage has provided the Seller with information explaining agency relationships, including information on Seller Representation, Sub-agency, Buyer Representation, Multiple Representation and Customer Service. The Seller understands that unless the Seller is otherwise informed, the co-operating brokerage is representing the interests of the buyer in the transaction. The Seller further acknowledges that the Listing Brokerage may be listing other properties that may be similar to the Seller’s Property and the Seller hereby consents to the Listing Brokerage listing other properties that may be similar to the Seller’s Property without any claim by the Seller of conflict of interest. The Seller hereby appoints the Listing Brokerage as the Seller’s agent for the purpose of giving and receiving notices pursuant to any offer or agreement to purchase the Property. Unless otherwise agreed in writing between Seller and Listing Brokerage, any commission payable to any other brokerage shall be paid out of the commission the Seller pays the Listing Brokerage, said commission to be disbursed in accordance with the Commission Trust Agreement.
MULTIPLE REPRESENTATION: The Seller hereby acknowledges that the Listing Brokerage may be entering into buyer representation agreements with buyers who may be interested in purchasing the Seller’s Property. In the event that the Listing Brokerage has entered into or enters into a buyer representation agreement with a prospective buyer for the Seller’s Property, the Listing Brokerage will obtain the Seller’s written consent to represent both the Seller and the buyer for the transaction at the earliest practicable opportunity and in all cases prior to any offer to purchase being submitted or presented. The Seller understands and acknowledges that the Listing Brokerage must be impartial when representing both the Seller and the buyer and equally protect the interests of the Seller and buyer. The Seller understands and acknowledges that when representing both the Seller and the buyer, the Listing Brokerage shall have a duty of full disclosure to both the Seller and the buyer, including a requirement to disclose all factual information about the Property known to the Listing Brokerage. However, the Seller further understands and acknowledges that the Listing Brokerage shall not disclose: • that the Seller may or will accept less than the listed price, unless otherwise instructed in writing by the Seller; • that the buyer may or will pay more than the offered price, unless otherwise instructed in writing by the buyer; • the motivation of or personal information about the Seller or buyer, unless otherwise instructed in writing by the party to which the information applies or unless failure to disclose would constitute fraudulent, unlawful or unethical practice; • the price the buyer should offer or the price the Seller should accept; and • the Listing Brokerage shall not disclose to the buyer the terms of any other offer. However, it is understood that factual market information about comparable properties and information known to the Listing Brokerage concerning potential uses for the Property will be disclosed to both Seller and buyer to assist them to come to their own conclusions. Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be entitled or authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices. MULTIPLE REPRESENTATION AND CUSTOMER SERVICE: The Seller understands and agrees that the Listing Brokerage also provides representation and customer service to other sellers and buyers. If the Listing Brokerage represents or provides customer service to more than one seller or buyer for the same trade, the Listing Brokerage shall, in writing, at the earliest practicable opportunity and before any offer is made, inform all sellers and buyers of the nature of the Listing Brokerage’s relationship to each seller and buyer. 4. FINDERS FEES: The Seller acknowledges that the Brokerage may be receiving a finder’s fee, reward and/or referral incentive, and the Seller consents to any such benefit being received and retained by the Brokerage in addition to the Commission as described above. 5. REFERRAL OF ENQUIRIES: The Seller agrees that during the Listing Period, the Seller shall advise the Listing Brokerage immediately of all enquiries from any source whatsoever, and all offers to purchase submitted to the Seller shall be immediately submitted to the Listing Brokerage before the Seller accepts or rejects the same. If any enquiry during the Listing Period results in the Seller accepting a valid offer to purchase during the Listing Period or within the Holdover Period after the expiration of the Listing Period, the Seller agrees to pay the Listing Brokerage the amount of Commission set out above, payable within five (5) days following the Listing Brokerage’s written demand therefor. 6. MARKETING: The Seller agrees to allow the Listing Brokerage to show and permit prospective buyers to fully inspect the Property during reasonable hours and the Seller gives the Listing Brokerage the sole and exclusive right to place “For Sale” and “Sold” sign(s) upon the Property. The Seller consents to the Listing Brokerage including information in advertising that may identify the Property. The Seller further agrees that the Listing Brokerage shall have sole and exclusive authority to make all advertising decisions relating to the marketing of the Property for sale during the Listing Period. The Seller agrees that the Listing Brokerage will not be held liable in any manner whatsoever for any acts or omissions with respect to advertising by the Listing Brokerage or any other party, other than by the Listing Brokerage’s gross negligence or wilful act. 7. WARRANTY: The Seller represents and warrants that the Seller has the exclusive authority and power to execute this Authority to offer the Property for sale and that the Seller has informed the Listing Brokerage of any third party interests or claims on the Property such as rights of first refusal, options, easements, mortgages, encumbrances or otherwise concerning the Property, which may affect the sale of the Property. 8. INDEMNIFICATION AND INSURANCE: The Seller will not hold the Listing Brokerage and representatives of the Brokerage responsible for any loss or damage to the Property or contents occurring during the term of this Agreement caused by the Listing Brokerage or anyone else by any means, including theft, fire or vandalism, other than by the Listing Brokerage’s gross negligence or wilful act. The Seller agrees to indemnify and save harmless the Listing Brokerage and representatives of the Brokerage and any co-operating brokerage from any liability, claim, loss, cost, damage or injury, including but not limited to loss of the Commission payable under this Agreement, caused or contributed to by the breach of any warranty or representation made by the Seller in this Agreement or the accompanying data form. The Seller warrants the Property is insured, including personal liability insurance against any claims or lawsuits resulting from bodily injury or property damage to others caused in any way on or at the Property and the Seller indemnifies the Brokerage and all of its employees, representatives, salespersons and brokers (Listing Brokerage) and any co-operating brokerage and all of its employees, representatives, salespersons and brokers (co-operating brokerage) for and against any claims against the Listing Brokerage or co-operating brokerage made by anyone who attends or visits the Property. 9. FAMILY LAW ACT: The Seller hereby warrants that spousal consent is not necessary under the provisions of the Family Law Act, R.S.O. 1990, unless the spouse of the Seller has executed the consent hereinafter provided. 10. VERIFICATION OF INFORMATION: The Seller authorizes the Listing Brokerage to obtain any information affecting the Property from any regulatory authorities, governments, mortgagees or others and the Seller agrees to execute and deliver such further authorizations in this regard as may be reasonably required. The Seller hereby appoints the Listing Brokerage or the Listing Brokerage’s authorized representative as the Seller’s attorney to execute such documentation as may be necessary to effect obtaining any information as aforesaid. The Seller hereby authorizes, instructs and directs the above noted regulatory authorities, governments, mortgagees or others to release any and all information to the Listing Brokerage. 11. USE AND DISTRIBUTION OF INFORMATION: The Seller consents to the collection, use and disclosure of personal information by the Brokerage for the purpose of listing and marketing the Property including, but not limited to: listing and advertising the Property using any medium including the Internet; disclosing Property information to prospective buyers, brokerages, salespersons and others who may assist in the sale of the Property; such other use of INITIALS OF LISTING BROKERAGE: The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 200
Revised 2019
Page 2 of 3
From Form 200: Listing Agreement Seller Representation Agreement Authority to Offer for Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
the Seller’s personal information as is consistent with listing and marketing of the Property. The Seller consents, if this is an MLS® Listing, to placement of the listing information and sales information by the Brokerage into the database(s) of the MLS® System of the appropriate Board, and to the posting of any documents and other information (including, without limitation, photographs, images, graphics, audio and video recordings, virtual tours, drawings, floor plans, architectural designs, artistic renderings, surveys and listing descriptions) provided by or on behalf of the Seller into the database(s) of the MLS® System of the appropriate Board. The Seller hereby indemnifies and saves harmless the Brokerage and/or any of its employees, servants, brokers or sales representatives from any and all claims, liabilities, suits, actions, losses, costs and legal fees caused by, or arising out of, or resulting from the posting of any documents or other information (including, without limitation, photographs, images, graphics, audio and video recordings, virtual tours, drawings, floor plans, architectural designs, artistic renderings, surveys and listing descriptions) as aforesaid. The Seller acknowledges that the database, within the board’s MLS® System is the property of the real estate board(s) and can be licensed, resold, or otherwise dealt with by the board(s). The Seller further acknowledges that the real estate board(s) may: during the term of the listing and thereafter, distribute the information in the database, within the board’s MLS® System to any persons authorized to use such service which may include other brokerages, government departments, appraisers, municipal organizations and others; market the Property, at its option, in any medium, including electronic media; during the term of the listing and thereafter, compile, retain and publish any statistics including historical data within the board’s MLS® System and retain, reproduce and display photographs, images, graphics, audio and video recordings, virtual tours, drawings, floor plans, architectural designs, artistic renderings, surveys and listing descriptions which may be used by board members to conduct comparative analyses; and make such other use of the information as the Brokerage and/or real estate board(s) deem appropriate, in connection with the listing, marketing and selling of real estate during the term of the listing and thereafter. The Seller acknowledges that the information, personal or otherwise (“information”), provided to the real estate board or association may be stored on databases located outside of Canada, in which case the information would be subject to the laws of the jurisdiction in which the information is located. In the event that this Agreement expires or is cancelled or otherwise terminated and the Property is not sold, the Seller, by initialling: consent to allow other real estate board members to contact the Seller after expiration or other termination of this Agreement to discuss listing or otherwise marketing the Property.
Does
Does Not
12. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms of this Agreement. 13. CONFLICT OR DISCREPANCY: If there is any conflict or discrepancy between any provision added to this Agreement (including any Schedule attached hereto) and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement, including any Schedule attached hereto, shall constitute the entire Agreement between the Seller and the Listing Brokerage. There is no representation, warranty, collateral agreement or condition which affects this Agreement other than as expressed herein. 14. ELECTRONIC COMMUNICATION: This Agreement and any agreements, notices or other communications contemplated thereby may be transmitted by means of electronic systems, in which case signatures shall be deemed to be original. The transmission of this Agreement by the Seller by electronic means shall be deemed to confirm the Seller has retained a true copy of the Agreement. 15. ELECTRONIC SIGNATURES: If this Agreement has been signed with an electronic signature the parties hereto consent and agree to the use of such electronic signature with respect to this Agreement pursuant to the Electronic Commerce Act, 2000, S.O. 2000, c17 as amended from time to time. 16. SCHEDULE(S): ....................................................................................... and data form attached hereto form(s) part of this Agreement. THE LISTING BROKERAGE AGREES TO MARKET THE PROPERTY ON BEHALF OF THE SELLER AND REPRESENT THE SELLER IN AN ENDEAVOUR TO OBTAIN A VALID OFFER TO PURCHASE THE PROPERTY ON THE TERMS SET OUT IN THIS AGREEMENT OR ON SUCH OTHER TERMS SATISFACTORY TO THE SELLER.
Greg Drury ............................................................................................. (Authorized to bind the Listing Brokerage)
....................................... (Date)
salesperson A ......................................................................... (Name of Person Signing)
THIS AGREEMENT HAS BEEN READ AND FULLY UNDERSTOOD BY ME, I ACCEPT THE TERMS OF THIS AGREEMENT AND I ACKNOWLEDGE ON THIS DATE I HAVE SIGNED UNDER SEAL. Any representations contained herein or as shown on the accompanying data form respecting the Property are true to the best of my knowledge, information and belief. SIGNED, SEALED AND DELIVERED I have hereunto set my hand and seal: ............................................................................................. (Signature of Seller)
Bruno Waldman
............................................................................................. (Signature of Seller)
(Seal) (Seal)
..............................................
311-456-6789 ...........................................................
..............................................
...........................................................
(Date) (Date)
(Tel. No.)
(Tel. No.)
SPOUSAL CONSENT: The undersigned spouse of the Seller hereby consents to the listing of the Property herein pursuant to the provisions of the Family Law Act, R.S.O. 1990 and hereby agrees to execute all necessary or incidental documents to further any transaction provided for herein. ............................................................................................. (Spouse)
(Seal)
.............................................. (Date)
...........................................................
(Tel. No.)
DECLARATION OF INSURANCE
Greg Drury salesperson A The Salesperson/Broker/Broker of Record ..................................................................................................................................................... (Name of Salesperson/Broker/Broker of Record)
hereby declares that he/she is insured as required by REBBA. .................................................................................................................................................................... (Signature(s) of Salesperson/Broker/Broker of Record)
ACKNOWLEDGEMENT The Seller(s) hereby acknowledge that the Seller(s) fully understand the terms of this Agreement and have received a copy of this Agreement
2nd December 20 on the ……......................... day of …………….....................................................…......................…………, 20 ….................................................…… .......................................................................................................................................................... .......................................................... (Signature of Seller)
Bruno Waldman
(Date)
.......................................................................................................................................................... .......................................................... (Signature of Seller)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
(Date)
Form 200
Revised 2019
Page 3 of 3
From Form 200: Listing Agreement Seller Representation Agreement Authority to Offer for Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
NOTE: An Individual Identification Information Record is required by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This Record must be completed by the REALTOR® member whenever they act in respect to the purchase or sale of real estate. It is recommended that the Individual Identification Information Record be completed: (i) for a buyer when the offer is submitted and/or a deposit made, and (ii) for a seller when the seller accepts the offer. Transaction Property Address: . . . . .65 . . . . . . Greenspan . . . . . . . . . . . .St. .............................................................. . . . . . . . . . . . . . . . . . . . . . . . . . . Anycity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ON . . . . . .M5M . . . . 0N9 ..... Sales Representative/Broker Name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Greg . . . . . . Drury ........................................ Date Information Verified/Credit File Consulted: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12/02/2020 .......................................
A. Verification of Individual NOTE: One of Section A.1, A.2. or A.3 must be completed for your individual clients or unrepresented individuals that are not clients, but are parties to the transaction (e.g. unrepresented buyer or seller) . Where you are unable to identify an unrepresented individual, complete section A.4 and consider sending a Suspicious Transaction Report to FINTRAC if there are reasonable grounds to suspect that the transaction involves the proceeds of crime or terrorist activity. Where you are using an agent or mandatary to verify the identity of an individual, see procedure described in CREA’s materials on REALTOR Link®. . . . . . . .Waldman ........................................... 1. Full legal name of individual: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Bruno 2. Address: . . . . .65 . . . . . . .Greenspan . . . . . . . . . . . St ............................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Anycity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ON . . . . . . . . . . . . . . . . .L4S . . . . 0A9 ............. May 12th 1950 3. Date of Birth: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Nature of Principal Business or Occupation: . . . . . . . . . . . . . . .Airline . . . . . . . . .pilot . . . . . . with . . . . . . High . . . . . .Tower . . . . . . .Airways ......................
A.1 Federal/Provincial/Territorial Government-Issued Photo ID Ascertain the individual’s identity by comparing the individual to their photo ID. The individual must be physically present. 1. Type of Identification Document*: .Drivers .(must . . . .view . . the . .Licence ....................................................................... original and have a photo, see CREA’s FINTRAC materials on REALTOR Link® for examples) 2. Document Identifier Number: .W1234 . . . . . . .-. .56790 . . . . . . .-. .51250 ................................................................. 3. Issuing Jurisdiction: .Ontario . . . (insert . . . . applicable . . . . . . .Province, . . . . . Territory, . . . . . .Foreign . . . . Jurisdiction . . . . . . . or. .“Canada”) . . . . . . . . . Country: . . . . . . . . . . . . . . Canada ..................... ................................................. 4. Document Expiry Date:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2022/05/12 (must be valid and not expired)
A.2 Credit File Ascertain the individual’s identity by comparing the individual’s name, date of birth and address information above to information in a Canadian credit file that has been in existence for at least three years. If any of the information does not match, you will need to use another method to ascertain client identity. Consult the credit file at the time you ascertain the individual’s identity. The individual does not need to be physically present. 1. Name of Canadian Credit Bureau Holding the Credit File: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................................................................ 2. Reference Number of Credit File: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.3 Dual ID Process Method 1. Complete two of the following three checkboxes by ascertaining the individual’s identity by referring to information in two independent, reliable, sources. Each source must be well known and reputable (e.g., federal, provincial, territorial and municipal levels of government, crown corporations, financial entities or utility providers). The individual does not need to be physically present. Verify the individual’s name and date of birth by referring to a document or source containing the individual’s name and date of birth* {Name of Source: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (must be valid and not expired; must be recent if no expiry date) {Account Number**: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Verify the individual’s name and address by referring to a document or source containing the individual’s name and address* {Name of Source: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (must be valid and not expired; must be recent if no expiry date) {Account Number**: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Verify the individuals’ name and confirm a financial account* {Name of Source: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . {Financial Account Type:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . {Account Number**: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *See CREA’s FINTRAC materials on REALTOR Link® for examples. ** Or reference number if there is no account number. This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
1 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
A.4 Unrepresented Individual Reasonable Measures Record (if applicable) Only complete this section when you are unable to ascertain the identity of an unrepresented individual. 1. Measures taken to Ascertain Identity (check one): Asked unrepresented individual for information to ascertain their identity Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......................................................................................................... Date on which above measures taken:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Reasons why measures were unsuccesful (check one): Unrepresented individual did not provide information Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .........................................................................................................
B. Verification of Third Parties NOTE: Only complete Section B for your clients. Complete this section of the form to indicate whether a client is acting on behalf of a third party. Either B.1 or B.2 must be completed.
B.1 Third Party Reasonable Measures Where you cannot determine whether there is a third party or there is no third party, complete this section. Is the transaction being conducted on behalf of a third party according to the client? (check one):
Yes No
Measures taken (check one): Asked if client was acting on behalf of a third party Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date on which above measures taken:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reason why measures were unsuccessful (check one): Client did not provide information Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indicate whether there are any other grounds to suspect a third party (check one): No Yes, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B.2 Third Party Record Where there is a third party, complete this section. 1. Name of third party: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Address: .19 . . .Aikenhead . . . . . . . . . . . Ave. ....................................................................................... ................................................................................................................ 3. Date of Birth (if applicable):. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Nature of Principal Business or Occupation: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................................................................ 5. Incorporation number and place of issue (if applicable): . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................................................................ 6. Relationship between third party and client: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
2 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
NOTE: Only complete Sections C and D for your clients.
C. Client Risk (ask your Compliance Officer if this section is applicable) Determine the level of risk of a money laundering or terrorist financing offence for this client by determining the appropriate cluster of client in your policies and procedures manual this client falls into and checking one of the checkboxes below:
Low Risk ✘ Canadian Citizen or Resident Physically Present Canadian Citizen or Resident Not Physically Present Canadian Citizen or Resident – High Crime Area – No Other Higher Risk Factors Evident Foreign Citizen or Resident that does not Operate in a High Risk Country (physically present or not) Other, explain:
Medium Risk Explain:
High Risk Foreign Citizen or Resident that operates in a High Risk Country (physically present or not) Other, explain:
If you determined that the client’s risk was high, tell your brokerage’s Compliance Officer. They will want to consider this when conducting the overall brokerage risk assessment, which occurs every two years. It will also be relevant in completing Section D below. Note that your brokerage may have developed other clusters not listed above. If no cluster is appropriate, the agent will need to provide a risk assessment of the client, and explain their assessment, in the relevant space above.
This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
3 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
D. Business Relationship (ask your Compliance Officer when this section is applicable) D.1. Purpose and Intended Nature of the Business Relationship Check the appropriate boxes. Acting as an agent for the purchase or sale of: Residential property
Residential property for income purposes
Commercial property
Land for Commercial Use
Other, please specify: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D.2. Measures Taken to Monitor Business Relationship and Keep Client Information Up-To-Date D.2.1. Ask the Client if their name, address or principal business or occupation has changed and if it has include the updated information on page one. D.2.2 Keep all relevant correspondence with the client on file in order to maintain a record of the information you have used to monitor the business relationship with the client. Optional - if you have taken measures beyond simply keeping correspondence on file, specify them here:
D.2.3. If the client is high risk you must conduct enhanced measures to monitor the brokerage’s business relationship and keep their client information up to date. Optional - consult your Compliance Officer and document what enhanced measures you have applied:
D.3 Suspicious Transactions Don’t forget, if you see something suspicious during the transaction report it to your Compliance Officer. Consult your policies and procedures manual for more information.
E. Terrorist Property Reports Don’t forget to follow your brokerage’s procedures with respect to terrorist property reports. Consult your policies and procedures manual for more information.
This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
4 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
TOC
Setting Up and Maintaining Trade – related Records Document Package #3
Working with a REALTOR® Form 810
for use in the Province of Ontario
The REALTOR® Consumer Relationship
Customer
In Ontario, the real estate profession is governed by the Real Estate and Business Brokers Act, 2002, and Associated Regulations (REBBA 2002 or Act), administered by the Real Estate Council of Ontario (RECO). All Ontario REALTORS® are registered under the Act and governed by its provisions. REBBA 2002 is consumer protection legislation, regulating the conduct of real estate brokerages and their salespeople/brokers. The Act provides consumer protection in the form of deposit insurance and requires every salesperson/broker to carry errors & omission (E&O) insurance.
A buyer or seller may not wish to be under contract as a client with the brokerage but would rather be treated as a customer. A REALTOR® is obligated to treat every person in a real estate transaction with honesty, fairness, and integrity, but unlike a client, provides a customer with a restricted level of service. Services provided to a customer may include showing the property or properties, taking customer direction to draft an offer and present the customer offer etc. Brokerages use a Customer Service Agreement to document the services they are providing to a buyer or seller customer.
When you choose to use the services of a REALTOR®, it is important to understand that this individual works on behalf of a real estate brokerage, usually a company. The brokerage is operated by a Broker of Record, who has the ultimate responsibility for the employees registered with the brokerage. When you sign a contract, it is with the brokerage, not with the salesperson/broker employee.
Under the Act, the REALTOR® has disclosure obligations to a customer and must disclose material facts known to the brokerage that relate to the transaction.
The Act also requires that the brokerage (usually through its REALTORS®) explain the types of service alternatives available to consumers and the services the brokerage will be providing. The brokerage must document the relationship being created between the brokerage and the consumer, and submit it to the consumer for his/her approval and signature. The most common relationships are “client” and “customer”, but other options may be available in the marketplace. Client A “client” relationship creates the highest form of obligation for a REALTOR® to a consumer. The brokerage and its salespeople/brokers have a fiduciary (legal) relationship with the client and represent the interests of the client in a real estate transaction. The REALTOR® will establish this relationship with the use of a representation agreement, called a Listing Agreement with the seller and a Buyer Representation Agreement with the buyer. The agreement contains an explanation of the services the brokerage will be providing, the fee arrangement for those services, the obligations the client will have under the agreement, and the expiry date of the agreement. Ensure that you have read and fully understand any such agreement before you sign the document.
What Happens When... Buyer(s) and the seller(s) are sometimes under contract with the same brokerage when properties are being shown or an offer is being contemplated. There can also be instances when there is more than one offer on a property and more than one buyer and seller are under a representation agreement with the same brokerage. This situation is referred to as multiple representation. Under the Act, the REALTORS® and their brokerage must make sure all buyers, sellers, and their REALTORS® confirm in writing that they acknowledge, understand, and consent to the situation before their offer is made. REALTORS® typically use what is called a Confirmation of Co-operation and Representation form to document this situation. Offer negotiations may become stressful, so if you have any questions when reference is made to multiple representation or multiple offers, please ask your REALTOR® for an explanation. Critical Information
REALTORS® are obligated to disclose facts that may affect a buying or selling decision. It may be difficult for a REALTOR® to judge what facts are important. They also may not be in a position to know a fact. You should communicate to your REALTOR® what information and facts about a property are important to you in making a buying or selling decision, and document this information to Once a brokerage and a consumer enter into a client relationship, the brokerage avoid any misunderstandings and/or unpleasant surprises. must protect the interests of the client and do what is best for the client. A brokerage must strive for the benefit of the client and must not disclose a client’s Similarly, services that are important to you and are to be performed by the confidential information to others. Under the Act, the brokerage must also make brokerage, or promises that have been made to you, should be documented in reasonable efforts to determine any material facts relating to the transaction your contract with the brokerage and its salesperson/broker. that would be of interest to the client and must inform the client of those facts. To ensure the best possible real estate experience, make sure all your questions Although they are representing the interests of their client, they must still treat all are answered by your REALTOR®. You should read and understand every parties to the transaction with fairness, honesty, and integrity. contract before you finalize it.
Kyle and Lily Toms Acknowledgement by: ................................................................................................................................................................................ (Names)
I/we have read, understand, and have received a copy of Working with a REALTOR® Sellers: As seller(s), I/we understand that
Buyers: As buyer(s), I/we understand that
ABC Real Estate Inc. (Name of Brokerage) (initial one)
Is representing my interests, to be documented in a separate written agency representation agreement, and I understand the brokerage may represent and/or provide customer service to other sellers and buyers.
(Name of Brokerage) (initial one)
Is not representing my interests, to be documented in a separate written customer service agreement, but will act in a fair, ethical and professional manner. (Signature)
(Date)
Is representing my interests, to be documented in a separate written agency representation agreement, and I understand the brokerage may represent and/or provide customer service to other buyers and sellers. Is not representing my interests, to be documented in a separate written customer service agreement, but will act in a fair, ethical and professional manner.
(Signature)
(Date)
Kyle Toms
(Signature) (Date) (Signature) Lily Toms (Date) Please note that Federal legislation requires REALTORS® to verify the identity of sellers and buyers with whom they are working. For the purposes of this information, the term “seller” can be interpreted as “landlord” and “buyer” can mean “tenant.” This form is for information only and is not a contract. The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 810
Revised 2019
Page 1 of 1
From Form 810: Working with a REALTOR® © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Buyer Representation Agreement Authority for Purchase or Lease
Form 300
for use in the Province of Ontario
This is an Exclusive Buyer Representation Agreement Authority for Purchase or Lease BETWEEN: ABC Real Estate Inc. BROKERAGE: ....................................................................................................................................................................... (the “Brokerage”),
19 Andover Rd. ADDRESS: ...................................................................................................................................................................................................... Anycity ON X4X 4Z4 (905)-987-6543 (905) 123-4567 ........................................................................................................ Tel. No. ......................................... Fax. No. .......................................... AND Kyle Toms and Lily Toms BUYER: ......................................................................................................................................................................................, (the “Buyer”), 1051 Greenway Dr. ADDRESS: ...................................................................................................................................................................................................... Street Number
Street Name
Anycity L1L 2K2 MUNICIPALITY: ............................................................................................................ POSTAL CODE: ........................................................ The Buyer hereby gives the Brokerage the exclusive and irrevocable authority to act as the Buyer’s agent
8:00 7 December 20 commencing at ................................ on the ........................... day of ..................................................................................... , 20...................., (a.m./p.m.)
✘
28 February 21 and expiring at 11:59 p.m. on the .......................... day of ......................................................................................, 20...................(Expiry Date),
{
{
Buyer acknowledges that the time period for this Agreement is negotiable between the Buyer and the Brokerage, however, in accordance with the Real Estate and Business Brokers Act, 2002, (REBBA) if the time period for this Agreement exceeds six months, the Brokerage must obtain the Buyer’s initials.
(Buyer’s Initials)
for the purpose of locating a real property meeting the following general description:
Residential detached house Property Type (Use): .......................................................................................................................................................................................... .......................................................................................................................................................................................................................
Anycity, Anyregion Geographic Location: ........................................................................................................................................................................................ ....................................................................................................................................................................................................................... The Buyer hereby warrants that the Buyer is not a party to a representation agreement with any other registered real estate brokerage for the purchase or lease of a real property of the general description indicated above. (Buyer’s Initials)
1.
DEFINITIONS AND INTERPRETATIONS: For the purposes of this Agreement (“Authority” or “Agreement”): “Buyer” includes purchaser, tenant and lessee, a “seller” includes a vendor, landlord and lessor or a prospective seller, vendor, landlord and lessor and a “real estate board” includes a real estate association. A purchase shall be deemed to include the entering into of any agreement to exchange, or the obtaining of an option to purchase which is subsequently exercised, and a lease includes any rental agreement, sub-lease or renewal of a lease. Commission shall be deemed to include other remuneration. This Agreement shall be read with all changes of gender or number required by the context. For purposes of this Agreement, Buyer shall be deemed to include any spouse, heirs, executors, administrators, successors, assigns, related corporations and affiliated corporations. Related corporations or affiliated corporations shall include any corporation where one half or a majority of the shareholders, directors or officers of the related or affiliated corporation are the same person(s) as the shareholders, directors, or officers of the corporation introduced to or shown the property.
2.
COMMISSION: In consideration of the Brokerage undertaking to assist the Buyer, the Buyer agrees to pay commission to the Brokerage as follows: If, during the currency of this Agreement, the Buyer enters into an agreement to purchase or lease a real property of the general description indicated above, the Buyer agrees the Brokerage is entitled to receive and retain any commission offered by a listing brokerage or by the seller. The Buyer understands that the amount of commission offered by a listing brokerage or by the seller may be greater or less than the commission stated below. The Buyer understands that the Brokerage will inform the Buyer of the amount of commission to be paid to the Brokerage by the listing brokerage or the seller at the earliest practical opportunity. The Buyer acknowledges that the payment of any commission by the listing brokerage or the seller will not make the Brokerage either the agent or sub-agent of the listing brokerage or the seller.
INITIALS OF BROKERAGE: The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF BUYER(S):
Form 300
Revised 2020
Page 1 of 3
From Form 300: Buyer Representation Agreement Authority for Purchase or Lease © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
If, during the currency of this Agreement, the Buyer enters into an agreement to purchase any property of the general description indicated above,
2.5 the Buyer agrees that the Brokerage is entitled to be paid a commission of ................................................... % of the sale price of the property or ........................................................................................................................................................................................................... or for a lease, a commission of ................................................................................................................................................................... The Buyer agrees to pay directly to the Brokerage any deficiency between this amount and the amount, if any, to be paid to the Brokerage by a listing brokerage or by the seller. The Buyer understands that if the Brokerage is not to be paid any commission by a listing brokerage or by the seller, the Buyer will pay the Brokerage the full amount of commission indicated above.
60 The Buyer agrees to pay the Brokerage such commission if the Buyer enters into an agreement within ................................ days after the expiration of this Agreement (Holdover Period) to purchase or lease any real property shown or introduced to the Buyer from any source whatsoever during the term of this Agreement, provided, however, that if the Buyer enters into a new buyer representation agreement with another registered real estate brokerage after the expiration of this Agreement, the Buyer’s liability to pay commission to the Brokerage shall be reduced by the amount paid to the other brokerage under the new agreement. The Buyer agrees to pay such commission as described above even if a transaction contemplated by an agreement to purchase or lease agreed to or accepted by the Buyer or anyone on the Buyer’s behalf is not completed, if such non-completion is owing or attributable to the Buyers default or neglect. Said commission, plus any applicable taxes, shall be payable on the date set for completion of the purchase of the property or, in the case of a lease or tenancy, the earlier of the date of occupancy by the tenant or the date set for commencement of the lease or tenancy. All amounts set out as commission are to be paid plus applicable taxes on such commission. This Agreement applies for the purchase or lease of one real property. Notwithstanding the foregoing, in the event that the Buyer leases a property, this agreement remains in force as set out herein for the purchase of the leased property or a property of the general description indicated above. The leasing of a property by the Buyer does not terminate this Agreement with respect to the purchase of a property. 3.
REPRESENTATION: The Buyer acknowledges that the Brokerage has provided the Buyer with written information explaining agency relationships, including information on Seller Representation, Sub-Agency, Buyer Representation, Multiple Representation and Customer Service. The Brokerage shall assist the Buyer in locating a real property of the general description indicated above and shall represent the Buyer in an endeavour to procure the acceptance of an agreement to purchase or lease such a property. The Buyer acknowledges that the Buyer may not be shown or offered all properties that may be of interest to the Buyer. The Buyer hereby agrees that the terms of any buyer’s offer or agreement to purchase or lease the property will not be disclosed to any other buyer. The Buyer further acknowledges that the Brokerage may be entering into buyer representation agreements with other buyers who may be interested in the same or similar properties that the Buyer may be interested in buying or leasing and the Buyer hereby consents to the Brokerage entering into buyer representation agreements with other buyers who may be interested in the same or similar properties without any claim by the Buyer of conflict of interest. The Buyer hereby appoints the Brokerage as agent for the purpose of giving and receiving notices pursuant to any offer or agreement to purchase or lease a property negotiated by the Brokerage. MULTIPLE REPRESENTATION: The Buyer hereby acknowledges that the Brokerage may be entering into listing agreements with sellers of properties the Buyer may be interested in buying or leasing. In the event that the Brokerage has entered into or enters into a listing agreement with the seller of a property the Buyer may be interested in buying or leasing, the Brokerage will obtain the Buyer’s written consent to represent both the Buyer and the seller for the transaction at the earliest practicable opportunity and in all cases prior to any offer to purchase or lease being submitted or presented. The Buyer understands and acknowledges that the Brokerage must be impartial when representing both the Buyer and the seller and equally protect the interests of the Buyer and the seller in the transaction. The Buyer understands and acknowledges that when representing both the Buyer and the seller, the Brokerage shall have a duty of full disclosure to both the Buyer and the seller, including a requirement to disclose all factual information about the property known to the Brokerage. However, The Buyer further understands and acknowledges that the Brokerage shall not disclose: • that the seller may or will accept less than the listed price, unless otherwise instructed in writing by the seller; • that the Buyer may or will pay more than the offered price, unless otherwise instructed in writing by the Buyer; • the motivation of or personal information about the Buyer or seller, unless otherwise instructed in writing by the party to which the information applies or unless failure to disclose would constitute fraudulent, unlawful or unethical practice; • the price the Buyer should offer or the price the seller should accept; and • the Brokerage shall not disclose to the Buyer the terms of any other offer. However, it is understood that factual market information about comparable properties and information known to the Brokerage concerning potential uses for the property will be disclosed to both Buyer and seller to assist them to come to their own conclusions. Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be entitled or authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices. MULTIPLE REPRESENTATION AND CUSTOMER SERVICE: The Buyer understands and agrees that the Brokerage also provides representation and customer service to other buyers and sellers. If the Brokerage represents or provides customer service to more than one seller or buyer for the same trade, the Brokerage shall, in writing, at the earliest practicable opportunity and before any offer is made, inform all sellers and buyers of the nature of the Brokerage’s relationship to each seller and buyer.
4.
REFERRAL OF PROPERTIES: The Buyer agrees that during the currency of this Buyer Representation Agreement the Buyer will act in good faith and work exclusively with the Brokerage for the purchase or lease of a real property of the general description indicated above. The Buyer agrees that, during the currency of this Agreement, the Buyer shall advise the Brokerage immediately of any property of interest to the Buyer that came to the Buyer’s attention from any source whatsoever, and all offers to purchase or lease submitted by the Buyer shall be submitted through the Brokerage to the seller. If the Buyer arranges a valid agreement to purchase or lease any property of the general description indicated above that came to the attention of the Buyer during the currency of this Agreement and the Buyer arranges said agreement during the currency of this Agreement or within the Holdover Period after expiration of this Agreement, the Buyer agrees to pay the Brokerage the amount of commission set out above in Paragraph 2 of this Agreement, payable within (5) days following the Brokerage’s written demand therefor. INITIALS OF BROKERAGE:
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF BUYER(S):
Form 300
Revised 2020
Page 2 of 3
From Form 300: Buyer Representation Agreement Authority for Purchase or Lease © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
5.
INDEMNIFICATION: The Brokerage and representatives of the Brokerage are trained in dealing in real estate but are not qualified in determining the physical condition of the land or any improvements thereon. The Buyer agrees that the Brokerage and representatives of the Brokerage will not be liable for any defects, whether latent or patent, to the land or improvements thereon. All information supplied by the seller or landlord or the listing brokerage may not have been verified and is not warranted by the Brokerage as being accurate and will be relied on by the Buyer at the Buyer’s own risk. The Buyer acknowledges having been advised to make their own enquiries to confirm the condition of the property.
6.
FINDERS FEE: The Buyer acknowledges that the Brokerage may be receiving a finder’s fee, reward and/or referral incentive, and the Buyer consents to any such benefit being received and retained by the Brokerage in addition to the commission as described above.
7.
CONSUMER REPORTS: The Buyer is hereby notified that a Consumer Report containing credit and/or personal information may be referred to in connection with this Agreement and any subsequent transaction.
8.
USE AND DISTRIBUTION OF INFORMATION: The Buyer consents to the collection, use and disclosure of personal information by the Brokerage for such purposes that relate to the real estate services provided by the Brokerage to the Buyer including, but not limited to: locating, assessing and qualifying properties for the Buyer; advertising on behalf of the Buyer; providing information as needed to third parties retained by the Buyer to assist in a transaction (e.g. financial institutions, building inspectors, etc...); and such other use of the Buyer’s information as is consistent with the services provided by the Brokerage in connection with the purchase or prospective purchase of the property. The Buyer agrees that the sale and related information regarding any property purchased by the Buyer through the Brokerage may be retained and disclosed by the Brokerage and/or real estate board(s) (if the property is an MLS® Listing) for reporting, appraisal and statistical purposes and for such other use of the information as the Brokerage and/or board deems appropriate in connection with the listing, marketing and selling of real estate, including conducting comparative market analyses. The Buyer acknowledges that the information, personal or otherwise (“information”), provided to the real estate board or association may be stored on databases located outside of Canada, in which case the information would be subject to the laws of the jurisdiction in which the information is located.
9.
CONFLICT OR DISCREPANCY: If there is any conflict or discrepancy between any provision added to this Agreement and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement, including any provisions added to this Agreement, shall constitute the entire Agreement between the Buyer and the Brokerage. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein.
10. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms of this Agreement. 11. ELECTRONIC COMMUNICATION: This Agreement and any agreements, notices or other communications contemplated thereby may be transmitted by means of electronic systems, in which case signatures shall be deemed to be original. The transmission of this Agreement by the Buyer by electronic means shall be deemed to confirm the Buyer has retained a true copy of the Agreement. 12. ELECTRONIC SIGNATURES: If this Agreement has been signed with an electronic signature the parties hereto consent and agree to the use of such electronic signature with respect to this Agreement pursuant to the Electronic Commerce Act, 2000, S.O. 2000, c17 as amended from time to time. 13. SCHEDULE(S):.......................................................................................................................... attached hereto form(s) part of this Agreement. THE BROKERAGE AGREES TO REPRESENT THE BUYER IN LOCATING A REAL PROPERTY OF THE GENERAL DESCRIPTION INDICATED ABOVE IN AN ENDEAVOUR TO OBTAIN THE ACCEPTANCE OF AN AGREEMENT TO PURCHASE OR LEASE A PROPERTY ON TERMS SATISFACTORY TO THE BUYER. ........................................................................................
............................................
(Authorized to bind the Brokerage)
(Date)
Michael Wu ..................................................................... (Name of Person Signing)
THIS AGREEMENT HAS BEEN READ AND FULLY UNDERSTOOD BY ME, I ACCEPT THE TERMS OF THIS AGREEMENT AND I ACKNOWLEDGE ON THIS DATE I HAVE SIGNED UNDER SEAL. Any representations contained herein are true to the best of my knowledge, information and belief. SIGNED, SEALED AND DELIVERED I have hereunto set my hand and seal: .............................................................................................. (Signature of Buyer)
Kyle Toms
.............................................................................................. (Signature of Buyer)
...........................................
...............................................................
(Seal) (Date)
(Tel. No.)
...........................................
...............................................................
(Seal) (Date)
Lily Toms
(Tel. No.)
DECLARATION OF INSURANCE
Michael Wu Salesperson The Salesperson/Broker/Broker of Record ................................................................................................................................................... (Name of Salesperson/Broker/Broker of Record)
hereby declares that he/she is insured as required by REBBA. ............................................................................................................................................................................. (Signature(s) of Salesperson/Broker/Broker of Record)
ACKNOWLEDGEMENT The Buyer(s) hereby acknowledge that the Buyer(s) fully understand the terms of this Agreement and have received a copy of this Agreement
7th December 20 on the ……................................. day of ………..................………...........................….…………...................…………, 20 …...........................………... ................................................................................................................................................... .................................................................. (Signature of Buyer)
Kyle Toms
(Date)
................................................................................................................................................... .................................................................. (Signature of Buyer)
Lily Toms
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
(Date)
Form 300
Revised 2020
Page 3 of 3
From Form 300: Buyer Representation Agreement Authority for Purchase or Lease © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
NOTE: An Individual Identification Information Record is required by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This Record must be completed by the REALTOR® member whenever they act in respect to the purchase or sale of real estate. It is recommended that the Individual Identification Information Record be completed: (i) for a buyer when the offer is submitted and/or a deposit made, and (ii) for a seller when the seller accepts the offer. Transaction Property Address: . . . . 972 . . . . . . . Broadway . . . . . . . . . . .Rd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Anycity ......... . . . . . . . . . . . . . . . . . . . . . . . . . Anyregion ....................................................................................... Sales Representative/Broker Name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michael . . . . . . . . . .Wu .................................... Date Information Verified/Credit File Consulted: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12/07/2020 .......................................
A. Verification of Individual NOTE: One of Section A.1, A.2. or A.3 must be completed for your individual clients or unrepresented individuals that are not clients, but are parties to the transaction (e.g. unrepresented buyer or seller) . Where you are unable to identify an unrepresented individual, complete section A.4 and consider sending a Suspicious Transaction Report to FINTRAC if there are reasonable grounds to suspect that the transaction involves the proceeds of crime or terrorist activity. Where you are using an agent or mandatary to verify the identity of an individual, see procedure described in CREA’s materials on REALTOR Link®. . . . . . .Toms .......................................... 1. Full legal name of individual: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kyle 2. Address: . . . . . . . . . . . .19 . 1051 . . Andover . . .Greenway . . . . . . . .Rd. . Drive ........................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Anycity ............................................................................... 3. Date of Birth: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . January . . . . . . . . . .10th, . . . . . . 1990 .......................................... Web Designer 4. Nature of Principal Business or Occupation: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . for . . . . . Dominion . . . . . . . . . . Sites . . . . . . . Inc ...................
A.1 Federal/Provincial/Territorial Government-Issued Photo ID Ascertain the individual’s identity by comparing the individual to their photo ID. The individual must be physically present. 1. Type of Identification Document*: .Drivers .(must . . . .view . . the . .Licence ....................................................................... original and have a photo, see CREA’s FINTRAC materials on REALTOR Link® for examples) 2. Document Identifier Number: .TXXXX-XXXXX-XXX10 ................................................................................... 3. Issuing Jurisdiction: .Ontario . . . (insert . . . . applicable . . . . . . .Province, . . . . . Territory, . . . . . .Foreign . . . . Jurisdiction . . . . . . . or. .“Canada”) . . . . . . . . . Country: . . . . . . . . . . . . . . Canada ..................... ................................................. 4. Document Expiry Date:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2023/01/10 (must be valid and not expired)
A.2 Credit File Ascertain the individual’s identity by comparing the individual’s name, date of birth and address information above to information in a Canadian credit file that has been in existence for at least three years. If any of the information does not match, you will need to use another method to ascertain client identity. Consult the credit file at the time you ascertain the individual’s identity. The individual does not need to be physically present. 1. Name of Canadian Credit Bureau Holding the Credit File: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................................................................ 2. Reference Number of Credit File: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.3 Dual ID Process Method 1. Complete two of the following three checkboxes by ascertaining the individual’s identity by referring to information in two independent, reliable, sources. Each source must be well known and reputable (e.g., federal, provincial, territorial and municipal levels of government, crown corporations, financial entities or utility providers). The individual does not need to be physically present. Verify the individual’s name and date of birth by referring to a document or source containing the individual’s name and date of birth* {Name of Source: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (must be valid and not expired; must be recent if no expiry date) {Account Number**: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Verify the individual’s name and address by referring to a document or source containing the individual’s name and address* {Name of Source: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (must be valid and not expired; must be recent if no expiry date) {Account Number**: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Verify the individuals’ name and confirm a financial account* {Name of Source: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . {Financial Account Type:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . {Account Number**: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *See CREA’s FINTRAC materials on REALTOR Link® for examples. ** Or reference number if there is no account number. This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
1 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
A.4 Unrepresented Individual Reasonable Measures Record (if applicable) Only complete this section when you are unable to ascertain the identity of an unrepresented individual. 1. Measures taken to Ascertain Identity (check one): Asked unrepresented individual for information to ascertain their identity Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......................................................................................................... Date on which above measures taken:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Reasons why measures were unsuccesful (check one): Unrepresented individual did not provide information Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .........................................................................................................
B. Verification of Third Parties NOTE: Only complete Section B for your clients. Complete this section of the form to indicate whether a client is acting on behalf of a third party. Either B.1 or B.2 must be completed.
B.1 Third Party Reasonable Measures Where you cannot determine whether there is a third party or there is no third party, complete this section. Is the transaction being conducted on behalf of a third party according to the client? (check one):
Yes No
Measures taken (check one): Asked if client was acting on behalf of a third party Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date on which above measures taken:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reason why measures were unsuccessful (check one): Client did not provide information Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indicate whether there are any other grounds to suspect a third party (check one): No Yes, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B.2 Third Party Record Where there is a third party, complete this section. 1. Name of third party: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Address: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................................................................ 3. Date of Birth (if applicable):. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Nature of Principal Business or Occupation: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................................................................ 5. Incorporation number and place of issue (if applicable): . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................................................................ 6. Relationship between third party and client: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
2 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
NOTE: Only complete Sections C and D for your clients.
C. Client Risk (ask your Compliance Officer if this section is applicable) Determine the level of risk of a money laundering or terrorist financing offence for this client by determining the appropriate cluster of client in your policies and procedures manual this client falls into and checking one of the checkboxes below:
Low Risk ✘ Canadian Citizen or Resident Physically Present Canadian Citizen or Resident Not Physically Present Canadian Citizen or Resident – High Crime Area – No Other Higher Risk Factors Evident Foreign Citizen or Resident that does not Operate in a High Risk Country (physically present or not) Other, explain:
Medium Risk Explain:
High Risk Foreign Citizen or Resident that operates in a High Risk Country (physically present or not) Other, explain:
If you determined that the client’s risk was high, tell your brokerage’s Compliance Officer. They will want to consider this when conducting the overall brokerage risk assessment, which occurs every two years. It will also be relevant in completing Section D below. Note that your brokerage may have developed other clusters not listed above. If no cluster is appropriate, the agent will need to provide a risk assessment of the client, and explain their assessment, in the relevant space above.
This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
3 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
D. Business Relationship (ask your Compliance Officer when this section is applicable) D.1. Purpose and Intended Nature of the Business Relationship Check the appropriate boxes. Acting as an agent for the purchase or sale of: Residential property
Residential property for income purposes
Commercial property
Land for Commercial Use
Other, please specify: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D.2. Measures Taken to Monitor Business Relationship and Keep Client Information Up-To-Date D.2.1. Ask the Client if their name, address or principal business or occupation has changed and if it has include the updated information on page one. D.2.2 Keep all relevant correspondence with the client on file in order to maintain a record of the information you have used to monitor the business relationship with the client. Optional - if you have taken measures beyond simply keeping correspondence on file, specify them here:
D.2.3. If the client is high risk you must conduct enhanced measures to monitor the brokerage’s business relationship and keep their client information up to date. Optional - consult your Compliance Officer and document what enhanced measures you have applied:
D.3 Suspicious Transactions Don’t forget, if you see something suspicious during the transaction report it to your Compliance Officer. Consult your policies and procedures manual for more information.
E. Terrorist Property Reports Don’t forget to follow your brokerage’s procedures with respect to terrorist property reports. Consult your policies and procedures manual for more information.
This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
4 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
NOTE: An Individual Identification Information Record is required by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This Record must be completed by the REALTOR® member whenever they act in respect to the purchase or sale of real estate. It is recommended that the Individual Identification Information Record be completed: (i) for a buyer when the offer is submitted and/or a deposit made, and (ii) for a seller when the seller accepts the offer. Transaction Property Address: . . . . 972 . . . . . . . Broadway . . . . . . . . . . .Rd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Anycity ......... . . . . . . . . . . . . . . . . . . . . . . . . . Anyregion ....................................................................................... Sales Representative/Broker Name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michael . . . . . . . . . .Wu .................................... Date Information Verified/Credit File Consulted: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12/07/2020 .......................................
A. Verification of Individual NOTE: One of Section A.1, A.2. or A.3 must be completed for your individual clients or unrepresented individuals that are not clients, but are parties to the transaction (e.g. unrepresented buyer or seller) . Where you are unable to identify an unrepresented individual, complete section A.4 and consider sending a Suspicious Transaction Report to FINTRAC if there are reasonable grounds to suspect that the transaction involves the proceeds of crime or terrorist activity. Where you are using an agent or mandatary to verify the identity of an individual, see procedure described in CREA’s materials on REALTOR Link®. . . . . . .Toms .......................................... 1. Full legal name of individual: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lily Drive 2. Address: . . . . . . . . . . .1051 .19 . . . Andover . Greenway . . . . . . . . . .Rd. ............................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Anycity ............................................................................... 3. Date of Birth: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .April . . . . . . 20th, . . . . . . . 1994 ........................................... Teacher, 4. Nature of Principal Business or Occupation: . . . . . . . . . . . . . . . . . . . . . . . Anyregion . . . . . . . . . . . District . . . . . . . . . . .School . . . . . . . .Board ..................
A.1 Federal/Provincial/Territorial Government-Issued Photo ID Ascertain the individual’s identity by comparing the individual to their photo ID. The individual must be physically present. 1. Type of Identification Document*: .Drivers .(must . . . .view . . the . .Licence ....................................................................... original and have a photo, see CREA’s FINTRAC materials on REALTOR Link® for examples) 2. Document Identifier Number: .TXXXX-XXXXX-XXX20 ................................................................................... 3. Issuing Jurisdiction: .Ontario . . . (insert . . . . applicable . . . . . . .Province, . . . . . Territory, . . . . . .Foreign . . . . Jurisdiction . . . . . . . or. .“Canada”) . . . . . . . . . Country: . . . . . . . . . . . . . . Canada ..................... ................................................. 4. Document Expiry Date:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2024/04/20 (must be valid and not expired)
A.2 Credit File Ascertain the individual’s identity by comparing the individual’s name, date of birth and address information above to information in a Canadian credit file that has been in existence for at least three years. If any of the information does not match, you will need to use another method to ascertain client identity. Consult the credit file at the time you ascertain the individual’s identity. The individual does not need to be physically present. 1. Name of Canadian Credit Bureau Holding the Credit File: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................................................................ 2. Reference Number of Credit File: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.3 Dual ID Process Method 1. Complete two of the following three checkboxes by ascertaining the individual’s identity by referring to information in two independent, reliable, sources. Each source must be well known and reputable (e.g., federal, provincial, territorial and municipal levels of government, crown corporations, financial entities or utility providers). The individual does not need to be physically present. Verify the individual’s name and date of birth by referring to a document or source containing the individual’s name and date of birth* {Name of Source: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (must be valid and not expired; must be recent if no expiry date) {Account Number**: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Verify the individual’s name and address by referring to a document or source containing the individual’s name and address* {Name of Source: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (must be valid and not expired; must be recent if no expiry date) {Account Number**: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Verify the individuals’ name and confirm a financial account* {Name of Source: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . {Financial Account Type:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . {Account Number**: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *See CREA’s FINTRAC materials on REALTOR Link® for examples. ** Or reference number if there is no account number. This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
1 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
A.4 Unrepresented Individual Reasonable Measures Record (if applicable) Only complete this section when you are unable to ascertain the identity of an unrepresented individual. 1. Measures taken to Ascertain Identity (check one): Asked unrepresented individual for information to ascertain their identity Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......................................................................................................... Date on which above measures taken:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Reasons why measures were unsuccesful (check one): Unrepresented individual did not provide information Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .........................................................................................................
B. Verification of Third Parties NOTE: Only complete Section B for your clients. Complete this section of the form to indicate whether a client is acting on behalf of a third party. Either B.1 or B.2 must be completed.
B.1 Third Party Reasonable Measures Where you cannot determine whether there is a third party or there is no third party, complete this section. Is the transaction being conducted on behalf of a third party according to the client? (check one):
Yes No
Measures taken (check one): Asked if client was acting on behalf of a third party Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date on which above measures taken:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reason why measures were unsuccessful (check one): Client did not provide information Other, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indicate whether there are any other grounds to suspect a third party (check one): No Yes, explain: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B.2 Third Party Record Where there is a third party, complete this section. 1. Name of third party: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Address: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................................................................ 3. Date of Birth (if applicable):. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Nature of Principal Business or Occupation: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................................................................ 5. Incorporation number and place of issue (if applicable): . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................................................................ 6. Relationship between third party and client: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
2 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
NOTE: Only complete Sections C and D for your clients.
C. Client Risk (ask your Compliance Officer if this section is applicable) Determine the level of risk of a money laundering or terrorist financing offence for this client by determining the appropriate cluster of client in your policies and procedures manual this client falls into and checking one of the checkboxes below:
Low Risk ✘ Canadian Citizen or Resident Physically Present Canadian Citizen or Resident Not Physically Present Canadian Citizen or Resident – High Crime Area – No Other Higher Risk Factors Evident Foreign Citizen or Resident that does not Operate in a High Risk Country (physically present or not) Other, explain:
Medium Risk Explain:
High Risk Foreign Citizen or Resident that operates in a High Risk Country (physically present or not) Other, explain:
If you determined that the client’s risk was high, tell your brokerage’s Compliance Officer. They will want to consider this when conducting the overall brokerage risk assessment, which occurs every two years. It will also be relevant in completing Section D below. Note that your brokerage may have developed other clusters not listed above. If no cluster is appropriate, the agent will need to provide a risk assessment of the client, and explain their assessment, in the relevant space above.
This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
3 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Form 630
Individual Identification Information Record
for use in the Province of Ontario
D. Business Relationship (ask your Compliance Officer when this section is applicable) D.1. Purpose and Intended Nature of the Business Relationship Check the appropriate boxes. Acting as an agent for the purchase or sale of: Residential property
Residential property for income purposes
Commercial property
Land for Commercial Use
Other, please specify: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D.2. Measures Taken to Monitor Business Relationship and Keep Client Information Up-To-Date D.2.1. Ask the Client if their name, address or principal business or occupation has changed and if it has include the updated information on page one. D.2.2 Keep all relevant correspondence with the client on file in order to maintain a record of the information you have used to monitor the business relationship with the client. Optional - if you have taken measures beyond simply keeping correspondence on file, specify them here:
D.2.3. If the client is high risk you must conduct enhanced measures to monitor the brokerage’s business relationship and keep their client information up to date. Optional - consult your Compliance Officer and document what enhanced measures you have applied:
D.3 Suspicious Transactions Don’t forget, if you see something suspicious during the transaction report it to your Compliance Officer. Consult your policies and procedures manual for more information.
E. Terrorist Property Reports Don’t forget to follow your brokerage’s procedures with respect to terrorist property reports. Consult your policies and procedures manual for more information.
This document has been prepared by The Canadian Real Estate Association (“CREA”) to assist members in complying with requirements of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. The REALTOR® trademark is controlled by CREA. © 2014-2020.
4 of 4
From Form 630: Individual Identification Information Record © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
TOC
Setting Up and Maintaining Trade – related Records Document Package #4
Agreement of Purchase and Sale Form 100
for use in the Province of Ontario
28 December 20 This Agreement of Purchase and Sale dated this ....................... day of .................................................................................................... 20............ Joanne Drake Rodney Drake & agrees to purchase from BUYER: ......................................................................................................................................................................., (Full legal names of all Buyers)
Christopher Thompson the following SELLER: ......................................................................................................................................................................................, (Full legal names of all Sellers)
REAL PROPERTY:
142 Golflinks Dr. Anycity ON Address ...........................................................................................................................................................................................................
north
Golflinks Dr. fronting on the ................................................................................... side of .................................................................................................... City of Anycity, Region of Anyregion in the ............................................................................................................................................................................................................... 65 feet 125 feet and having a frontage of ............................................................... more or less by a depth of ............................................................ more or less
Lot 29 Plan 92M-2267, City of Anycity, Region of Anyregion and legally described as .................................................................................................................................................................................... ................................................................................................................................................................................................. (the “property”) (Legal description of land including easements not described elsewhere)
715,000.00 Dollars (CDN$) ..........................................
PURCHASE PRICE:
Seven Hundred Fifteen Thousand Dollars .............................................................................................................................................................................................................
upon acceptance DEPOSIT: Buyer submits ................................................................................................................................................................................... (Herewith/Upon Acceptance/as otherwise described in this Agreement)
Fifteen Thousand 15,000.00 ..................................................................................................................................................... Dollars (CDN$) .......................................... ABC Real Estate Inc. “Deposit Holder” to be held by negotiable cheque payable to ............................................................................................................................ in trust pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion. For the purposes of this Agreement, “Upon Acceptance” shall mean that the Buyer is required to deliver the deposit to the Deposit Holder within 24 hours of the acceptance of this Agreement. The parties to this Agreement hereby acknowledge that, unless otherwise provided for in this Agreement, the Deposit Holder shall place the deposit in trust in the Deposit Holder’s non-interest bearing Real Estate Trust Account and no interest shall be earned, received or paid on the deposit. Buyer agrees to pay the balance as more particularly set out in Schedule A attached. SCHEDULE(S) A..............................................................................................................attached hereto form(s) part of this Agreement. 1.
Buyer 30 7:30 IRREVOCABILITY: This offer shall be irrevocable by ..................................................................... until ............................... on the .............. (Seller/Buyer)
(a.m./p.m.)
✘
December 20 day of ................................................................... 20 ........., after which time, if not accepted, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest. 2.
12 March day of ................................................... COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on the ..............
21 20 ............... Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided for in this Agreement.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 1 of 6
From Form 00: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
3.
NOTICES: The Seller hereby appoints the Listing Brokerage as agent for the Seller for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage (Buyer’s Brokerage) has entered into a representation agreement with the Buyer, the Buyer hereby appoints the Buyer’s Brokerage as agent for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be appointed or authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices. Any notice relating hereto or provided for herein shall be in writing. In addition to any provision contained herein and in any Schedule hereto, this offer, any counter-offer, notice of acceptance thereof or any notice to be given or received pursuant to this Agreement or any Schedule hereto (any of them, “Document”) shall be deemed given and received when delivered personally or hand delivered to the Address for Service provided in the Acknowledgement below, or where a facsimile number or email address is provided herein, when transmitted electronically to that facsimile number or email address, respectively, in which case, the signature(s) of the party (parties) shall be deemed to be original.
555-555-5555 FAX No.: ......................................................................................
FAX No.: ..........................................................................................
[email protected] Email Address: ..............................................................................
[email protected] Email Address: ..................................................................................
(For delivery of Documents to Seller)
(For delivery of Documents to Seller)
4.
(For delivery of Documents to Buyer)
(For delivery of Documents to Buyer)
CHATTELS INCLUDED:
Existing kitchen fridge , stove, built-in dishwasher, and microwave, existing washer and dryer, all window coverings, backyard bird feeder
Unless otherwise stated in this Agreement or any Schedule hereto, Seller agrees to convey all fixtures and chattels included in the Purchase Price free from all liens, encumbrances or claims affecting the said fixtures and chattels.
5.
FIXTURES EXCLUDED:
6.
RENTAL ITEMS (Including Lease, Lease to Own): The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental contract(s), if assumable:
Hot water tank if rental
The Buyer agrees to co-operate and execute such documentation as may be required to facilitate such assumption.
7.
HST: If the sale of the property (Real Property as described above) is subject to Harmonized Sales Tax (HST), then such tax shall be
included in ............................................................... the Purchase Price. If the sale of the property is not subject to HST, Seller agrees to certify on or before (included in/in addition to)
closing, that the sale of the property is not subject to HST. Any HST on chattels, if applicable, is not included in the Purchase Price.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 2 of 6
From Form 00: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
8.
1 March 21 TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the .............. day of ......................................................., 20..........., (Requisition Date) to examine the title to the property at Buyer’s own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or; (ii) five days prior to completion, to satisfy Buyer that there are no outstanding
residential work orders or deficiency notices affecting the property, and that its present use (....................................................................................) may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require. 9.
FUTURE USE: Seller and Buyer agree that there is no representation or warranty of any kind that the future intended use of the property by Buyer is or will be lawful except as may be specifically provided for in this Agreement.
10. TITLE: Provided that the title to the property is good and free from all registered restrictions, charges, liens, and encumbrances except as otherwise specifically provided in this Agreement and save and except for (a) any registered restrictions or covenants that run with the land providing that such are complied with; (b) any registered municipal agreements and registered agreements with publicly regulated utilities providing such have been complied with, or security has been posted to ensure compliance and completion, as evidenced by a letter from the relevant municipality or regulated utility; (c) any minor easements for the supply of domestic utility or telecommunication services to the property or adjacent properties; and (d) any easements for drainage, storm or sanitary sewers, public utility lines, telecommunication lines, cable television lines or other services which do not materially affect the use of the property. If within the specified times referred to in paragraph 8 any valid objection to title or to any outstanding work order or deficiency notice, or to the fact the said present use may not lawfully be continued, or that the principal building may not be insured against risk of fire is made in writing to Seller and which Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance save and except against risk of fire (Title Insurance) in favour of the Buyer and any mortgagee, (with all related costs at the expense of the Seller), and which Buyer will not waive, this Agreement notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or deduction and Seller, Listing Brokerage and Co-operating Brokerage shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, Buyer shall be conclusively deemed to have accepted Seller’s title to the property. 11. CLOSING ARRANGEMENTS: Where each of the Seller and Buyer retain a lawyer to complete the Agreement of Purchase and Sale of the property, and where the transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Seller and Buyer acknowledge and agree that the exchange of closing funds, non-registrable documents and other items (the “Requisite Deliveries”) and the release thereof to the Seller and Buyer will (a) not occur at the same time as the registration of the transfer/deed (and any other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(s) receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Seller and Buyer irrevocably instruct the said lawyers to be bound by the document registration agreement which is recommended from time to time by the Law Society of Ontario. Unless otherwise agreed to by the lawyers, such exchange of Requisite Deliveries shall occur by the delivery of the Requisite Deliveries of each party to the office of the lawyer for the other party or such other location agreeable to both lawyers. 12. DOCUMENTS AND DISCHARGE: Buyer shall not call for the production of any title deed, abstract, survey or other evidence of title to the property except such as are in the possession or control of Seller. If requested by Buyer, Seller will deliver any sketch or survey of the property within Seller’s control to Buyer as soon as possible and prior to the Requisition Date. If a discharge of any Charge/Mortgage held by a corporation incorporated pursuant to the Trust And Loan Companies Act (Canada), Chartered Bank, Trust Company, Credit Union, Caisse Populaire or Insurance Company and which is not to be assumed by Buyer on completion, is not available in registrable form on completion, Buyer agrees to accept Seller’s lawyer’s personal undertaking to obtain, out of the closing funds, a discharge in registrable form and to register same, or cause same to be registered, on title within a reasonable period of time after completion, provided that on or before completion Seller shall provide to Buyer a mortgage statement prepared by the mortgagee setting out the balance required to obtain the discharge, and, where a real-time electronic cleared funds transfer system is not being used, a direction executed by Seller directing payment to the mortgagee of the amount required to obtain the discharge out of the balance due on completion. 13. INSPECTION: Buyer acknowledges having had the opportunity to inspect the property and understands that upon acceptance of this offer there shall be a binding agreement of purchase and sale between Buyer and Seller. The Buyer acknowledges having the opportunity to include a requirement for a property inspection report in this Agreement and agrees that except as may be specifically provided for in this Agreement, the Buyer will not be obtaining a property inspection or property inspection report regarding the property. 14. INSURANCE: All buildings on the property and all other things being purchased shall be and remain until completion at the risk of Seller. Pending completion, Seller shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage, Buyer may either terminate this Agreement and have all monies paid returned without interest or deduction or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion. If Seller is taking back a Charge/ Mortgage, or Buyer is assuming a Charge/Mortgage, Buyer shall supply Seller with reasonable evidence of adequate insurance to protect Seller’s or other mortgagee’s interest on completion. INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 3 of 6
From Form 00: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
15. PLANNING ACT: This Agreement shall be effective to create an interest in the property only if Seller complies with the subdivision control provisions of the Planning Act by completion and Seller covenants to proceed diligently at Seller’s expense to obtain any necessary consent by completion. 16. DOCUMENT PREPARATION: The Transfer/Deed shall, save for the Land Transfer Tax Affidavit, be prepared in registrable form at the expense of Seller, and any Charge/Mortgage to be given back by the Buyer to Seller at the expense of the Buyer. If requested by Buyer, Seller covenants that the Transfer/Deed to be delivered on completion shall contain the statements contemplated by Section 50(22) of the Planning Act, R.S.O.1990. 17. RESIDENCY: (a) Subject to (b) below, the Seller represents and warrants that the Seller is not and on completion will not be a non-resident under the non-residency provisions of the Income Tax Act which representation and warranty shall survive and not merge upon the completion of this transaction and the Seller shall deliver to the Buyer a statutory declaration that Seller is not then a non-resident of Canada; (b) provided that if the Seller is a non-resident under the non-residency provisions of the Income Tax Act, the Buyer shall be credited towards the Purchase Price with the amount, if any, necessary for Buyer to pay to the Minister of National Revenue to satisfy Buyer’s liability in respect of tax payable by Seller under the non-residency provisions of the Income Tax Act by reason of this sale. Buyer shall not claim such credit if Seller delivers on completion the prescribed certificate. 18. ADJUSTMENTS: Any rents, mortgage interest, realty taxes including local improvement rates and unmetered public or private utility charges and unmetered cost of fuel, as applicable, shall be apportioned and allowed to the day of completion, the day of completion itself to be apportioned to Buyer. 19. PROPERTY ASSESSMENT: The Buyer and Seller hereby acknowledge that the Province of Ontario has implemented current value assessment and properties may be re-assessed on an annual basis. The Buyer and Seller agree that no claim will be made against the Buyer or Seller, or any Brokerage, Broker or Salesperson, for any changes in property tax as a result of a re-assessment of the property, save and except any property taxes that accrued prior to the completion of this transaction. 20. TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Seller and Buyer or by their respective lawyers who may be specifically authorized in that regard. 21. TENDER: Any tender of documents or money hereunder may be made upon Seller or Buyer or their respective lawyers on the day set for completion. Money shall be tendered with funds drawn on a lawyer’s trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. 22. FAMILY LAW ACT: Seller warrants that spousal consent is not necessary to this transaction under the provisions of the Family Law Act, R.S.O.1990 unless the spouse of the Seller has executed the consent hereinafter provided. 23. UFFI: Seller represents and warrants to Buyer that during the time Seller has owned the property, Seller has not caused any building on the property to be insulated with insulation containing ureaformaldehyde, and that to the best of Seller’s knowledge no building on the property contains or has ever contained insulation that contains ureaformaldehyde. This warranty shall survive and not merge on the completion of this transaction, and if the building is part of a multiple unit building, this warranty shall only apply to that part of the building which is the subject of this transaction. 24. LEGAL, ACCOUNTING AND ENVIRONMENTAL ADVICE: The parties acknowledge that any information provided by the brokerage is not legal, tax or environmental advice. 25. CONSUMER REPORTS: The Buyer is hereby notified that a consumer report containing credit and/or personal information may be referred to in connection with this transaction. 26. AGREEMENT IN WRITING: If there is conflict or discrepancy between any provision added to this Agreement (including any Schedule attached hereto) and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement including any Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seller. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein. For the purposes of this Agreement, Seller means vendor and Buyer means purchaser. This Agreement shall be read with all changes of gender or number required by the context. 27. TIME AND DATE: Any reference to a time and date in this Agreement shall mean the time and date where the property is located.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 4 of 6
From Form 00: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
28. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms herein. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
...............................................................................
........................................................................
(Witness)
(Buyer)
Janice Yung
............................................................................... (Witness)
Rodney Drake
........................................................................ (Buyer) Joanne
Janice Yung
Drake
........................................
(Seal)
(Date)
........................................
(Seal)
(Date)
I, the Undersigned Seller, agree to the above offer. I hereby irrevocably instruct my lawyer to pay directly to the brokerage(s) with whom I have agreed to pay commission, the unpaid balance of the commission together with applicable Harmonized Sales Tax (and any other taxes as may hereafter be applicable), from the proceeds of the sale prior to any payment to the undersigned on completion, as advised by the brokerage(s) to my lawyer. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
...............................................................................
........................................................................
(Witness)
(Seller)
Arlene Mau
...............................................................................
Christopher Thompson
........................................................................
(Witness)
(Seller)
........................................
(Seal)
(Date)
........................................
(Seal)
(Date)
SPOUSAL CONSENT: The undersigned spouse of the Seller hereby consents to the disposition evidenced herein pursuant to the provisions of the Family Law Act, R.S.O.1990, and hereby agrees to execute all necessary or incidental documents to give full force and effect to the sale evidenced herein. ...............................................................................
........................................................................
(Witness)
(Spouse)
........................................
(Seal)
(Date)
CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all changes both typed
7:30 30th day of....................................................., December 20 and written was finally accepted by all parties at .......................................... this ................. 20........... (a.m./p.m.)
✘
..................................................................................................
(Signature of Seller or Buyer)
INFORMATION ON BROKERAGE(S)
ABC Real Estate Inc. Listing Brokerage .......................................................................................................................
647-123-4567 ........................................................... (Tel.No.)
Arlene Mau Salesperson ............................................................................................................................................................................................................... (Salesperson/Broker/Broker of Record Name)
XYZ Realty Ltd. Co-op/Buyer Brokerage .............................................................................................................
(905)-987-6543 ...........................................................
(Tel.No.)
Janice Yung Broker ............................................................................................................................................................................................................... (Salesperson/Broker/Broker of Record Name)
ACKNOWLEDGEMENT I acknowledge receipt of my signed copy of this accepted Agreement of I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. .......................................................................... ............................ (Seller)
Christopher Thompson
(Date)
.......................................................................... ............................ (Seller)
(Date)
........................................................................ ...............................
(Buyer)
(Date)
Rodney Drake
........................................................................ ...............................
(Buyer)
(Date)
Joanne Drake
Address for Service ............................................................................
Address for Service ............................................................................
........................................................
........................................................
............................................. (Tel. No.)
.............................................
(Tel. No.)
Seller’s Lawyer ...................................................................................
Buyer’s Lawyer ...................................................................................
Address ............................................................................................
Address .............................................................................................
Email ................................................................................................
Email ................................................................................................
....................................................... (Tel. No.)
FOR OFFICE USE ONLY
.............................................. (Fax. No.)
.......................................................
(Tel. No.)
........... ................................... (Fax. No.)
COMMISSION TRUST AGREEMENT
To: Co-operating Brokerage shown on the foregoing Agreement of Purchase and Sale: In consideration for the Co-operating Brokerage procuring the foregoing Agreement of Purchase and Sale, I hereby declare that all moneys received or receivable by me in connection with the Transaction as contemplated in the MLS® Rules and Regulations of my Real Estate Board shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the MLS® Rules and shall be subject to and governed by the MLS® Rules pertaining to Commission Trust. DATED as of the date and time of the acceptance of the foregoing Agreement of Purchase and Sale.
Acknowledged by:
.......................................................................................................................
.............................................................................................
(Authorized to bind the Listing Brokerage)
Arlene Mau
(Authorized to bind the Co-operating Brokerage)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 100
Janice Yung
Revised 2020
Page 5 of 6
From Form 00: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Schedule A Form 100
Agreement of Purchase and Sale
for use in the Province of Ontario
This Schedule is attached to and forms part of the Agreement of Purchase and Sale between:
Joanne Drake Rodney Drake & BUYER: ..................................................................................................................................................................................................., and Christopher Thompson SELLER: .......................................................................................................................................................................................................... 142 Golflinks Dr. Anycity for the purchase and sale of ...............................................................................................................................................................................
28 day of ................................................................................., 20 December ON ........................................................................ dated the .............. 20................ Buyer agrees to pay the balance as follows:
The Buyer agrees to pay a further sum of Seven Hundred Thousand Dollars ($700,000.00), subject to adjustments, to the Seller on completion of this transaction, with funds drawn on a lawyer's trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. This Offer is conditional upon the inspection of the subject property by a home inspector at the Buyer's own expense, and the obtaining of a report satisfactory to the Buyer in the Buyer's sole and absolute discretion. 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 5:59 p.m. on January 6th, 2021, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction. The Seller agrees to co-operate in providing access to the property for the purpose of this inspection. 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. The Seller represents and warrants that the chattels and fixtures as included in this Agreement of Purchase and Sale will be in good working order and free from all liens and encumbrances on completion. The Parties agree that this representation and warranty shall survive and not merge on completion of this transaction, but apply only to the state of the property at completion of this transaction. The Seller represents and warrants that during the time the Seller has owned the property, the use of the property and the buildings and structures thereon has not been for the sale, distribution, cultivation, propagation or harvesting of any cannabis or cannabis plants within the meaning of the Cannabis Act, S.C. 2018 c. 16 and the provisions of the Cannabis Act, S.O. 2017, c. 26 as amended from time to time and that to the best of the Seller's knowledge and belief, the use of the property and the buildings and structures thereon has never been for the cultivation, propagation or harvesting of any cannabis plants within the meaning of the Cannabis Act, S.C. 2018 c. 16 and the provisions of the Cannabis Act, S.O. 2017, c. 26 as amended from time to time. This warranty shall survive and not merge on the completion of this transaction.
This form must be initialed by all parties to the Agreement of Purchase and Sale.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 6 of 6
From Form 00: Schedule A Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
PARTICIPANT WORKBOOK
BROKER WRAP-UP DAY 2
Real Estate Broker Program © 2020 Real Estate Council of Ontario. All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or in any means—electronic, mechanical, photocopying, recording, or otherwise—without prior written permission, except for the personal use of the Real Estate Broker Program learner.
BROKER WRAP-UP: INTRODUCTION
Table of Contents Preparing for the Broker Wrap-Up .................................................................................................. ii About Broker Wrap-Up ................................................................................................................... iv Agenda ............................................................................................................................................. v Day 1 Activities Recap ......................................................................................................................1 Real Estate Trust Account – Working with a Real Estate Trust Ledger ...........................................3 Real Estate Trust Account – Monthly Reconciliation .................................................................... 13 Trade Processing ........................................................................................................................... 23 Self-Reflection ............................................................................................................................... 30 Closing Out Trades ........................................................................................................................ 31 Analyzing Financial Statements .................................................................................................... 39 Self-Reflection ............................................................................................................................... 47 Day 2 Summary ............................................................................................................................. 48
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BROKER WRAP-UP: INTRODUCTION
PREPARING FOR THE BROKER WRAP-UP You will be using the following materials for the Broker Wrap-Up: 1. Participant Workbook 2. Forms Booklet 3. Action Planning Workbook (based on your self-reflection notes) As part of your preparation, familiarize yourself with the content and layout of the above materials.
Participant Workbook This workbook is intended for use by a Broker Wrap-Up learner only. During the session, use the workbook to: • Review the activities (instructions, scenarios, questions) • Record answers to direct questions • Take notes, which can be any information you want to record, (e.g., reflections you have during an activity or goals you set for yourself) • Complete math calculations/work with formulas • Follow along with the flow of each day Activities are presented sequentially and your facilitator will provide guidance on their execution. This workbook works in tandem with the Forms Booklet and the Action Planning Booklet.
Forms Booklet The Forms Booklet contains documents you will need to reference to complete certain activities. This information is included in the corresponding “Activity Instructions” section.
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BROKER WRAP-UP: INTRODUCTION Self-Reflection and Action Planning Workbook The three steps to action planning are: 1. Self-reflection 2. Create the plan 3. Take action Step 1: Self-reflection The self-reflection is your personal use only; namely, to help you identify areas you think you performed well and areas you think you could improve. Take notes in the Self-Reflection section of this Participant Workbook when instructed by the facilitator. Select one or two areas where you performed well and one or two areas for improvement and enter them into the corresponding columns of your Action Planning Workbook. Step 2: Create the Plan Complete the Create the Plan portion on the last day of the Broker Wrap-Up as follows: 1. Priority rank your areas for improvement and select the top two areas you want to focus on for improvement. 2. Determine your goals for each of those areas. 3. Identify action steps to help you meet each of your goals. Please note, improvement planning is most effective when you focus on two to three key items at a time. Step 3: Take Action Complete the Take Action portion of your plan after you leave the Broker Wrap-Up.
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BROKER WRAP-UP: INTRODUCTION
ABOUT BROKER WRAP-UP Curriculum Overview In this session, you will spend two days practising core activities and tasks related to compliance for a broker of record and brokerage with an experienced real estate broker acting as a coach. This experience will enable you to apply the knowledge and skills gained from the eLearning portion of the Real Estate Broker Program in simulated realistic interactions. It is designed to help you develop confidence and accelerate your journey to establish or take over a brokerage, manage risks on an ongoing basis, and ensure alignment with strategic outcomes.
Session Overview This is your session! You are the only person responsible for the level of effort you put into your learning journey. In other words, what you gain from this opportunity will be equal to the effort you put into it. Please take every advantage of this opportunity to enhance your success as a broker of record. The primary objective of this session is to: • Facilitate opportunities for you to demonstrate the knowledge and skills that are needed to be practice-ready as a broker of record and ensure the brokerage complies with the Real Estate and Business Brokers Act (REBBA). In this session, you are placed in a situation—highly procedural—that resembles on-the-job circumstances. Its purpose is to: • Facilitate practise in a safe classroom environment • Promote learner self-discovery • Illustrate real-world circumstances
Broker Final Exam The next step to completion of the Real Estate Broker Program is the Broker Final Exam. You will receive your assessment score via email a few days after writing the exam (pass/fail).
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BROKER WRAP-UP: INTRODUCTION
AGENDA Introduction Day 1 Activities Recap Real Estate Trust Account – Working with a Real Estate Trust Ledger Break Real Estate Trust Account – Monthly Reconciliation Trade Processing Lunch Closing Out Trades Break Analyzing Financial Statements Day 2 Summary
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BROKER WRAP-UP: DAY 2
SESSION ACTIVITIES – DAY 2 Day 1 Activities Recap Write any additional notes on Day 1 activities here:
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BROKER WRAP-UP: DAY 2 Real Estate Trust Account – Working with a Real Estate Trust Ledger Notes during class discussion:
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BROKER WRAP-UP: DAY 2 Real Estate Trust Account – Working with a Real Estate Trust Ledger
Activity Storyline Scenario You are the broker of record for ABC Real Estate Inc. You have just arrived at the brokerage and note that your brokers and salespersons have submitted several documents and one cheque over the weekend. You will need to review these documents and make the appropriate entries into the real estate trust ledger. This task is normally completed by an administrative staff member. However, as a broker of record, you will need to understand how to complete various entries into the real estate trust ledger and ensure the entries are accurate. Assume today’s date is Monday, January 4, 2021. As the broker of record for ABC Real Estate Inc., you will need to review the items in the six packages and make appropriate entries into the real estate trust ledger or identify what action is necessary. The last cheque disbursed from the real estate trust account was on December 22, 2020. The cheque number was 355. The brokerage receives bank notification of electronic funds transfer for deposit pertaining to Package #6.
Activity Objectives: •
Review documents and cheque submitted to the brokerage
•
Make appropriate entries into the real estate trust ledger
Activity Instructions: 1. You will work individually. 2. Review the activity storyline scenario. 3. Review the document packages (Packages 1 to 6) in your Forms Booklet. 4. Complete entries into the real estate trust ledger found in your Participant Workbook. The real estate trust ledger was printed with open trades only. 5. Review the questions for each document package and write your responses in this Participant Workbook. 6. You have 25 minutes to complete this activity. Version: Final – 2021-02-09 | © 2020 Real Estate Council of Ontario
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BROKER WRAP-UP: DAY 2 ABC Real Estate Inc. Real Estate Trust Ledger Date
Description of Trade
Trade #
Deposit
Oct. 13, 2020
8613 Main St. Franklin sale to Lui
#75
$25,000
Oct. 17, 2020
44 Kellar Ave. Richards sale to Greenpark
#76
$30,000
Oct. 23, 2020
1280 Greenpark Blvd. Black sale to Mohammed
#77
$50,000
Nov. 1, 2020
318 Yellowstone Ave. Gordan sale to Steil
#79
$12,000
Nov. 2, 2020
39 Briar Ave. Linch sale to Lee
#80
$25,000
Nov. 8, 2020
367 Mortimer Ave. Thorne sale to Coish
#81
$30,000
Nov. 12, 2020
119 Gateway Park Dr. Taylors sale to Joplin
#82
$20,000
Nov. 14, 2020
24 Ridgeway Rd. Wan sale to Chang
#83
$15,000
Nov. 17, 2020
3817 Railside Parkway Chamberlin sale to Martin
#84
$20,000
Dec. 1, 2020
667 Sheffield Ave. Macbeth sale to Spelling
#88
$15,000
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Cheque
Explanation
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BROKER WRAP-UP: DAY 2 ABC Real Estate Inc. Real Estate Trust Ledger Date
Description of Trade
Trade #
Deposit
Dec. 8, 2020
9282 West Side Dr. Tansy sale to Wu
#92
$20,000
Dec. 9, 2020
4498 Circle Dr. Nguyen sale to Lee
#93
$25,000
Dec. 14, 2020
1598 Victoria St. Mason sale to Earle
#94
$25,000
Dec. 22, 2020
978 Colesbrook Ave. Anycity Tool Inc. sale to Happy Hardware Ltd.
#95
$35,000
Dec. 22, 2020
Cheque #355, Bank
Dec. 23, 2020
85 Sunset Cres. Lily sale to Steppe
#96
$10,000
Dec. 31, 2020
1372 Westin Way Gianni sale to Smith
#99
$15,000
Cheque
Explanation
$35,000
IBC #765443
#100 #101 #102
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BROKER WRAP-UP: DAY 2
What does this document relate to and what do you do with it?
What recordkeeping is required for this document in the real estate trust ledger?
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BROKER WRAP-UP: DAY 2 Package 2 What do these documents relate to and what do you do with them?
What recordkeeping is required for this document package in the real estate trust ledger?
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BROKER WRAP-UP: DAY 2 Package 3 What do these documents relate to and what do you do with them?
What recordkeeping is required for this document package in the real estate trust ledger?
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BROKER WRAP-UP: DAY 2 Package 4 What does this document relate to and what do you do with it?
What recordkeeping is required for this document in the real estate trust ledger?
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BROKER WRAP-UP: DAY 2 Package 5 What does this document relate to and what do you do with it?
What recordkeeping is required for this document in the real estate trust ledger?
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BROKER WRAP-UP: DAY 2 Package 6 What do these documents relate to and what do you do with them?
What recordkeeping is required for this document package in the real estate trust ledger?
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BROKER WRAP-UP: DAY 2 Additional notes during class discussion:
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BROKER WRAP-UP: DAY 2 Real Estate Trust Account – Monthly Reconciliation Notes during class discussion:
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BROKER WRAP-UP: DAY 2 Real Estate Trust Account – Monthly Reconciliation
Activity Storyline Scenario Assume that today is Tuesday, January 5, 2021. ABC Real Estate Inc. has just received the bank statement for December 2020. The monthly reconciliation is normally completed by an administrative staff member, then given to the broker of record for review and signature. However, that individual is away and you will need to complete the reconciliation. As the broker of record, you must understand how the bank reconciliation is completed to conduct an appropriate review of the documentation and the process involved.
Activity Objective •
Reconcile the real estate trust account for the month of December 2020
Activity Instructions 1. You will work individually. 2. Read the activity scenario (above). This scenario is also found in your Forms Booklet. 3. Read the background notes. These notes provide information regarding brokerage records for December 2020. 4. Use the blank Bank Reconciliation of the Real Estate Trust Account and Interest-Bearing Certificates Form to complete the reconciliation. 5. Complete the bank reconciliation as of December 31, 2020. 6. Refer to the real estate trust ledger from the previous activity and collect the list of consumer deposits held in trust to the end of December 2020. 7. You have 25 minutes to complete this activity.
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BROKER WRAP-UP: DAY 2 Real Estate Trust Account Reconciliation – Background Notes Assume that today is January 5, 2021. Complete a reconciliation for your real estate trust account for ABC Real Estate Inc. for the month of December 2020 using the format provided on page 16. The bank balance as of December 31, 2020 is $354,000. The brokerage records reveal the following: •
Cheque #341, dated Dec. 17, 2020, for $2,000 paid to Johanna Carter regarding Trade #89 and Cheque #344, dated Dec. 19, 2020, for $30,000 paid to David and Susan Howe regarding Trade #90, have not cleared the bank. One outstanding deposit in the amount of $15,000 for Trade #99, 1372 Westin Way received from Sandra and Paul Smith was deposited late on Dec. 31, 2020 and did not show on the bank statement.
•
One interest-bearing certificate for Trade #95, 978 Colesbrook Ave. in the amount of $35,000 was received Dec. 22, 2020.
•
No interest liability has accrued to date for any interest-bearing certificates.
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BROKER WRAP-UP: DAY 2 ABC Real Estate Inc. Reconciled Bank Account Balance Bank Reconciliation of Real Estate Trust Account and Interest-Bearing Certificate Bank Balance as at Dec. 31, 2020 (Closing Date) LESS: Outstanding Cheques Date
Cheque #
Trade #
Payee
Amount
Total Outstanding Disbursements ADD: Outstanding Deposits Date
Buyer
Trade #
Amount
Total Outstanding Deposits Reconciled Real Estate Trust Account Balance ADD: Total Term Certificates as at month ending Dec. 31, 2020 Reconciled Real Estate Trust Account and Interest-Bearing Certificates
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BROKER WRAP-UP: DAY 2 Total Real Estate Trust Liability Real Estate Trust Liability Trade #
Type
Property
Amount
Total Real Estate Trust Account Deposits Real Estate Trust Term Certificate Liability Trade #
Type
Property
Amount
Total Real Estate Trust Term Certificate Deposits Total Real Estate Trust Liability as at Dec. 31, 2020
Broker of Record’s Signature
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Dated:
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BROKER WRAP-UP: DAY 2 Additional notes during class discussion:
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BROKER WRAP-UP: DAY 2
Additional Questions What materials do you need to collect and review before completing a monthly reconciliation for the real estate trust account?
Why is it important for a broker of record to know how to complete and review a reconciliation for the real estate trust account?
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BROKER WRAP-UP: DAY 2 What would happen if the broker of record does not reconcile or cannot reconcile a real estate trust account?
What is a broker of record required to do if the bank statement showed a service charge for an electronic funds transfer in the real estate trust account?
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BROKER WRAP-UP: DAY 2 What situations could cause real estate trust monies to be dormant?
What is a broker of record required to do if the entitlement to the money has not been determined or is unclear?
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BROKER WRAP-UP: DAY 2 What is a broker of record required to do if the entitlement is clear but the brokerage is unable to locate the person entitled to the funds?
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BROKER WRAP-UP: DAY 2 Trade Processing Notes during class discussion:
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BROKER WRAP-UP: DAY 2 Trade Processing Activity Objectives •
Identify the actions required to process the existing trade
•
Identify the actions required to process new trades from other income-producing activities
•
Suggest entries, such as the real estate trust ledger and the trade record sheet
•
Recommend how to manage the deposit (if applicable)
Activity Instructions 1. You will work in small groups. 2. Review the materials and three packages in your Forms Booklet. All three packages are distinct and require processing. You may complete the packages in any order. 3. Use the trade processing checklist as a guideline in the Forms Booklet for all three packages. 4. Identify the actions required to process each package at this point in time and record responses in this Participant Workbook. 5. You have 20 minutes to complete this activity.
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BROKER WRAP-UP: DAY 2 Package 1 includes the following forms: (1) Trade Record Sheet; (2) Confirmation of Cooperation and Representation; and (3) Agreement of Purchase and Sale. What actions are required to process this trade?
Are there any forms or documents Greg Drury should have submitted to the brokerage?
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BROKER WRAP-UP: DAY 2 What trade-related documentation would you amalgamate into a single trade file?
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BROKER WRAP-UP: DAY 2 Package 2 includes the following forms: (1) Trade Input Form; and (2) Referral Agreement. What actions are required to process this new trade?
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BROKER WRAP-UP: DAY 2 Package 3 includes the following forms: (1) Trade Input Form (Disclosure); and (2) Disclosure of Benefit/Payments to Registrant. What actions are required to process this new trade?
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BROKER WRAP-UP: DAY 2
Additional Question What is the benefit of using a trade processing checklist?
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BROKER WRAP-UP: DAY 2
Self-Reflection Reflect on the activities you have just completed. Identify areas you believe you performed well.
Identify areas you believe need improvement.
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BROKER WRAP-UP: DAY 2 Closing Out Trades Notes during class discussion:
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BROKER WRAP-UP: DAY 2 Closing Out Trades
Activity Storyline Scenario ABC Real Estate Inc. has independent contractor status for brokers and salespersons. The brokerage operates three accounts: •
General Account
•
Real Estate Trust Account
•
Commission Trust Account
The last cheque issued from the brokerage’s real estate trust account was cheque #357. The last cheque issued from your commission trust account was cheque #2562. As the broker of record for ABC Real Estate Inc., you will need to close out four trades.
Activity Objective •
Identify the process to close out four trades, including making entries into the trade record sheet and real estate trust ledger (if applicable)
Activity Instructions 1. You will work in small groups. 2. Read the activity storyline scenario (above). 3. Read Package 1 background information. 4. Identify the actions required to close out the trade and write your responses in this Participant Workbook. 5. Use the real estate trust ledger from the first activity and trade records sheets found in your Forms Booklet and record appropriate entries in each, if applicable. 6. Follow the instructions provided above (numbers 3 to 5) for packages 2 to 4. 7. You have 45 minutes to complete this activity.
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BROKER WRAP-UP: DAY 2 Background Information for Package 1 Trade #79: Gordan sale to Steil, 318 Yellowstone Ave. •
Assume today’s date is Friday, February 26, 2021
•
Transaction has closed and a cheque from seller’s lawyer has been received
•
Mary Law is an independent contractor
How do you close out Trade #79?
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BROKER WRAP-UP: DAY 2 Background Information for Package 2 Trade #100: Bruno Waldman sale to Ronald and Grace Papirnik, 65 Greenspan St. •
Assume today’s date is Wednesday, March 3, 2021
•
Transaction has closed and a cheque from seller’s lawyer has been received
•
Interest-bearing certificate matured on February 26, 2021; $25,000 plus interest earned of $125 was redeposited to real estate trust account from bank
•
Greg Drury is an independent contractor
How do you close out Trade #100?
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BROKER WRAP-UP: DAY 2 Background Information for Package #3 Trade #101, Waverly sale to Toms, 972 Broadway Rd. •
Assume today’s date is Monday, March 29, 2021
•
Transaction has closed and the commission cheque from listing brokerage has been received
•
Michael Wu is an independent contractor
How do you close out Trade #101?
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BROKER WRAP-UP: DAY 2 Background Information for Package #4 Trade #102: Northgate Mechanical Inc. sale to Ahmed Norani, 1200 Industrial St. •
Assume today’s date is Friday, April 30, 2021
•
Transaction has closed and seller’s lawyer, John Alexander, has sent an email confirming transaction has closed and provides instruction to disburse funds from real estate trust account
•
Karen Bundi is an independent contractor
How do you close out Trade #102?
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BROKER WRAP-UP: DAY 2
Additional Questions Why is it important for the broker of record to know how to close out a trade?
Does every brokerage have to operate a commission trust account?
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BROKER WRAP-UP: DAY 2 Additional notes during class discussion:
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BROKER WRAP-UP: DAY 2 Analyzing Financial Statements Notes during class discussion:
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BROKER WRAP-UP: DAY 2 Analyzing Financial Statements
Activity Storyline Scenario As the broker of record for ABC Real Estate Inc., you need to understand any discussion, advice, and caution the accountant gives you and what your lenders may learn from your financial statements when the brokerage needs financing. To understand the financial performance of the brokerage, you are going to analyze the balance sheet for 2020 and compare it to 2019.
Activity Objectives •
Apply a horizontal analysis and selected financial ratio calculations to: 1. Identify and explain year-to-year differences 2. Identify financial strengths and weaknesses of the brokerage 3. Explain what the calculations mean when assessing the financial performance of a brokerage
Activity Instructions 1. You will work individually. 2. Review the activity storyline scenario (above). 3. Complete a horizontal analysis for each line item in the balance sheet and calculate the financial ratios for 2020 and 2019. 4. Show your calculations to two decimal points. The formulas are provided. 5. You have 30 minutes to complete this activity.
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BROKER WRAP-UP: DAY 2 Horizontal Analysis The horizontal (line-by-line) analysis of the balance sheet determines the percentage change (increases or decreases) for each item. The formula is: [(Value in 2020 – Value in 2019) ÷ Value in 2019] x 100 = ______%
You can also use the following formula, which has fewer keystrokes: [(2020 Amount ÷ 2019 Amount) – 1] x 100 =
%
A balance sheet for ABC Real Estate Inc. containing information for 2020 and 2019 is included on the following page.
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BROKER WRAP-UP: DAY 2 ABC Real Estate Inc. Balance Sheet (as at December 31, 2020) Assets
2020
2019
Assets Current Assets Cash
20,000
92,000
Commission Receivables
50,000
72,500
Prepaid Expenses
3,800
3,600
Short Term Deposit
12,000
36,000
Total Current Assets Property, Plant and Equipment
85,800
204,100
Office Building
250,000
200,000
(28,000)
(21,000)
15,800
5,000
(2,800)
(1,800)
25,000
10,000
(4,500)
(3,800)
600
600
Total Property, Plant and Equipment
256,100
189,000
TOTAL ASSETS
341,900
393,100
Liabilities and Equity Current Liabilities Expenses Payable
3,250
1,120
Commissions Payable
31,500
22,500
Accounts Payable
20,200
15,000
Taxes – Fed/Prov
850
800
Total Current Liabilities
55,800
39,420
Long-term Liabilities Mortgage
108,000
130,000
Notes Payable
14,500
14,000
Total Long-term Liabilities
122,500
144,000
Shareholder’s Equity
163,600
183,420
Retained Earnings (Net Worth)
163,600
209,680
TOTAL LIABILITIES AND EQUITY
341,900
393,100
Accum. Amortization – Building Computer Equipment Accum. Amortization – Computer Office Equipment Accum. Amortization – Equipment Incorporation Expense
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% Change
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BROKER WRAP-UP: DAY 2 What is the current ratio for 2020 and 2019, and what do they mean? Formula:
Current Ratio = Current Assets Current Liabilities
What is the acid test/quick ratio for 2020 and 2019, and what do they mean? Formula:
Acid Test Ratio/Quick Ratio = (Cash + Marketable Securities + Receivables) ÷ Current Liabilities
What is the debt ratio for 2020 and 2019, and explain what they mean. Formula:
Debt Ratio =Total Liabilities ÷ Total Assets
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BROKER WRAP-UP: DAY 2 Activity Objective •
Assess the financial performance of the brokerage
Activity Instructions 1. You will work with the same groups. 2. Use the calculations from the financial ratios to assess the financial performance of the brokerage. 3. Discuss the financial performance of the brokerage and write your group’s responses in this Participant Workbook. You may also use the whiteboard (virtual) or flip chart (inclass). 4. You have 10 minutes to complete this activity. Assess the financial performance of the brokerage.
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BROKER WRAP-UP: DAY 2
Additional Question Activity Instructions 1. Go to the last page of your Forms Booklet, where you’ll find an income statement. 2. You will work in the same small groups. 3. Review the income statement and discuss the following question: What additional information would you want to see in the brokerage income statement and why? 4. Write your responses in this Participant Workbook. You may also use the whiteboard (virtual) or flip chart (in-class). 5. You have five minutes. What additional information would you want to see in the brokerage income statement and why?
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BROKER WRAP-UP: DAY 2 Additional notes during class discussion:
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BROKER WRAP-UP: DAY 2 Day 2 Summary Recap Write your notes here:
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BROKER WRAP-UP: DAY 2 What is one new thing you learned today?
Which activity that we did today do you believe will be the most challenging as a broker of record?
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BROKER WRAP-UP: DAY 2 Which activity that we did today do you believe will be the most helpful as a broker of record?
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BROKER WRAP-UP: DAY 2
Self-Reflection Reflect on the activities you have just completed. Identify areas you believe you performed well.
Identify areas you believe need improvement.
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FORMS BOOKLET
BROKER WRAP-UP DAY 2
Real Estate Broker Program © 2020 Real Estate Council of Ontario. All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or in any means— electronic, mechanical, photocopying, recording, or otherwise—without prior written permission, except for the personal use of the Real Estate Broker Program learner.
Table of Contents (use links to jump to each package) Real Estate Trust Account: Working with a Real Estate Trust Ledger – Document Package 1 Mutual Release: Agreement of Purchase and Sale Real Estate Trust Account: Working with a Real Estate Trust Ledger – Document Package 2 Trade Input Form Confirmation of Co-operation and Representation Agreement of Purchase and Sale Certified Bank Draft #1936 to ABC Real Estate Inc. from OPI Banking Real Estate Trust Account: Working with a Real Estate Trust Ledger – Document Package 3 Trade Input Form Confirmation of Co-operation and Representation Agreement of Purchase and Sale Real Estate Trust Account: Working with a Real Estate Trust Ledger – Document Package 4 Amendment to Agreement of Purchase and Sale Real Estate Trust Account: Working with a Real Estate Trust Ledger – Document Package 5 Cheque #1936 to ABC Real Estate Inc. from Armand and Rubi Steil Real Estate Trust Account: Working with a Real Estate Trust Ledger – Document Package 6 Trade Input Form Agreement of Purchase and Sale Commercial Real Estate Trust Account: Monthly Reconciliation Real Estate Trust Account Reconciliation Scenario Trade Processing Checklist: Trade Processing Trade Processing – Package 1 Trade Record Sheet Confirmation of Co-operation and Representation Agreement of Purchase and Sale Trade Processing – Package 2 Trade Input Form Referral Agreement Trade Processing – Package 3 Trade Input Form Disclosure of Benefit/Payment to Registrant
Closing Out Trades – Package 1 Trade Record Sheet Closing Out Trades – Package 2 Trade Record Sheet Closing Out Trades – Package 3 Trade Record Sheet Closing Out Trades – Package 4 Trade Record Sheet Analyzing Financial Statements ABC Real Estate Inc. Income Statement
TOC
Real Estate Trust Account – Working with a Real Estate Trust Ledger Document Package #1
Mutual Release Agreement of Purchase and Sale
Form 122
for use in the Province of Ontario
BETWEEN: John Lee Andrea Lee & BUYER: ........................................................................................................................................................................................................., AND William Linch Barbara Linch & SELLER: .........................................................................................................................................................................................................,
ABC Real Estate Inc. XYZ Realty Ltd. BROKERAGE(S): ............................................................................................................................................................................................ (Listing Brokerage)
(Co-operating Brokerage)
2 November day of .................................................................................., RE: Agreement of Purchase and Sale between the Seller and Buyer dated the ............... 20 39 Briar Ave., Anycity Anycity 20.........., concerning the property known as: ....................................................................................................................................................... Anyregion ....................................................................................................................................................................................................................... as more particularly described in the aforementioned Agreement of Purchase and Sale. We, the Buyer and the Seller in the above noted transaction hereby acknowledge that the above described transaction is terminated and release each other and the Brokerage in the proposed transaction, from all liabilities, covenants, obligations, claims and sums of money arising out of the above Agreement of Purchase and Sale, together with any rights and causes of action that each party may have had against the other and/or the Brokerage, and we direct the deposit holder to disburse the deposit of:
Twenty-Five Thousand 25,000.00 ............................................................................................................................................. Canadian Dollars ($CDN)...................................... payable to:
John Lee and Andrea Lee.
Buyer 6:00 3rd IRREVOCABILITY: This Mutual Release shall be irrevocable by ....................................................................... until ...................... on the ............... (Buyer/Seller)
(a.m./p.m.)
✘
January 21 day of ..........................................., 20.........., after which time if not fully executed by Buyer and Seller, this Mutual Release shall become null and void. For the purposes of this Mutual Release, “Buyer” includes purchaser, “Seller” includes vendor, Brokerage includes Listing Brokerage, Co-operating Brokerage (if applicable) and the registrants and employees of the Brokerage(s). This release shall be binding upon the heirs, executors, administrators and assigns of all the parties executing same. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
...............................................................................
........................................................................
(Witness)
Salesperson D Melissa O'Brien
............................................................................... (Witness)
Salesperson D Melissa O'Brien
(Buyer/Seller)
John Lee
........................................................................ (Buyer/Seller)
(Seal) (Seal)
Andrea Lee
.......................................... (Date)
.......................................... (Date)
I, the Undersigned, agree to the above offer to Mutual Release. SIGNED, SEALED AND DELIVERED in the presence of: ............................................................................... (Witness)
Salesperon C Dwight Mercer
...............................................................................
(Witness)
Salesperson C Dwight Mercer
IN WITNESS whereof I have hereunto set my hand and seal: ........................................................................
(Buyer/Seller)
(Seal)
William Linch
........................................................................
(Buyer/Seller)
.......................................... (Date)
..........................................
(Seal)
Barbara Linch
(Date)
CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the contrary, I confirm this Mutual Release with all changes both typed
3rd day of....................................................., 5:00 January 21 and written was finally accepted by all parties at .......................................... this ................. 20........... (a.m./p.m.)
..................................................................................................
(Signature of Seller or Buyer)
The Brokerage hereby releases all parties from any claim that the Brokerage may have had for commission or other remuneration in the above transaction, except as may be hereinbefore specifically provided SIGNED, SEALED AND DELIVERED in the presence of: ............................................................................... (Witness)
perhaps Office administrator
............................................................................... (Witness)
perhaps Salesperson D
IN WITNESS whereof I have hereunto set my hand and seal: ........................................................................
(Listing Brokerage’s Broker of Record/Manager)
........................................................................ (Co--operating Brokerage’s Broker of Record/Manager)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
(Seal) (Seal)
.......................................... (Date)
..........................................
Form 122
(Date)
Revised 2020
Page 1 of 1
From Form 122: Mutual Release Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
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Real Estate Trust Account – Working with a Real Estate Trust Ledger Document Package #2
TRADE INPUT FORM T ade # (assigned) Tr
Listing #
MLS ® #
Sale Price
Sale Date
Closing Date
$625,000
Feb 26, 2021
Jan 3, 2021
65 Greenspan St., Anycity
Property Address
Seller
Ronald & Grace Papirnik
Bruno Waldman
Buyer
Address
Address
City
Postal Code
T .# Tel
City
Postal Code
T .# Tel
Postal Code
T .# Tel
$25, 000 Deposit
Supp. Dep. (details)
FIRM
Conditions:
Date Date Date T Type of Sale:
x
Our List
Our Sale
x
MLS®
Excl.
Ref
Other
5%
Commission Distribution: $ 31,250 T Total Commission
Comm. Rate
Amount
ABC Real Estate, Inc.
Brokerage Distribution:
Other
$
15,625
Listing Brokerage $ Listing Ref. Brokerage
Wonderland Realty Inc.
$
15,625
Co-operating Brokerage
$ Co-operating Ref. Brokerage $ T Total Commission
Greg Drury
$
14,062.50
Listing Broker/Salesperson #1 $ Listing Broker/Salesperson #2 $ Listing Broker/Salesperson #3 $ Selling Broker/Salesperson #1 $ Selling Broker/Salesperson #2 $ Selling Broker/Salesperson #3
Brokerage Information: Brokerage
Brokerage (If Refer f rral)
Address
Address
City
Postal Code
T .# Tel
City
Mr. King
Solicitor Information:
Mr. Bruce Winter
Seller’s Solicitor
Buyer’s Solicitor
Address
Address
10 1st St.
77 Common Ave.
658-987-4443
Anycity
City
Postal Code
T .# Tel
Anycity
City
988-765-6767 Postal Code
T .# Tel
Additional Information:
Greg Drury Broker/Salesperson Signature
Jan 3, 2021 Date
Sample Trade Input Form is for illustrative purposes only. Modify as required. THIS FORM DOES NOT REPLACE TRADE RECORD SHEET.
Confirmation of Co-operation and Representation
Form 320
for use in the Province of Ontario
Ronald Papirnik
Grace Papirnik
& BUYER: ................................................................................................... .................................................................................................................
Bruno Waldman SELLER: .......................................................................................................................................................................................................... 65 Greenspan St. Anycity Anyregion For the transaction on the property known as: ........................................................................................................................................................ DEFINITIONS AND INTERPRETATIONS: For the purposes of this Confirmation of Co-operation and Representation: “Seller” includes a vendor, a landlord, lessor, or a prospective, seller, vendor, landlord or lessor and “Buyer” includes a purchaser, a tenant, lessee or a prospective, buyer, purchaser, tenant or lessee and “sale“ includes a lease, and “Agreement of Purchase and Sale” includes an Agreement to Lease. Commission shall be deemed to include other remuneration. The following information is confirmed by the undersigned salesperson/broker representatives of the Brokerage(s). If a Co-operating Brokerage is involved in the transaction, the brokerages agree to co-operate, in consideration of, and on the terms and conditions as set out below. DECLARATION OF INSURANCE: The undersigned salesperson/broker representative(s) of the Brokerage(s) hereby declare that he/she is insured as required by the Real Estate and Business Brokers Act, 2002, (REBBA). 1.
LISTING BROKERAGE a)
✘
The Listing Brokerage represents the interests of the Seller in this transaction. It is further understood and agreed that: 1)
✘
2) b)
The Listing Brokerage is not representing or providing Customer Service to the Buyer. (If the Buyer is working with a Co-operating Brokerage, Section 3 is to be completed by Co-operating Brokerage) The Listing Brokerage is providing Customer Service to the Buyer.
MULTIPLE REPRESENTATION: The Listing Brokerage has entered into a Buyer Representation Agreement with the Buyer and represents the interests of the Seller and the Buyer, with their consent, for this transaction. The Listing Brokerage must be impartial and equally protect the interests of the Seller and the Buyer in this transaction. The Listing Brokerage has a duty of full disclosure to both the Seller and the Buyer, including a requirement to disclose all factual information about the property known to the Listing Brokerage. However, the Listing Brokerage shall not disclose: • That the Seller may or will accept less than the listed price, unless otherwise instructed in writing by the Seller; • That the Buyer may or will pay more than the offered price, unless otherwise instructed in writing by the Buyer; • The motivation of or personal information about the Seller or Buyer, unless otherwise instructed in writing by the party to which the information applies, or unless failure to disclose would constitute fraudulent, unlawful or unethical practice; • The price the Buyer should offer or the price the Seller should accept; • And; the Listing Brokerage shall not disclose to the Buyer the terms of any other offer. However, it is understood that factual market information about comparable properties and information known to the Listing Brokerage concerning potential uses for the property will be disclosed to both Seller and Buyer to assist them to come to their own conclusions.
Additional comments and/or disclosures by Listing Brokerage: (e.g. The Listing Brokerage represents more than one Buyer offering on this property.)
2.
PROPERTY SOLD BY BUYER BROKERAGE – PROPERTY NOT LISTED The Brokerage ............................represent the Buyer and the property is not listed with any real estate brokerage. The Brokerage will be paid (does/does not)
by the Seller in accordance with a Seller Customer Service Agreement or:
by the Buyer directly
Additional comments and/or disclosures by Buyer Brokerage: (e.g. The Buyer Brokerage represents more than one Buyer offering on this property.)
INITIALS OF BUYER(S)/SELLER(S)/BROKERAGE REPRESENTATIVE(S) (Where applicable)
BUYER
CO-OPERATING/BUYER BROKERAGE
SELLER
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
LISTING BROKERAGE
Form 320
Revised 2019
Page 1 of 2
From Form 320: Confirmation of Co-operation and Representation © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
3.
Co-operating Brokerage completes Section 3 and Listing Brokerage completes Section 1. CO-OPERATING BROKERAGE- REPRESENTATION: a)
✘
The Co-operating Brokerage represents the interests of the Buyer in this transaction.
b)
The Co-operating Brokerage is providing Customer Service to the Buyer in this transaction.
c)
The Co-operating Brokerage is not representing the Buyer and has not entered into an agreement to provide customer service(s) to the Buyer.
CO-OPERATING BROKERAGE- COMMISSION: a)
✘
The Listing Brokerage will pay the Co-operating Brokerage the commission as indicated in the MLS® information for the property
2.5% ……………………………………………................................... to be paid from the amount paid by the Seller to the Listing Brokerage. (Commission As Indicated In MLS® Information)
b)
The Co-operating Brokerage will be paid as follows:
Additional comments and/or disclosures by Co-operating Brokerage: (e.g., The Co-operating Brokerage represents more than one Buyer offering on this property.)
Commission will be payable as described above, plus applicable taxes. COMMISSION TRUST AGREEMENT: If the above Co-operating Brokerage is receiving payment of commission from the Listing Brokerage, then the agreement between Listing Brokerage and Co-operating Brokerage further includes a Commission Trust Agreement, the consideration for which is the Co-operating Brokerage procuring an offer for a trade of the property, acceptable to the Seller. This Commission Trust Agreement shall be subject to and governed by the MLS® rules and regulations pertaining to commission trusts of the Listing Brokerage’s local real estate board, if the local board’s MLS® rules and regulations so provide. Otherwise, the provisions of the OREA recommended MLS® rules and regulations shall apply to this Commission Trust Agreement. For the purpose of this Commission Trust Agreement, the Commission Trust Amount shall be the amount noted in Section 3 above. The Listing Brokerage hereby declares that all monies received in connection with the trade shall constitute a Commission Trust and shall be held, in trust, for the Co-operating Brokerage under the terms of the applicable MLS® rules and regulations. SIGNED BY THE BROKER/SALESPERSON REPRESENTATIVE(S) OF THE BROKERAGE(S) (Where applicable)
Wonderland Realty Inc. ........................................................................................................
ABC Real Estate Inc. ........................................................................................................
........................................................................................................
........................................................................................................
765-432-9876 Fax: ................................................ Tel:. .........................................
654-322-1234 Tel:. ......................................... Fax: ................................................
..................................................................... ................................
..................................................................... ................................
salesperson B Ann Grant ........................................................................................................
salesperson Greg Drury A ........................................................................................................
(Name of Co-operating/Buyer Brokerage)
(Authorized to bind the Co-operating/Buyer Brokerage)
(Date)
(Print Name of Salesperson/Broker/Broker of Record)
(Name of Listing Brokerage)
(Authorized to bind the Listing Brokerage)
(Date)
(Print Name of Salesperson/Broker/Broker of Record)
CONSENT FOR MULTIPLE REPRESENTATION (To be completed only if the Brokerage represents more than one client for the transaction) The Buyer/Seller consent with their initials to their Brokerage representing more than one client for this transaction. BUYER’S INITIALS
SELLER’S INITIALS
ACKNOWLEDGEMENT I have received, read, and understand the above information. .........................................................
................................................
.........................................................
................................................
(Signature of Buyer) Ronald Kyle Toms Papirnik
(Signature of Buyer)
Lily GraceToms Papirnik
(Date)
(Date)
...................................................
(Signature of Seller) Bruno Waldman
...................................................
(Signature of Seller)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 320
.......................................
(Date)
.......................................
(Date)
Revised 2019
Page 2 of 2
From Form 320: Confirmation of Co-operation and Representation © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Agreement of Purchase and Sale Form 100
for use in the Province of Ontario
30 December 20 This Agreement of Purchase and Sale dated this ....................... day of .................................................................................................... 20............
Ronald Papirnik & Grace Papirnik agrees to purchase from BUYER: ......................................................................................................................................................................., (Full legal names of all Buyers)
Bruno Waldman the following SELLER: ......................................................................................................................................................................................, (Full legal names of all Sellers)
REAL PROPERTY:
65 Greenspan St. Anycity Anyregion Address ........................................................................................................................................................................................................... south Greenspan St. fronting on the ................................................................................... side of ....................................................................................................
City of Anycity in the ............................................................................................................................................................................................................... 62 feet 135 feet and having a frontage of ............................................................... more or less by a depth of ............................................................ more or less Lot 22 Plan 90M -2345 Anycity, Anyregion and legally described as .................................................................................................................................................................................... ................................................................................................................................................................................................. (the “property”) (Legal description of land including easements not described elsewhere)
625,000.00 Dollars (CDN$) ..........................................
PURCHASE PRICE:
Six Hundred Twenty-Five Thousand Dollars ............................................................................................................................................................................................................. upon acceptance DEPOSIT: Buyer submits ................................................................................................................................................................................... (Herewith/Upon Acceptance/as otherwise described in this Agreement)
Twenty-Five Thousand 25,000.00 ..................................................................................................................................................... Dollars (CDN$) .......................................... ABC Real Estate Inc. “Deposit Holder” to be held by negotiable cheque payable to ............................................................................................................................ in trust pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion. For the purposes of this Agreement, “Upon Acceptance” shall mean that the Buyer is required to deliver the deposit to the Deposit Holder within 24 hours of the acceptance of this Agreement. The parties to this Agreement hereby acknowledge that, unless otherwise provided for in this Agreement, the Deposit Holder shall place the deposit in trust in the Deposit Holder’s non-interest bearing Real Estate Trust Account and no interest shall be earned, received or paid on the deposit. Buyer agrees to pay the balance as more particularly set out in Schedule A attached. SCHEDULE(S) A..............................................................................................................attached hereto form(s) part of this Agreement. 1.
Buyer 8:30 3 IRREVOCABILITY: This offer shall be irrevocable by ..................................................................... until ............................... on the .............. (Seller/Buyer)
(a.m./p.m.)
January 21 day of ................................................................... 20 ........., after which time, if not accepted, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest. 2.
26 February day of ................................................... COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on the ..............
21 20 ............... Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided for in this Agreement.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 1 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
3.
NOTICES: The Seller hereby appoints the Listing Brokerage as agent for the Seller for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage (Buyer’s Brokerage) has entered into a representation agreement with the Buyer, the Buyer hereby appoints the Buyer’s Brokerage as agent for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be appointed or authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices. Any notice relating hereto or provided for herein shall be in writing. In addition to any provision contained herein and in any Schedule hereto, this offer, any counter-offer, notice of acceptance thereof or any notice to be given or received pursuant to this Agreement or any Schedule hereto (any of them, “Document”) shall be deemed given and received when delivered personally or hand delivered to the Address for Service provided in the Acknowledgement below, or where a facsimile number or email address is provided herein, when transmitted electronically to that facsimile number or email address, respectively, in which case, the signature(s) of the party (parties) shall be deemed to be original.
FAX No.: ......................................................................................
FAX No.: ..........................................................................................
[email protected] Email Address: ..............................................................................
[email protected] Email Address: ..................................................................................
(For delivery of Documents to Seller)
(For delivery of Documents to Seller)
4.
(For delivery of Documents to Buyer)
(For delivery of Documents to Buyer)
CHATTELS INCLUDED:
Existing stainless steel Fridge, stove, microwave, and built-in dishwasher, all existing window coverings, existing workbench in basement, existing washer and dryer.
Unless otherwise stated in this Agreement or any Schedule hereto, Seller agrees to convey all fixtures and chattels included in the Purchase Price free from all liens, encumbrances or claims affecting the said fixtures and chattels.
5.
FIXTURES EXCLUDED:
Children's play house in back yard
6.
RENTAL ITEMS (Including Lease, Lease to Own): The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental contract(s), if assumable:
Hot water tank
The Buyer agrees to co-operate and execute such documentation as may be required to facilitate such assumption.
7.
HST: If the sale of the property (Real Property as described above) is subject to Harmonized Sales Tax (HST), then such tax shall be
included in ............................................................... the Purchase Price. If the sale of the property is not subject to HST, Seller agrees to certify on or before (included in/in addition to)
closing, that the sale of the property is not subject to HST. Any HST on chattels, if applicable, is not included in the Purchase Price.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 2 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
8.
12 February 21 TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the .............. day of ......................................................., 20..........., (Requisition Date) to examine the title to the property at Buyer’s own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or; (ii) five days prior to completion, to satisfy Buyer that there are no outstanding
residential work orders or deficiency notices affecting the property, and that its present use (....................................................................................) may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require. 9.
FUTURE USE: Seller and Buyer agree that there is no representation or warranty of any kind that the future intended use of the property by Buyer is or will be lawful except as may be specifically provided for in this Agreement.
10. TITLE: Provided that the title to the property is good and free from all registered restrictions, charges, liens, and encumbrances except as otherwise specifically provided in this Agreement and save and except for (a) any registered restrictions or covenants that run with the land providing that such are complied with; (b) any registered municipal agreements and registered agreements with publicly regulated utilities providing such have been complied with, or security has been posted to ensure compliance and completion, as evidenced by a letter from the relevant municipality or regulated utility; (c) any minor easements for the supply of domestic utility or telecommunication services to the property or adjacent properties; and (d) any easements for drainage, storm or sanitary sewers, public utility lines, telecommunication lines, cable television lines or other services which do not materially affect the use of the property. If within the specified times referred to in paragraph 8 any valid objection to title or to any outstanding work order or deficiency notice, or to the fact the said present use may not lawfully be continued, or that the principal building may not be insured against risk of fire is made in writing to Seller and which Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance save and except against risk of fire (Title Insurance) in favour of the Buyer and any mortgagee, (with all related costs at the expense of the Seller), and which Buyer will not waive, this Agreement notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or deduction and Seller, Listing Brokerage and Co-operating Brokerage shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, Buyer shall be conclusively deemed to have accepted Seller’s title to the property. 11. CLOSING ARRANGEMENTS: Where each of the Seller and Buyer retain a lawyer to complete the Agreement of Purchase and Sale of the property, and where the transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Seller and Buyer acknowledge and agree that the exchange of closing funds, non-registrable documents and other items (the “Requisite Deliveries”) and the release thereof to the Seller and Buyer will (a) not occur at the same time as the registration of the transfer/deed (and any other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(s) receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Seller and Buyer irrevocably instruct the said lawyers to be bound by the document registration agreement which is recommended from time to time by the Law Society of Ontario. Unless otherwise agreed to by the lawyers, such exchange of Requisite Deliveries shall occur by the delivery of the Requisite Deliveries of each party to the office of the lawyer for the other party or such other location agreeable to both lawyers. 12. DOCUMENTS AND DISCHARGE: Buyer shall not call for the production of any title deed, abstract, survey or other evidence of title to the property except such as are in the possession or control of Seller. If requested by Buyer, Seller will deliver any sketch or survey of the property within Seller’s control to Buyer as soon as possible and prior to the Requisition Date. If a discharge of any Charge/Mortgage held by a corporation incorporated pursuant to the Trust And Loan Companies Act (Canada), Chartered Bank, Trust Company, Credit Union, Caisse Populaire or Insurance Company and which is not to be assumed by Buyer on completion, is not available in registrable form on completion, Buyer agrees to accept Seller’s lawyer’s personal undertaking to obtain, out of the closing funds, a discharge in registrable form and to register same, or cause same to be registered, on title within a reasonable period of time after completion, provided that on or before completion Seller shall provide to Buyer a mortgage statement prepared by the mortgagee setting out the balance required to obtain the discharge, and, where a real-time electronic cleared funds transfer system is not being used, a direction executed by Seller directing payment to the mortgagee of the amount required to obtain the discharge out of the balance due on completion. 13. INSPECTION: Buyer acknowledges having had the opportunity to inspect the property and understands that upon acceptance of this offer there shall be a binding agreement of purchase and sale between Buyer and Seller. The Buyer acknowledges having the opportunity to include a requirement for a property inspection report in this Agreement and agrees that except as may be specifically provided for in this Agreement, the Buyer will not be obtaining a property inspection or property inspection report regarding the property. 14. INSURANCE: All buildings on the property and all other things being purchased shall be and remain until completion at the risk of Seller. Pending completion, Seller shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage, Buyer may either terminate this Agreement and have all monies paid returned without interest or deduction or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion. If Seller is taking back a Charge/ Mortgage, or Buyer is assuming a Charge/Mortgage, Buyer shall supply Seller with reasonable evidence of adequate insurance to protect Seller’s or other mortgagee’s interest on completion. INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 3 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
15. PLANNING ACT: This Agreement shall be effective to create an interest in the property only if Seller complies with the subdivision control provisions of the Planning Act by completion and Seller covenants to proceed diligently at Seller’s expense to obtain any necessary consent by completion. 16. DOCUMENT PREPARATION: The Transfer/Deed shall, save for the Land Transfer Tax Affidavit, be prepared in registrable form at the expense of Seller, and any Charge/Mortgage to be given back by the Buyer to Seller at the expense of the Buyer. If requested by Buyer, Seller covenants that the Transfer/Deed to be delivered on completion shall contain the statements contemplated by Section 50(22) of the Planning Act, R.S.O.1990. 17. RESIDENCY: (a) Subject to (b) below, the Seller represents and warrants that the Seller is not and on completion will not be a non-resident under the non-residency provisions of the Income Tax Act which representation and warranty shall survive and not merge upon the completion of this transaction and the Seller shall deliver to the Buyer a statutory declaration that Seller is not then a non-resident of Canada; (b) provided that if the Seller is a non-resident under the non-residency provisions of the Income Tax Act, the Buyer shall be credited towards the Purchase Price with the amount, if any, necessary for Buyer to pay to the Minister of National Revenue to satisfy Buyer’s liability in respect of tax payable by Seller under the non-residency provisions of the Income Tax Act by reason of this sale. Buyer shall not claim such credit if Seller delivers on completion the prescribed certificate. 18. ADJUSTMENTS: Any rents, mortgage interest, realty taxes including local improvement rates and unmetered public or private utility charges and unmetered cost of fuel, as applicable, shall be apportioned and allowed to the day of completion, the day of completion itself to be apportioned to Buyer. 19. PROPERTY ASSESSMENT: The Buyer and Seller hereby acknowledge that the Province of Ontario has implemented current value assessment and properties may be re-assessed on an annual basis. The Buyer and Seller agree that no claim will be made against the Buyer or Seller, or any Brokerage, Broker or Salesperson, for any changes in property tax as a result of a re-assessment of the property, save and except any property taxes that accrued prior to the completion of this transaction. 20. TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Seller and Buyer or by their respective lawyers who may be specifically authorized in that regard. 21. TENDER: Any tender of documents or money hereunder may be made upon Seller or Buyer or their respective lawyers on the day set for completion. Money shall be tendered with funds drawn on a lawyer’s trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. 22. FAMILY LAW ACT: Seller warrants that spousal consent is not necessary to this transaction under the provisions of the Family Law Act, R.S.O.1990 unless the spouse of the Seller has executed the consent hereinafter provided. 23. UFFI: Seller represents and warrants to Buyer that during the time Seller has owned the property, Seller has not caused any building on the property to be insulated with insulation containing ureaformaldehyde, and that to the best of Seller’s knowledge no building on the property contains or has ever contained insulation that contains ureaformaldehyde. This warranty shall survive and not merge on the completion of this transaction, and if the building is part of a multiple unit building, this warranty shall only apply to that part of the building which is the subject of this transaction. 24. LEGAL, ACCOUNTING AND ENVIRONMENTAL ADVICE: The parties acknowledge that any information provided by the brokerage is not legal, tax or environmental advice. 25. CONSUMER REPORTS: The Buyer is hereby notified that a consumer report containing credit and/or personal information may be referred to in connection with this transaction. 26. AGREEMENT IN WRITING: If there is conflict or discrepancy between any provision added to this Agreement (including any Schedule attached hereto) and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement including any Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seller. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein. For the purposes of this Agreement, Seller means vendor and Buyer means purchaser. This Agreement shall be read with all changes of gender or number required by the context. 27. TIME AND DATE: Any reference to a time and date in this Agreement shall mean the time and date where the property is located.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 4 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
28. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms herein. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
...............................................................................
........................................................................
(Witness)
(Buyer)
Ann Grant
............................................................................... (Witness)
Ronald Papirnik
........................................................................ (Buyer) Grace
Ann Grant
Papirnik
........................................
(Seal)
(Date)
........................................
(Seal)
(Date)
I, the Undersigned Seller, agree to the above offer. I hereby irrevocably instruct my lawyer to pay directly to the brokerage(s) with whom I have agreed to pay commission, the unpaid balance of the commission together with applicable Harmonized Sales Tax (and any other taxes as may hereafter be applicable), from the proceeds of the sale prior to any payment to the undersigned on completion, as advised by the brokerage(s) to my lawyer. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
...............................................................................
........................................................................
(Witness)
(Seller)
Greg Drury
...............................................................................
Bruno Waldman
........................................................................
(Witness)
(Seller)
........................................
(Seal)
(Date)
........................................
(Seal)
(Date)
SPOUSAL CONSENT: The undersigned spouse of the Seller hereby consents to the disposition evidenced herein pursuant to the provisions of the Family Law Act, R.S.O.1990, and hereby agrees to execute all necessary or incidental documents to give full force and effect to the sale evidenced herein. ...............................................................................
........................................................................
(Witness)
(Spouse)
........................................
(Seal)
(Date)
CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all changes both typed
6:30 3rd January 21 and written was finally accepted by all parties at .......................................... this ................. day of....................................................., 20........... (a.m./p.m.)
..................................................................................................
(Signature of Seller or Buyer)
INFORMATION ON BROKERAGE(S)
ABC Real Estate Inc. Listing Brokerage .......................................................................................................................
654-322-1234 ........................................................... (Tel.No.)
Greg Drury ............................................................................................................................................................................................................... (Salesperson/Broker/Broker of Record Name)
Wonderland Realty Inc. Co-op/Buyer Brokerage .............................................................................................................
765-432-9876 ...........................................................
(Tel.No.)
Ann Grant ............................................................................................................................................................................................................... (Salesperson/Broker/Broker of Record Name)
ACKNOWLEDGEMENT I acknowledge receipt of my signed copy of this accepted Agreement of I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. .......................................................................... ............................ (Seller)
(Date)
Bruno Waldman
.......................................................................... ............................ (Seller)
(Date)
........................................................................ ...............................
(Buyer)
(Date)
Ronald Papirnik
........................................................................ ...............................
(Buyer)
(Date)
Grace Papirnik
Address for Service ............................................................................
Address for Service ............................................................................
........................................................
........................................................
............................................. (Tel. No.)
.............................................
(Tel. No.)
Mr. King Seller’s Lawyer ...................................................................................
Mr Bruce Winter Buyer’s Lawyer ...................................................................................
10 1st St. Anycity Address ............................................................................................
77 Common Ave Address .............................................................................................
[email protected] Email ................................................................................................
[email protected] Email ................................................................................................
658-987-4443 ....................................................... (Tel. No.)
FOR OFFICE USE ONLY
.............................................. (Fax. No.)
988-765-6767 .......................................................
(Tel. No.)
........... ................................... (Fax. No.)
COMMISSION TRUST AGREEMENT
To: Co-operating Brokerage shown on the foregoing Agreement of Purchase and Sale: In consideration for the Co-operating Brokerage procuring the foregoing Agreement of Purchase and Sale, I hereby declare that all moneys received or receivable by me in connection with the Transaction as contemplated in the MLS® Rules and Regulations of my Real Estate Board shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the MLS® Rules and shall be subject to and governed by the MLS® Rules pertaining to Commission Trust. DATED as of the date and time of the acceptance of the foregoing Agreement of Purchase and Sale.
Acknowledged by:
.......................................................................................................................
.............................................................................................
(Authorized to bind the Listing Brokerage)
Greg Drury
(Authorized to bind the Co-operating Brokerage) Ann Grant
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 100
Revised 2020
Page 5 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Schedule A Form 100
Agreement of Purchase and Sale
for use in the Province of Ontario
This Schedule is attached to and forms part of the Agreement of Purchase and Sale between:
Ronald Papirnik & Grace Papirnik BUYER: ..................................................................................................................................................................................................., and Bruno Waldman SELLER: ..........................................................................................................................................................................................................
65 Greenspan St. Anyregion for the purchase and sale of ............................................................................................................................................................................... 30 day of ................................................................................., 20 December ........................................................................ dated the .............. 20................ Buyer agrees to pay the balance as follows:
The Buyer agrees to pay a further sum of Six Hundred Thousand Dollars ($600,000), subject to adjustments, to the Seller on completion of this transaction, with funds drawn on a lawyer's trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. The Seller represents and warrants that the chattels and fixtures as included in this Agreement of Purchase and Sale will be in good working order and free from all liens and encumbrances on completion. The Parties agree that this representation and warranty shall survive and not merge on completion of this transaction, but apply only to the state of the property at completion of this transaction. The Seller represents and warrants to Buyer that during the time the Seller owned the property, the Seller has not installed in any building on the property Kitec plumbing, any fittings for Kitec plumbing nor any Kitec Plumbing Systems ("Kitec") and that to the best of the undersigned's knowledge, no building on the property contains or has ever contained Kitec. This warranty shall survive and not merge on the completion of the above transaction, and if the building is part of a multiple unit building, this warranty shall only apply to the part of the building, which is subject to this transaction. The Buyer shall have the right to inspect the property two further times prior to completion, at mutually agreed upon times, provided that written notice is given to the Seller. The Seller agrees to provide access to the property for the purpose of this inspection. The Parties to this Agreement hereby acknowledge that the Deposit Holder shall place all deposit monies in an interest bearing security with any accrued interest on deposit to be paid to the Buyer as soon as possible after completion or other termination of this agreement. The deposit holder will immediately inform the person depositing the trust money as to the interest rate received on the deposit. In the event that the closing date is advanced or the transaction is terminated, the party receiving the interest agrees to accept the short-term rate for deposits withdrawn before maturity. The buyer agrees to provide their Social Insurance Number prior to being paid the interest on deposit._____________________
This form must be initialed by all parties to the Agreement of Purchase and Sale.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 6 of 6
From Form 100: Schedule A Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
OPI Banking
999 King St. Anycity, ON M7H 4L9
Certified Bank Draft January 4, 2021
ABC Real Estate Inc.
25,000.00
Twenty-Five Thousand -------------------------------------------------------/xx
Deposit on 65 Greenspan St.
Antonia Sena Gabriel Gomez
TOC
Real Estate Trust Account – Working with a Real Estate Trust Ledger Document Package #3
TRADE INPUT FORM T ade # (assigned) Tr
Listing #
MLS ® #
Sale Price
Sale Date
Closing Date
Mar 18, 2021
Jan 2, 2021
$1,305,000 972 Broadway Rd., Anycity
Property Address
Seller
Kyle & Lily Toms
Elena Waverly
Buyer
Address
Address
City
Postal Code
T .# Tel
City
Postal Code
T .# Tel
Postal Code
T .# Tel
$$75,000 Deposit
Supp. Dep. (details)
Home inspection
Conditions:
5 pm
Jan 10, 2021 Date Date Date
T Type of Sale:
x
Our List
x
MLS®
Our Sale
Ref
Excl.
Other
2.5%
Commission Distribution: $ T Total Commission
Comm. Rate
Amount
XYZ Realty Limited
Brokerage Distribution:
Other
$
Listing Brokerage $ Listing Ref. Brokerage
ABC Real Estate Inc.
$
32,625
Co-operating Brokerage
$ Co-operating Ref. Brokerage $
32,625 T Total Commission
$ Listing Broker/Salesperson #1 $ Listing Broker/Salesperson #2 $ Listing Broker/Salesperson #3
Michael Wu
$
29,362.50
Selling Broker/Salesperson #1 $ Selling Broker/Salesperson #2 $ Selling Broker/Salesperson #3
Brokerage Information: Brokerage
Brokerage (If Refer f rral)
Address
Address
City
Postal Code
T .# Tel
City
Mr Kinging
Solicitor Information:
Mr. Bruce White
Seller’s Solicitor
Buyer’s Solicitor
Address
Address
10 1st Streetst St. 658-987-4443
Anycityty
City
77 Common Ave.
Postal Code
T .# Tel
Anycity
City
988-765-6767 Postal Code
T .# Tel
Additional Information:
Michael Wu Broker/Salesperson Signature
Jan 2, 2021 Date
Sample Trade Input Form is for illustrative purposes only. Modify as required. THIS FORM DOES NOT REPLACE TRADE RECORD SHEET.
Confirmation of Co-operation and Representation
Form 320
for use in the Province of Ontario
Kyle Toms & Lily Toms BUYER: .......................................................................................................................................................................................................... Elena Waverly SELLER: ..........................................................................................................................................................................................................
972 Broadway Rd. Anycity Anyregion For the transaction on the property known as: ........................................................................................................................................................ DEFINITIONS AND INTERPRETATIONS: For the purposes of this Confirmation of Co-operation and Representation: “Seller” includes a vendor, a landlord, lessor, or a prospective, seller, vendor, landlord or lessor and “Buyer” includes a purchaser, a tenant, lessee or a prospective, buyer, purchaser, tenant or lessee and “sale“ includes a lease, and “Agreement of Purchase and Sale” includes an Agreement to Lease. Commission shall be deemed to include other remuneration. The following information is confirmed by the undersigned salesperson/broker representatives of the Brokerage(s). If a Co-operating Brokerage is involved in the transaction, the brokerages agree to co-operate, in consideration of, and on the terms and conditions as set out below. DECLARATION OF INSURANCE: The undersigned salesperson/broker representative(s) of the Brokerage(s) hereby declare that he/she is insured as required by the Real Estate and Business Brokers Act, 2002, (REBBA). 1.
LISTING BROKERAGE a)
✘
The Listing Brokerage represents the interests of the Seller in this transaction. It is further understood and agreed that: 1)
✘
2) b)
The Listing Brokerage is not representing or providing Customer Service to the Buyer. (If the Buyer is working with a Co-operating Brokerage, Section 3 is to be completed by Co-operating Brokerage) The Listing Brokerage is providing Customer Service to the Buyer.
MULTIPLE REPRESENTATION: The Listing Brokerage has entered into a Buyer Representation Agreement with the Buyer and represents the interests of the Seller and the Buyer, with their consent, for this transaction. The Listing Brokerage must be impartial and equally protect the interests of the Seller and the Buyer in this transaction. The Listing Brokerage has a duty of full disclosure to both the Seller and the Buyer, including a requirement to disclose all factual information about the property known to the Listing Brokerage. However, the Listing Brokerage shall not disclose: • That the Seller may or will accept less than the listed price, unless otherwise instructed in writing by the Seller; • That the Buyer may or will pay more than the offered price, unless otherwise instructed in writing by the Buyer; • The motivation of or personal information about the Seller or Buyer, unless otherwise instructed in writing by the party to which the information applies, or unless failure to disclose would constitute fraudulent, unlawful or unethical practice; • The price the Buyer should offer or the price the Seller should accept; • And; the Listing Brokerage shall not disclose to the Buyer the terms of any other offer. However, it is understood that factual market information about comparable properties and information known to the Listing Brokerage concerning potential uses for the property will be disclosed to both Seller and Buyer to assist them to come to their own conclusions.
Additional comments and/or disclosures by Listing Brokerage: (e.g. The Listing Brokerage represents more than one Buyer offering on this property.)
2.
PROPERTY SOLD BY BUYER BROKERAGE – PROPERTY NOT LISTED The Brokerage ............................represent the Buyer and the property is not listed with any real estate brokerage. The Brokerage will be paid (does/does not)
by the Seller in accordance with a Seller Customer Service Agreement or:
by the Buyer directly
Additional comments and/or disclosures by Buyer Brokerage: (e.g. The Buyer Brokerage represents more than one Buyer offering on this property.)
INITIALS OF BUYER(S)/SELLER(S)/BROKERAGE REPRESENTATIVE(S) (Where applicable)
BUYER
CO-OPERATING/BUYER BROKERAGE
SELLER
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
LISTING BROKERAGE
Form 320
Revised 2019
Page 1 of 2
From Form 320: Confirmation of Co-operation and Representation © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
3.
Co-operating Brokerage completes Section 3 and Listing Brokerage completes Section 1. CO-OPERATING BROKERAGE- REPRESENTATION: a)
✘
The Co-operating Brokerage represents the interests of the Buyer in this transaction.
b)
The Co-operating Brokerage is providing Customer Service to the Buyer in this transaction.
c)
The Co-operating Brokerage is not representing the Buyer and has not entered into an agreement to provide customer service(s) to the Buyer.
CO-OPERATING BROKERAGE- COMMISSION: a)
✘
The Listing Brokerage will pay the Co-operating Brokerage the commission as indicated in the MLS® information for the property
2.5% ……………………………………………................................... to be paid from the amount paid by the Seller to the Listing Brokerage. (Commission As Indicated In MLS® Information)
b)
The Co-operating Brokerage will be paid as follows:
Additional comments and/or disclosures by Co-operating Brokerage: (e.g., The Co-operating Brokerage represents more than one Buyer offering on this property.)
Commission will be payable as described above, plus applicable taxes. COMMISSION TRUST AGREEMENT: If the above Co-operating Brokerage is receiving payment of commission from the Listing Brokerage, then the agreement between Listing Brokerage and Co-operating Brokerage further includes a Commission Trust Agreement, the consideration for which is the Co-operating Brokerage procuring an offer for a trade of the property, acceptable to the Seller. This Commission Trust Agreement shall be subject to and governed by the MLS® rules and regulations pertaining to commission trusts of the Listing Brokerage’s local real estate board, if the local board’s MLS® rules and regulations so provide. Otherwise, the provisions of the OREA recommended MLS® rules and regulations shall apply to this Commission Trust Agreement. For the purpose of this Commission Trust Agreement, the Commission Trust Amount shall be the amount noted in Section 3 above. The Listing Brokerage hereby declares that all monies received in connection with the trade shall constitute a Commission Trust and shall be held, in trust, for the Co-operating Brokerage under the terms of the applicable MLS® rules and regulations. SIGNED BY THE BROKER/SALESPERSON REPRESENTATIVE(S) OF THE BROKERAGE(S) (Where applicable)
ABC Real Estate Inc. ........................................................................................................
XYZ Realty Ltd. ........................................................................................................
........................................................................................................
........................................................................................................
654-322-1234 Fax: ................................................ Tel:. .........................................
222-334-5566 Tel:. ......................................... Fax: ................................................
..................................................................... ................................
..................................................................... ................................
Michael Wu ........................................................................................................
Victor Barlow ........................................................................................................
(Name of Co-operating/Buyer Brokerage)
(Authorized to bind the Co-operating/Buyer Brokerage)
(Date)
(Print Name of Salesperson/Broker/Broker of Record)
(Name of Listing Brokerage)
(Authorized to bind the Listing Brokerage)
(Date)
(Print Name of Salesperson/Broker/Broker of Record)
CONSENT FOR MULTIPLE REPRESENTATION (To be completed only if the Brokerage represents more than one client for the transaction) The Buyer/Seller consent with their initials to their Brokerage representing more than one client for this transaction. BUYER’S INITIALS
SELLER’S INITIALS
ACKNOWLEDGEMENT I have received, read, and understand the above information. .........................................................
................................................ (Date)
(Signature of Seller) Elena Waverly
.........................................................
................................................
...................................................
(Signature of Buyer)
(Signature of Buyer)
Kyle Toms Lily Toms
(Date)
...................................................
(Signature of Seller)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 320
.......................................
(Date)
.......................................
(Date)
Revised 2019
Page 2 of 2
From Form 320: Confirmation of Co-operation and Representation © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Agreement of Purchase and Sale Form 100
for use in the Province of Ontario
30 December 20 This Agreement of Purchase and Sale dated this ....................... day of .................................................................................................... 20............ Lily Toms
Kyle Toms & BUYER: ......................................................................................................................................................................., agrees to purchase from (Full legal names of all Buyers)
Elena Waverly the following SELLER: ......................................................................................................................................................................................, (Full legal names of all Sellers)
REAL PROPERTY:
972 Broadway Rd. Anycity Anyregion Address ........................................................................................................................................................................................................... east
Broadway Rd. fronting on the ................................................................................... side of .................................................................................................... City of Anycity in the ............................................................................................................................................................................................................... 75 feet 120 feet and having a frontage of ............................................................... more or less by a depth of ............................................................ more or less Lot 16 Plan 90M -4567 Anycity, Anyregion, being a detached bungalow and legally described as .................................................................................................................................................................................... ................................................................................................................................................................................................. (the “property”) (Legal description of land including easements not described elsewhere)
1,305,000.00 Dollars (CDN$) ..........................................
PURCHASE PRICE:
One Million Three Hundred Five Thousand Dollars ............................................................................................................................................................................................................. upon acceptance DEPOSIT: Buyer submits ................................................................................................................................................................................... (Herewith/Upon Acceptance/as otherwise described in this Agreement)
Seventy-Five Thousand 75,000.00 ..................................................................................................................................................... Dollars (CDN$) .......................................... XYZ Realty Limited “Deposit Holder” to be held by negotiable cheque payable to ............................................................................................................................ in trust pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion. For the purposes of this Agreement, “Upon Acceptance” shall mean that the Buyer is required to deliver the deposit to the Deposit Holder within 24 hours of the acceptance of this Agreement. The parties to this Agreement hereby acknowledge that, unless otherwise provided for in this Agreement, the Deposit Holder shall place the deposit in trust in the Deposit Holder’s non-interest bearing Real Estate Trust Account and no interest shall be earned, received or paid on the deposit. Buyer agrees to pay the balance as more particularly set out in Schedule A attached. SCHEDULE(S) A..............................................................................................................attached hereto form(s) part of this Agreement. 1.
Buyer 11:59 7:30 3 IRREVOCABILITY: This offer shall be irrevocable by ..................................................................... until ............................... on the .............. (Seller/Buyer)
(a.m./p.m.)
✘
January 21 day of ................................................................... 20 ........., after which time, if not accepted, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest. 2.
18 March day of ................................................... COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on the .............. 21 20 ............... Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided for in this Agreement.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 1 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
3.
NOTICES: The Seller hereby appoints the Listing Brokerage as agent for the Seller for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage (Buyer’s Brokerage) has entered into a representation agreement with the Buyer, the Buyer hereby appoints the Buyer’s Brokerage as agent for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be appointed or authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices. Any notice relating hereto or provided for herein shall be in writing. In addition to any provision contained herein and in any Schedule hereto, this offer, any counter-offer, notice of acceptance thereof or any notice to be given or received pursuant to this Agreement or any Schedule hereto (any of them, “Document”) shall be deemed given and received when delivered personally or hand delivered to the Address for Service provided in the Acknowledgement below, or where a facsimile number or email address is provided herein, when transmitted electronically to that facsimile number or email address, respectively, in which case, the signature(s) of the party (parties) shall be deemed to be original.
FAX No.: ......................................................................................
FAX No.: ..........................................................................................
[email protected] Email Address: ..............................................................................
[email protected] Email Address: ..................................................................................
(For delivery of Documents to Seller)
(For delivery of Documents to Seller)
4.
(For delivery of Documents to Buyer)
(For delivery of Documents to Buyer)
CHATTELS INCLUDED:
Existing kitchen Fridge, stove & microwave, all existing window coverings, existing bookcase in family room on easterly wall, existing washer and dryer.
Unless otherwise stated in this Agreement or any Schedule hereto, Seller agrees to convey all fixtures and chattels included in the Purchase Price free from all liens, encumbrances or claims affecting the said fixtures and chattels.
5.
FIXTURES EXCLUDED:
existing fountain in backyard
6.
RENTAL ITEMS (Including Lease, Lease to Own): The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental contract(s), if assumable:
Hot water tank
The Buyer agrees to co-operate and execute such documentation as may be required to facilitate such assumption.
7.
HST: If the sale of the property (Real Property as described above) is subject to Harmonized Sales Tax (HST), then such tax shall be
included in ............................................................... the Purchase Price. If the sale of the property is not subject to HST, Seller agrees to certify on or before (included in/in addition to)
closing, that the sale of the property is not subject to HST. Any HST on chattels, if applicable, is not included in the Purchase Price.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 2 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
8.
5 March 21 TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the .............. day of ......................................................., 20..........., (Requisition Date) to examine the title to the property at Buyer’s own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or; (ii) five days prior to completion, to satisfy Buyer that there are no outstanding residential work orders or deficiency notices affecting the property, and that its present use (....................................................................................) may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require.
9.
FUTURE USE: Seller and Buyer agree that there is no representation or warranty of any kind that the future intended use of the property by Buyer is or will be lawful except as may be specifically provided for in this Agreement.
10. TITLE: Provided that the title to the property is good and free from all registered restrictions, charges, liens, and encumbrances except as otherwise specifically provided in this Agreement and save and except for (a) any registered restrictions or covenants that run with the land providing that such are complied with; (b) any registered municipal agreements and registered agreements with publicly regulated utilities providing such have been complied with, or security has been posted to ensure compliance and completion, as evidenced by a letter from the relevant municipality or regulated utility; (c) any minor easements for the supply of domestic utility or telecommunication services to the property or adjacent properties; and (d) any easements for drainage, storm or sanitary sewers, public utility lines, telecommunication lines, cable television lines or other services which do not materially affect the use of the property. If within the specified times referred to in paragraph 8 any valid objection to title or to any outstanding work order or deficiency notice, or to the fact the said present use may not lawfully be continued, or that the principal building may not be insured against risk of fire is made in writing to Seller and which Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance save and except against risk of fire (Title Insurance) in favour of the Buyer and any mortgagee, (with all related costs at the expense of the Seller), and which Buyer will not waive, this Agreement notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or deduction and Seller, Listing Brokerage and Co-operating Brokerage shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, Buyer shall be conclusively deemed to have accepted Seller’s title to the property. 11. CLOSING ARRANGEMENTS: Where each of the Seller and Buyer retain a lawyer to complete the Agreement of Purchase and Sale of the property, and where the transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Seller and Buyer acknowledge and agree that the exchange of closing funds, non-registrable documents and other items (the “Requisite Deliveries”) and the release thereof to the Seller and Buyer will (a) not occur at the same time as the registration of the transfer/deed (and any other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(s) receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Seller and Buyer irrevocably instruct the said lawyers to be bound by the document registration agreement which is recommended from time to time by the Law Society of Ontario. Unless otherwise agreed to by the lawyers, such exchange of Requisite Deliveries shall occur by the delivery of the Requisite Deliveries of each party to the office of the lawyer for the other party or such other location agreeable to both lawyers. 12. DOCUMENTS AND DISCHARGE: Buyer shall not call for the production of any title deed, abstract, survey or other evidence of title to the property except such as are in the possession or control of Seller. If requested by Buyer, Seller will deliver any sketch or survey of the property within Seller’s control to Buyer as soon as possible and prior to the Requisition Date. If a discharge of any Charge/Mortgage held by a corporation incorporated pursuant to the Trust And Loan Companies Act (Canada), Chartered Bank, Trust Company, Credit Union, Caisse Populaire or Insurance Company and which is not to be assumed by Buyer on completion, is not available in registrable form on completion, Buyer agrees to accept Seller’s lawyer’s personal undertaking to obtain, out of the closing funds, a discharge in registrable form and to register same, or cause same to be registered, on title within a reasonable period of time after completion, provided that on or before completion Seller shall provide to Buyer a mortgage statement prepared by the mortgagee setting out the balance required to obtain the discharge, and, where a real-time electronic cleared funds transfer system is not being used, a direction executed by Seller directing payment to the mortgagee of the amount required to obtain the discharge out of the balance due on completion. 13. INSPECTION: Buyer acknowledges having had the opportunity to inspect the property and understands that upon acceptance of this offer there shall be a binding agreement of purchase and sale between Buyer and Seller. The Buyer acknowledges having the opportunity to include a requirement for a property inspection report in this Agreement and agrees that except as may be specifically provided for in this Agreement, the Buyer will not be obtaining a property inspection or property inspection report regarding the property. 14. INSURANCE: All buildings on the property and all other things being purchased shall be and remain until completion at the risk of Seller. Pending completion, Seller shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage, Buyer may either terminate this Agreement and have all monies paid returned without interest or deduction or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion. If Seller is taking back a Charge/ Mortgage, or Buyer is assuming a Charge/Mortgage, Buyer shall supply Seller with reasonable evidence of adequate insurance to protect Seller’s or other mortgagee’s interest on completion. INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 3 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
15. PLANNING ACT: This Agreement shall be effective to create an interest in the property only if Seller complies with the subdivision control provisions of the Planning Act by completion and Seller covenants to proceed diligently at Seller’s expense to obtain any necessary consent by completion. 16. DOCUMENT PREPARATION: The Transfer/Deed shall, save for the Land Transfer Tax Affidavit, be prepared in registrable form at the expense of Seller, and any Charge/Mortgage to be given back by the Buyer to Seller at the expense of the Buyer. If requested by Buyer, Seller covenants that the Transfer/Deed to be delivered on completion shall contain the statements contemplated by Section 50(22) of the Planning Act, R.S.O.1990. 17. RESIDENCY: (a) Subject to (b) below, the Seller represents and warrants that the Seller is not and on completion will not be a non-resident under the non-residency provisions of the Income Tax Act which representation and warranty shall survive and not merge upon the completion of this transaction and the Seller shall deliver to the Buyer a statutory declaration that Seller is not then a non-resident of Canada; (b) provided that if the Seller is a non-resident under the non-residency provisions of the Income Tax Act, the Buyer shall be credited towards the Purchase Price with the amount, if any, necessary for Buyer to pay to the Minister of National Revenue to satisfy Buyer’s liability in respect of tax payable by Seller under the non-residency provisions of the Income Tax Act by reason of this sale. Buyer shall not claim such credit if Seller delivers on completion the prescribed certificate. 18. ADJUSTMENTS: Any rents, mortgage interest, realty taxes including local improvement rates and unmetered public or private utility charges and unmetered cost of fuel, as applicable, shall be apportioned and allowed to the day of completion, the day of completion itself to be apportioned to Buyer. 19. PROPERTY ASSESSMENT: The Buyer and Seller hereby acknowledge that the Province of Ontario has implemented current value assessment and properties may be re-assessed on an annual basis. The Buyer and Seller agree that no claim will be made against the Buyer or Seller, or any Brokerage, Broker or Salesperson, for any changes in property tax as a result of a re-assessment of the property, save and except any property taxes that accrued prior to the completion of this transaction. 20. TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Seller and Buyer or by their respective lawyers who may be specifically authorized in that regard. 21. TENDER: Any tender of documents or money hereunder may be made upon Seller or Buyer or their respective lawyers on the day set for completion. Money shall be tendered with funds drawn on a lawyer’s trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. 22. FAMILY LAW ACT: Seller warrants that spousal consent is not necessary to this transaction under the provisions of the Family Law Act, R.S.O.1990 unless the spouse of the Seller has executed the consent hereinafter provided. 23. UFFI: Seller represents and warrants to Buyer that during the time Seller has owned the property, Seller has not caused any building on the property to be insulated with insulation containing ureaformaldehyde, and that to the best of Seller’s knowledge no building on the property contains or has ever contained insulation that contains ureaformaldehyde. This warranty shall survive and not merge on the completion of this transaction, and if the building is part of a multiple unit building, this warranty shall only apply to that part of the building which is the subject of this transaction. 24. LEGAL, ACCOUNTING AND ENVIRONMENTAL ADVICE: The parties acknowledge that any information provided by the brokerage is not legal, tax or environmental advice. 25. CONSUMER REPORTS: The Buyer is hereby notified that a consumer report containing credit and/or personal information may be referred to in connection with this transaction. 26. AGREEMENT IN WRITING: If there is conflict or discrepancy between any provision added to this Agreement (including any Schedule attached hereto) and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement including any Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seller. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein. For the purposes of this Agreement, Seller means vendor and Buyer means purchaser. This Agreement shall be read with all changes of gender or number required by the context. 27. TIME AND DATE: Any reference to a time and date in this Agreement shall mean the time and date where the property is located.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 4 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
28. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms herein. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
...............................................................................
........................................................................
(Witness)
(Buyer)
Michael Wu
............................................................................... (Witness)
Kyle Toms
........................................................................ (Buyer) Lily
Michael Wu
Toms
........................................
(Seal)
(Date)
........................................
(Seal)
(Date)
I, the Undersigned Seller, agree to the above offer. I hereby irrevocably instruct my lawyer to pay directly to the brokerage(s) with whom I have agreed to pay commission, the unpaid balance of the commission together with applicable Harmonized Sales Tax (and any other taxes as may hereafter be applicable), from the proceeds of the sale prior to any payment to the undersigned on completion, as advised by the brokerage(s) to my lawyer. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
...............................................................................
........................................................................
(Witness)
(Seller)
Victor Barlow
...............................................................................
Elena Waverly
........................................................................
(Witness)
(Seller)
........................................
(Seal)
(Date)
........................................
(Seal)
(Date)
SPOUSAL CONSENT: The undersigned spouse of the Seller hereby consents to the disposition evidenced herein pursuant to the provisions of the Family Law Act, R.S.O.1990, and hereby agrees to execute all necessary or incidental documents to give full force and effect to the sale evidenced herein. ...............................................................................
........................................................................
(Witness)
(Spouse)
........................................
(Seal)
(Date)
CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all changes both typed
21 January 7:30 2nd day of....................................................., and written was finally accepted by all parties at .......................................... this ................. 20........... (a.m./p.m.)
..................................................................................................
(Signature of Seller or Buyer)
INFORMATION ON BROKERAGE(S)
XYZ Realty Limited Listing Brokerage .......................................................................................................................
222-334-5566 ........................................................... (Tel.No.)
Victor Barlow Salesperson ............................................................................................................................................................................................................... (Salesperson/Broker/Broker of Record Name)
ABC Real Estate Inc. Co-op/Buyer Brokerage .............................................................................................................
654-322-1234 ...........................................................
(Tel.No.)
Michael Wu Broker ............................................................................................................................................................................................................... (Salesperson/Broker/Broker of Record Name)
ACKNOWLEDGEMENT I acknowledge receipt of my signed copy of this accepted Agreement of I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. .......................................................................... ............................ (Seller)
(Date)
Elena Waverly
.......................................................................... ............................ (Seller)
(Date)
........................................................................ ...............................
(Buyer)
(Date)
Kyle Toms
........................................................................ ...............................
(Buyer)
(Date)
Lily Toms
Address for Service ............................................................................
Address for Service ............................................................................
........................................................
........................................................
............................................. (Tel. No.)
.............................................
(Tel. No.)
Mr. King Seller’s Lawyer ...................................................................................
Mr Bruce Winter Buyer’s Lawyer ...................................................................................
10 1st St. Anycity Address ............................................................................................
77 Common Ave Address .............................................................................................
[email protected] Email ................................................................................................
[email protected] Email ................................................................................................
658-987-4443 ....................................................... (Tel. No.)
FOR OFFICE USE ONLY
.............................................. (Fax. No.)
988-765-6767 .......................................................
(Tel. No.)
........... ................................... (Fax. No.)
COMMISSION TRUST AGREEMENT
To: Co-operating Brokerage shown on the foregoing Agreement of Purchase and Sale: In consideration for the Co-operating Brokerage procuring the foregoing Agreement of Purchase and Sale, I hereby declare that all moneys received or receivable by me in connection with the Transaction as contemplated in the MLS® Rules and Regulations of my Real Estate Board shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the MLS® Rules and shall be subject to and governed by the MLS® Rules pertaining to Commission Trust. DATED as of the date and time of the acceptance of the foregoing Agreement of Purchase and Sale.
Acknowledged by:
.......................................................................................................................
.............................................................................................
(Authorized to bind the Listing Brokerage)
Victor Barlow
(Authorized to bind the Co-operating Brokerage)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 100
Michael Wu
Revised 2020
Page 5 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Schedule A Form 100
Agreement of Purchase and Sale
for use in the Province of Ontario
This Schedule is attached to and forms part of the Agreement of Purchase and Sale between:
Kyle Toms
Lily Toms
& BUYER: ........................................................................................ ........................................... ..........................................................................., and Elena Waverly SELLER: .......................................................................................................................................................................................................... 972 Broadway Rd. Anyregion for the purchase and sale of ............................................................................................................................................................................... 30 day of ................................................................................., 20 December ........................................................................ dated the .............. 20................ Buyer agrees to pay the balance as follows:
The Buyer agrees to pay the balance of the purchase price, subject to adjustments, to the Seller on completion of this transaction, with funds drawn on a lawyer's trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. The Seller represents and warrants that the chattels and fixtures as included in this Agreement of Purchase and Sale will be in good working order and free from all liens and encumbrances on completion. The Parties agree that this representation and warranty shall survive and not merge on completion of this transaction, but apply only to the state of the property at completion of this transaction. The Buyer shall have the right to inspect the property one further time prior to completion, at a mutually agreed upon time, provided that written notice is given to the Seller. The Seller agrees to provide access to the property for the purpose of this inspection. The Seller agrees to provide, at the Seller's own expense, not later than 5:00 p.m. on January 8th, 2021,an existing survey of said property showing the current location of all structures, buildings, fences, improvements, easements, rights-of-way, and encroachments affecting said property. The Seller will further deliver, on completion, a declaration confirming that there have been no additions to the structures, buildings, fences, and improvements on the property since the date of this survey. This Offer is conditional upon the inspection of the subject property by a home inspector at the Buyer's own expense, and the obtaining of a report satisfactory to the Buyer in the Buyer's sole and absolute discretion. 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 5:00p.m. on January 10th, 2021, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction. The Seller agrees to co-operate in providing access to the property for the purpose of this inspection. 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.
This form must be initialed by all parties to the Agreement of Purchase and Sale.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 6 of 6
From Form 100: Schedule A Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
TOC
Real Estate Trust Account – Working with a Real Estate Trust Ledger Document Package #4
Form 120
Amendment to Agreement of Purchase and Sale
for use in the Province of Ontario
BETWEEN: Rudi Wan Chang David Alyson & & Alyson Wan Wan BUYER: .......................................................................................................................................................................................................... AND Wan & Alyson Wan DavidRudi Chang SELLER: ..........................................................................................................................................................................................................
14 November 20 RE: Agreement of Purchase and Sale between the Seller and Buyer, dated the ............... day of ................................................................, 20............, 24 Ridgeway Rd. Anycity concerning the property known as...................................................................................................................................................................... Anyregion ........................................................................................................................... as more particularly described in the aforementioned Agreement. The Buyer and Seller herein agree to the following amendment(s) to the aforementioned Agreement:
Delete Completion Date: This agreement shall be completed by no later than 6:00 p.m. on the 20th day of January 2021. Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided for in this Agreement. Insert: Completion Date: This agreement shall be completed by no later than 6:00 p.m. on the 3rd day of February 2021. Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided for in this Agreement. The closing date of February 3rd, 2021
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 120
Revised 2020
Page 1 of 2
From Form 120: Amendment to Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Buyer 11:59 8:30 IRREVOCABILITY: This Offer to Amend the Agreement shall be irrevocable by ...................................................................... until ........................... (Seller/Buyer)
(a.m./p.m.)
4th day of ............................................., January 21 after which time, if not accepted, this Offer to Amend the Agreement shall be null and void. on the ......... 20......., For the purposes of this Amendment to Agreement, “Buyer” includes purchaser and “Seller” includes vendor. Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Seller and Buyer or by their respective solicitors who are hereby expressly appointed in this regard. All other Terms and Conditions in the aforementioned Agreement to remain the same. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
............................................................................... (Witness)
........................................................................
(Buyer/Seller)
Nicholas Baker
............................................................................... (Witness)
Rudi Wan
........................................................................
(Buyer/Seller)
Nicholas Baker
Alyson Wan
...........................................
(Seal) (Date)
...........................................
(Seal) (Date)
I, the Undersigned, agree to the above Offer to Amend the Agreement. IN WITNESS whereof I have hereunto set my hand and seal:
SIGNED, SEALED AND DELIVERED in the presence of: ............................................................................... (Witness)
........................................................................
(Buyer/Seller)
Erick Morrow
...............................................................................
David Chang
........................................................................
(Witness)
(Buyer/Seller)
...........................................
(Seal) (Date)
...........................................
(Seal) (Date)
The undersigned spouse of the Seller hereby consents to the amendment(s) hereinbefore set out. ........................................................................
...............................................................................
(Spouse)
(Witness)
...........................................
(Seal) (Date)
CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all changes both typed
6:30 4th 21 January and written was finally accepted by all parties at .......................................... this ................. day of....................................................., 20........... (a.m./p.m.)
.................................................................................................. (Signature of Seller or Buyer)
ACKNOWLEDGEMENT I acknowledge receipt of my signed copy of this accepted Amendment to I acknowledge receipt of my signed copy of this accepted Amendment to Agreement and I authorize the Brokerage to forward a copy to my lawyer. Agreement and I authorize the Brokerage to forward a copy to my lawyer. .......................................................................... ............................ (Seller)
(Date)
David Chang
.......................................................................... ............................
(Seller)
(Date)
Alyson Wan
........................................................................ ...............................
(Buyer)
(Date)
Rudi Wan
........................................................................ ...............................
(Buyer)
(Date)
Alyson Wan
24 Ridgeway Rd. Address for Service ............................................................................
18 Maple Ave Address for Service ............................................................................
City of Anycity ........................................................
........................................................
999-888-7777 ............................................. (Tel. No.)
555-444-3333 .............................................
(Tel. No.)
Mr. Barrister Seller’s Lawyer ...................................................................................
Mr Robert Blackwell Buyer’s Lawyer ...................................................................................
1090 1st St. Anycity Address ............................................................................................
18 Baywater St Address .............................................................................................
[email protected] Email ................................................................................................
[email protected] Email ................................................................................................
333-444-5555 ....................................................... (Tel. No.)
.............................................. (Fax. No.)
222-333-4444 .......................................................
(Tel. No.)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
........... ................................... (Fax. No.)
Form 120
Revised 2020
Page 2 of 2
From Form 120: Amendment to Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
TOC
Real Estate Trust Account – Working with a Real Estate Trust Ledger Document Package #5
Armand and Rubi Steil 8420 Forest Dr. Anycity, ON L1N 2N6
January 4, 2021 ABC Real Estate Inc.
18,000.00
Eighteen Thousand -----------------------------------------------------------/xx LMN Financial
123 Main St. Anycity, ON L1N 1N0 Supplemental Deposit on 318 Yellowstone Ave.
Armand Steil
TOC
Real Estate Trust Account – Working with a Real Estate Trust Ledger Document Package #6
TRADE INPUT FORM T ade # (assigned) Tr
Listing #
MLS ® #
Sale Price
Sale Date
Closing Date
Apr 30, 2021
Dec 30, 2020
$1,800,000
1200 Industrial St., Anycity
Property Address
Seller
Ahmed Norani
Northgate Mechanical Inc.
Buyer
Address
Address
City
Postal Code
T .# Tel
City
Postal Code
T .# Tel
Postal Code
T .# Tel
$150, 000 Deposit
Supp. Dep. (details)
Due Diligence
Conditions:
5 pm
Mar 29, 2021 Date Date Date
T Type of Sale:
x
Our List
Our Sale
x
MLS®
Excl.
Ref
Other
5%
Commission Distribution: $ 90,000 T Total Commission
Comm. Rate
Amount
ABC Real Estate, Inc.
Brokerage Distribution:
Other
$
45,000
Listing Brokerage $ Listing Ref. Brokerage
Real Property Ltd.
$
45,000
Co-operating Brokerage
$ Co-operating Ref. Brokerage $
90,000 T Total Commission
Karen Bundi
$
36,000
Listing Broker/Salesperson #1 $ Listing Broker/Salesperson #2 $ Listing Broker/Salesperson #3 $ Selling Broker/Salesperson #1 $ Selling Broker/Salesperson #2 $ Selling Broker/Salesperson #3
Brokerage Information: Brokerage
Brokerage (If Refer f rral)
Address
Address
City
Postal Code
T .# Tel
City
John Alexander
Solicitor Information:
Maoud Frenz
Seller’s Solicitor
Buyer’s Solicitor
Address
705-492-0522
Anycity
City
Postal Code
T .# Tel
Address
Anycity
City
677-123-4567 Postal Code
T .# Tel
Additional Information:
Karen Bundi Broker/Salesperson Signature
Jan 4, 2021 Date
Sample Trade Input Form is for illustrative purposes only. Modify as required. THIS FORM DOES NOT REPLACE TRADE RECORD SHEET.
Agreement of Purchase and Sale Form 500
Commercial
for use in the Province of Ontario
21st December 20 This Agreement of Purchase and Sale dated this .............................. day of ................................................................................, 20..................... Ahmed Norani BUYER: ......................................................................................................................................................................., agrees to purchase from (Full legal names of all Buyers)
Northgate Mechanical Inc. the following SELLER: ......................................................................................................................................................................................, (Full legal names of all Sellers)
REAL PROPERTY:
1200 Industrial St. Address .......................................................................................................................................................................................................... West Industrial St fronting on the ..................................................................................................... side of ................................................................................. City of Anycity in the .............................................................................................................................................................................................................. 250 feet 420 feet and having a frontage of ................................................................... more or less by a depth of ...................................................... more or less Lot 28 Plan 90M - 6578 and legally described as .................................................................................................................................................................................... ............................................................................................................................................................................................... (the “property”) (Legal description of land including easements not described elsewhere)
1725000.00 $1,800,000.00 Dollars (CDN$) ........................................................................
PURCHASE PRICE:
Eight Hundred Thousand
One Million Seven Hundred Twenty-Five Thousand Dollars ............................................................................................................................................................................................................. as otherwise described in this Agreement Upon Acceptance by EFT DEPOSIT: Buyer submits ................................................................................................................................................................................... (Herewith/Upon Acceptance/as otherwise described in this Agreement)
One Hundred Fifty Thousand 150000.00 $150,000.00 ....................................................................................................................... Dollars (CDN$) .........................................................................
ABC Real Estate Inc. “Deposit Holder” by negotiable cheque payable to.. ............................................................................................................................................ to be held in trust pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion. For the purposes of this Agreement, “Upon Acceptance” shall mean that the Buyer is required to deliver the deposit to the Deposit Holder within 24 hours of the acceptance of this Agreement. The parties to this Agreement hereby acknowledge that, unless otherwise provided for in this Agreement, the Deposit Holder shall place the deposit in trust in the Deposit Holder’s non-interest bearing Real Estate Trust Account and no interest shall be earned, received or paid on the deposit. Buyer agrees to pay the balance as more particularly set out in Schedule A attached. SCHEDULE(S) A .............................................................................................................attached hereto form(s) part of this Agreement. 1.
Buyer 5:00 Seller IRREVOCABILITY: This offer shall be irrevocable by ....................................................................................... until ................................ on (Seller/Buyer)
(a.m./p.m.)
✘
30th December 20 the ......................... day of ......................................................................................., 20....................., after which time, if not accepted, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest.
2.
30th COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on the .......................... day of ..................................... April 21 .........................................................., 20............................... Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided for in this Agreement.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLERS(S):
Form 500
Revised 2020
Page 1 of 6
From Form 500: Agreement of Purchase and Sale Commercial © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
3.
NOTICES: The Seller hereby appoints the Listing Brokerage as agent for the Seller for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage (Buyer’s Brokerage) has entered into a representation agreement with the Buyer, the Buyer hereby appoints the Buyer’s Brokerage as agent for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be appointed or authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices. Any notice relating hereto or provided for herein shall be in writing. In addition to any provision contained herein and in any Schedule hereto, this offer, any counter-offer, notice of acceptance thereof or any notice to be given or received pursuant to this Agreement or any Schedule hereto (any of them, “Document”) shall be deemed given and received when delivered personally or hand delivered to the Address for Service provided in the Acknowledgement below, or where a facsimile number or email address is provided herein, when transmitted electronically to that facsimile number or email address, respectively, in which case, the signature(s) of the party (parties) shall be deemed to be original.
FAX No.: ................................................................................
FAX No.: ...........................................................................................
[email protected] Email Address: ...........................................................................
[email protected] Email Address: ...................................................................................
(For delivery of Documents to Seller)
(For delivery of Documents to Seller)
4.
(For delivery of Documents to Buyer)
(For delivery of Documents to Buyer)
CHATTELS INCLUDED:
Unless otherwise stated in this Agreement or any Schedule hereto, Seller agrees to convey all fixtures and chattels included in the Purchase Price free from all liens, encumbrances or claims affecting the said fixtures and chattels. 5.
FIXTURES EXCLUDED:
6.
RENTAL ITEMS (Including Lease, Lease to Own): The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental contract(s), if assumable:
The Buyer agrees to co-operate and execute such documentation as may be required to facilitate such assumption. 7.
HST: If the sale of the property (Real Property as described above) is subject to Harmonized Sales Tax (HST), then such tax shall be in addition to the Purchase Price. The Seller will not collect HST if the Buyer provides to the Seller a warranty that the Buyer is registered under the Excise Tax Act (“ETA”), together with a copy of the Buyer’s ETA registration, a warranty that the Buyer shall self-assess and remit the HST payable and file the prescribed form and shall indemnify the Seller in respect of any HST payable. The foregoing warranties shall not merge but shall survive the completion of the transaction. If the sale of the property is not subject to HST, Seller agrees to certify on or before closing, that the transaction is not subject to HST. Any HST on chattels, If applicable, is not included in the Purchase Price.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLERS(S):
Form 500
Revised 2020
Page 2 of 6
From Form 500: Agreement of Purchase and Sale Commercial © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
8.
2nd April 21 day of.................................................................., 20................, TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the ..................... (Requisition Date) to examine the title to the property at his own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or; (ii) five days prior to completion, to satisfy himself that there industrial are no outstanding work orders or deficiency notices affecting the property, that its present use (................................................................) may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require.
9.
FUTURE USE: Seller and Buyer agree that there is no representation or warranty of any kind that the future intended use of the property by Buyer is or will be lawful except as may be specifically provided for in this Agreement.
10. TITLE: Provided that the title to the property is good and free from all registered restrictions, charges, liens, and encumbrances except as otherwise specifically provided in this Agreement and save and except for (a) any registered restrictions or covenants that run with the land providing that such are complied with; (b) any registered municipal agreements and registered agreements with publicly regulated utilities providing such have been complied with, or security has been posted to ensure compliance and completion, as evidenced by a letter from the relevant municipality or regulated utility; (c) any minor easements for the supply of domestic utility or telecommunication services to the property or adjacent properties; and (d) any easements for drainage, storm or sanitary sewers, public utility lines, telecommunication lines, cable television lines or other services which do not materially affect the use of the property. If within the specified times referred to in paragraph 8 any valid objection to title or to any outstanding work order or deficiency notice, or to the fact the said present use may not lawfully be continued, or that the principal building may not be insured against risk of fire is made in writing to Seller and which Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance save and except against risk of fire (Title Insurance) in favour of the Buyer and any mortgagee, (with all related costs at the expense of the Seller), and which Buyer will not waive, this Agreement notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or deduction and Seller, Listing Brokerage and Co-operating Brokerage shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, Buyer shall be conclusively deemed to have accepted Seller’s title to the property. 11. CLOSING ARRANGEMENTS: Where each of the Seller and Buyer retain a lawyer to complete the Agreement of Purchase and Sale of the property, and where the transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Seller and Buyer acknowledge and agree that the exchange of closing funds, non-registrable documents and other items (the “Requisite Deliveries”) and the release thereof to the Seller and Buyer will (a) not occur at the same time as the registration of the transfer/deed (and any other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(s) receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Seller and Buyer irrevocably instruct the said lawyers to be bound by the document registration agreement which is recommended from time to time by the Law Society of Ontario. Unless otherwise agreed to by the lawyers, such exchange of Requisite Deliveries shall occur by the delivery of the Requisite Deliveries of each party to the office of the lawyer for the other party or such other location agreeable to both lawyers. 12. DOCUMENTS AND DISCHARGE: Buyer shall not call for the production of any title deed, abstract, survey or other evidence of title to the property except such as are in the possession or control of Seller. If requested by Buyer, Seller will deliver any sketch or survey of the property within Seller’s control to Buyer as soon as possible and prior to the Requisition Date. If a discharge of any Charge/Mortgage held by a corporation incorporated pursuant to the Trust And Loan Companies Act (Canada), Chartered Bank, Trust Company, Credit Union, Caisse Populaire or Insurance Company and which is not to be assumed by Buyer on completion, is not available in registrable form on completion, Buyer agrees to accept Seller’s lawyer’s personal undertaking to obtain, out of the closing funds, a discharge in registrable form and to register same, or cause same to be registered, on title within a reasonable period of time after completion, provided that on or before completion Seller shall provide to Buyer a mortgage statement prepared by the mortgagee setting out the balance required to obtain the discharge, and, where a real-time electronic cleared funds transfer system is not being used, a direction executed by Seller directing payment to the mortgagee of the amount required to obtain the discharge out of the balance due on completion. 13. INSPECTION: Buyer acknowledges having had the opportunity to inspect the property and understands that upon acceptance of this offer there shall be a binding agreement of purchase and sale between Buyer and Seller. 14. INSURANCE: All buildings on the property and all other things being purchased shall be and remain until completion at the risk of Seller. Pending completion, Seller shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage, Buyer may either terminate this Agreement and have all monies paid returned without interest or deduction or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion. If Seller is taking back a Charge/ Mortgage, or Buyer is assuming a Charge/Mortgage, Buyer shall supply Seller with reasonable evidence of adequate insurance to protect Seller’s or other mortgagee’s interest on completion.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLERS(S):
Form 500
Revised 2020
Page 3 of 6
From Form 500: Agreement of Purchase and Sale Commercial © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
15. PLANNING ACT: This Agreement shall be effective to create an interest in the property only if Seller complies with the subdivision control provisions of the Planning Act by completion and Seller covenants to proceed diligently at his expense to obtain any necessary consent by completion. 16. DOCUMENT PREPARATION: The Transfer/Deed shall, save for the Land Transfer Tax Affidavit, be prepared in registrable form at the expense of Seller, and any Charge/Mortgage to be given back by the Buyer to Seller at the expense of the Buyer. If requested by Buyer, Seller covenants that the Transfer/Deed to be delivered on completion shall contain the statements contemplated by Section 50(22) of the Planning Act, R.S.O.1990. 17. RESIDENCY: (a) Subject to (b) below, the Seller represents and warrants that the Seller is not and on completion will not be a non-resident under the non-residency provisions of the Income Tax Act which representation and warranty shall survive and not merge upon the completion of this transaction and the Seller shall deliver to the Buyer a statutory declaration that Seller is not then a non-resident of Canada; (b) provided that if the Seller is a non-resident under the non-residency provisions of the Income Tax Act, the Buyer shall be credited towards the Purchase Price with the amount, if any, necessary for Buyer to pay to the Minister of National Revenue to satisfy Buyer’s liability in respect of tax payable by Seller under the non-residency provisions of the Income Tax Act by reason of this sale. Buyer shall not claim such credit if Seller delivers on completion the prescribed certificate. 18. ADJUSTMENTS: Any rents, mortgage interest, realty taxes including local improvement rates and unmetered public or private utility charges and unmetered cost of fuel, as applicable, shall be apportioned and allowed to the day of completion, the day of completion itself to be apportioned to Buyer. 19. TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Seller and Buyer or by their respective lawyers who may be specifically authorized in that regard. 20. PROPERTY ASSESSMENT: The Buyer and Seller hereby acknowledge that the Province of Ontario has implemented current value assessment and properties may be re-assessed on an annual basis. The Buyer and Seller agree that no claim will be made against the Buyer or Seller, or any Brokerage, Broker or Salesperson, for any changes in property tax as a result of a re-assessment of the property, save and except any property taxes that accrued prior to the completion of this transaction. 21. TENDER: Any tender of documents or money hereunder may be made upon Seller or Buyer or their respective lawyers on the day set for completion. Money shall be tendered with funds drawn on a lawyer’s trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. 22. FAMILY LAW ACT: Seller warrants that spousal consent is not necessary to this transaction under the provisions of the Family Law Act, R.S.O.1990 unless the spouse of the Seller has executed the consent hereinafter provided. 23. UFFI: Seller represents and warrants to Buyer that during the time Seller has owned the property, Seller has not caused any building on the property to be insulated with insulation containing ureaformaldehyde, and that to the best of Seller’s knowledge no building on the property contains or has ever contained insulation that contains ureaformaldehyde. This warranty shall survive and not merge on the completion of this transaction, and if the building is part of a multiple unit building, this warranty shall only apply to that part of the building which is the subject of this transaction. 24. LEGAL, ACCOUNTING AND ENVIRONMENTAL ADVICE: The parties acknowledge that any information provided by the brokerage is not legal, tax or environmental advice, and that it has been recommended that the parties obtain independent professional advice prior to signing this document. 25. CONSUMER REPORTS: The Buyer is hereby notified that a consumer report containing credit and/or personal information may be referred to in connection with this transaction. 26. AGREEMENT IN WRITING: If there is conflict or discrepancy between any provision added to this Agreement (including any Schedule attached hereto) and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement including any Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seller. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein. For the purposes of this Agreement, Seller means vendor and Buyer means purchaser. This Agreement shall be read with all changes of gender or number required by the context. 27. TIME AND DATE: Any reference to a time and date in this Agreement shall mean the time and date where the property is located. INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLERS(S):
Form 500
Revised 2020
Page 4 of 6
From Form 500: Agreement of Purchase and Sale Commercial © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
28. SOCCESSOft:S AND ASSfGNS: The heirs , executors, administrators, successors and assigns of the undersigned ore bound by the terms herein. IN WITNESS whereof I hove hereunto set my hand and seal: SIGNED , SEALED AND DELIVERED in the presence of: Dec. 21 , 2020 "···············•········ iD�t� i [Witness)
'I, the Undersigned SeHer, agree to the above offer. 1 hereby Irrevocably instruct my lawyer lo poy directfy to the brokeragelsl with whom I have agreed to pay commission, the unpaid balance of the commission together with applicable Harmonized Soles Tax (and any other taxes as may hereafter be applicable}, from the proceeds of the sale prior to any payment to the undersigned on completion, as advised by the brokerage(s) to my lawyer. IN WITNESS whereof I have hereunto set my hand and seal: SIGNED, SEALED AND DELIVERED in the presence of:
�.l iWitoo�;
• �::;A�;�;t·tt:t,�.���� • ... ·-��:';'.�9.��...���.I'.!.����.;.. ,;��-:
tJwu£·
(s�i1�;1;,���····•···············
ISeol)
Dec.28,2020 iD�i�J···················-··
(Seal]
[Witness]
SPOUSAL CONSENT: The undersigned spouse of the Seller hereby consents to the disposition evidenced herein pursuant to the provisions of the Family Law Act, R.S.O.1990, and hereby agrees to execute all necessary or incidental documents to give full force and effect to the sole evidenced herein. {Spouse)
(Witness]
(Seoll
(Date)
CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all changes both typed and written was finall y accepted by all parties at
..
�:�.O. .P.:r11: ... !o.m_/p.m.)
/I� AJ,na,u:
· · · · · 1s ig��;��� ;;f s�,1� r ��
INFORMATION ON BROKERAGE(S)
.
·s�y�,y- .....-......... .
ABC ���---�,���,.. J��.; ....
!i�i):j�i Broker
Karen Bundi
................'(S�i;;�p�;�;·�;s��k;;,;s;�k��·�'( ii���d ·N���,
C0-0p/Buyer Brokerage
........ , 20.. ?.O.
. ... this .... 30!JJ.... day of. ...0.�c_e.rritll\!_r ...
�" l ..F.rr..e."1'X L.�
·rr�·1:N�.'i···
771-888-9999
......��;�-�.f.��-�.�� ..
Ali Koch
ACKNOWLEDGEMENT I acknowledge receipt of my signed copy of this accepted Agreement of I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. Purchase and Sale and l authorize the Brokerage to forward a copy lo my lawyer.
. . . . . w�� cl·············· (Seller)
t1
Dec. 30, 2020 ·········· ·········· · ([i� i�i
(S�l1�;f ......... .
A� /VtM.,2.JU,'
. (Date) Pe�..;w, .4.o.io.....
jP/Cy�;) .................................... -... if;�y�;)
Address for Service
Address for Service
Seller's Lawyer
Buy er's Lawyer
Address
Address .
Email ..... .
Email ..... .
ii�i:N�f. ��µ4_ --���?-�..
COMMISSION TRUST AGREEMENT
I-OR 01-flCI:: US!: ONLY
To: Co-ope rating Brokerage shown on the foregoing Agreement of Purchase and So!e: In consideration for the Co-operating Brokerage procuring the foregoing Agreement of Purchase and Sale, I hereby declare that oil moneys received or receivable by me in connection with the Transaction os contemplated in the MlS'- Rules and R eg ulations of my Reo! Estate Boord shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the MLS-!> Rules and shall be subject to and governed by the MLS'� Rules pertaining to Cammi�sion Trust.
DATED as of the dote
and time of the acceptance of the foregoing Agreemenl of Purchase and Sole.
� gwu£·
(�"th�·;;"��d·t�·b1�·;h ·�-Li�ii�-s;�·k�-r�9�i·
m L.13
Karen Bundi
Acknowledged by:
4,
66-94:
(Authorized to bind lhe Co-operating Brokerage) Ali
The trodemorks REALTOR®, REALTORS®, MLS®, Multiple Listing Service!-® ond amw:101ed logos are owned ar controlled by The Conod,an 11:eol Estate Associal1on [CREAl and id entify the reol estate prnfe�10nals who ore members of Cll:EA ond the •..._,.,. quol1,y of services !h ey provide. Used under ficeme . © 2020, Ontario Reol Estate Auociation ("OREAT All righb _rese:rved. �h(s fonn wos d�ebped by OREA for the use and reproduct:on by ib members and licensees only. Any other uM' or reprocluchon 1s proh1b1ted e:i«:ept with pnor writter> con sent of OREA. Do not aher when printing or reproducmg !he standard pre-set portion. OREA bears no liability for your u!e of this form .
Form 500
Revised 2020
Koch
Page 5 of 6
From Form 500: Agreement of Purchase and Sale Commercial © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Schedule A Form 500
Agreement of Purchase and Sale – Commercial
for use in the Province of Ontario
This Schedule is attached to and forms part of the Agreement of Purchase and Sale between:
Ahmed Norani BUYER: .................................................................................................................................................................................................., and Northgate Mechanical Inc. SELLER: .......................................................................................................................................................................................................... 1200 Industrial St. for the purchase and sale of ................................................................................................................................................................................ 21st
December
20
..................................................................... dated the ....................... day of ......................................................................, 20.................... Buyer agrees to pay the balance as follows:
In addition to any other provision in this Agreement or any Schedule thereto the parties agree that any deposit to be delivered by the Buyer to the Deposit Holder may be delivered by Electronic Funds Transfer (EFT) to an account designated by the Deposit Holder. Provided further the Buyer making the EFT shall, with respect to the said EFT, provide such information to the Deposit Holder as required by the Deposit Holder to comply with the requirements of the Real Estate and Business Brokers Act, 2002, as amended from time to time or to comply with other relevant statutory requirements. The Buyer agrees to pay the balance of the purchase price, subject to adjustments, to the Seller on completion of this transaction, with funds drawn on a lawyer's trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. This Offer is conditional upon the Buyer obtaining at the Buyer's own expense, soil tests verifying the land is satisfactory to the Buyer, in the Buyer's sole and absolute discretion. 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 5:00 p.m. on March 29th, 2021, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction. The Seller agrees to co-operate in providing access to the land for the purpose of the soil tests. 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. If the Buyer fails to provide a notice of fulfilment of the condition or fails to waive the condition as provided above, the Buyer agrees to reasonably restore any alterations to the condition of the property caused by the soil tests. The Seller agrees to provide, at the expense of the Seller, a survey of the property, completed by an Ontario Land Surveyor, showing the current location of all buildings, structures, additions, fences, improvements, easements, rights-of-way and encroachments affecting the property. The Seller also agrees to supply all building plans, mechanical drawings, and any other plans, and all warranties and service manuals, if available, applicable to any equipment or chattels included in the purchase price. The Seller warrants that all the mechanical, electrical, heating, ventilation, air conditioning systems, air compressors, elevators, conveyor systems, sprinkler systems, boilers, and all other equipment on the real property shall be in good working order on completion. The Parties agree that this warranty shall survive and not merge on completion of this transaction, but apply only to those circumstances existing at the completion of this transaction. Upon acceptance of this Offer, the Buyer shall be allowed to enter the premises, from time to time, after permission from the Seller, for the purpose of obtaining information about heating and electrical systems, maintenance, and any other related utility service for the building. The Seller warrants that the lands are free and clear of any local improvement charges and will be free and clear of local improvement charges on completion and that Seller has not received any notification of future local improvement charges for the property. If local improvement charges are not paid as of completion, they will be adjusted as a benefit to the Buyer on completion.
This form must be initialed by all parties to the Agreement of Purchase and Sale. INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLERS(S):
Form 500
Revised 2020
Page 6 of 6
From Form 500: Schedule A Agreement of Purchase and Sale Commercial © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario Powered by TCPDF (www.tcpdf.org)
TOC
Real Estate Trust Account – Monthly Reconciliation
REAL ESTATE TRUST ACCOUNT RECONCILIATION (Assume that today is January 5th, 2021) and you are going to complete a reconciliation for your Real Estate Trust Account for ABC Real Estate Inc. for the month of December, 2020 using the format provided in your Participant Workbook. The bank balance as of December 31st, 2020, is $354,000. The brokerage records reveal the following: •
Cheque #341 dated Dec. 17, 2020, for $2,000 paid to Johanna Carter regarding Trade #89 has not cleared the bank.
•
Cheque #344 dated Dec. 19, 2020, for $30,000 paid to David and Susan Howe regarding Trade #90 has not cleared the bank.
•
One outstanding deposit in the amount of $15,000 for Trade #99, 1372 Westin Way, received from Sandra and Paul Smith, was deposited late on Dec. 31, 2020, and did not show on the bank statement.
•
One interest-bearing certificate for Trade #95, 978 Colesbrook Ave. in the amount of $35,000 was received Dec. 22, 2020.
•
You will need to refer to the Real Estate Trust Ledger from the previous activity to prepare a list of buyer deposits held by the brokerage for the month ending December 31st, 2020.
TOC
Trade Processing
CHECKLIST: TRADE PROCESSING ADDRESS TRADE # TRADE ON HOLD AWAITING REC’D? DATE INITIALS _____ _____ ____________________________________________________________________________________________ ☐ _____ _____ ____________________________________________________________________________________________ ☐ _____ _____ ____________________________________________________________________________________________ ☐ _____ _____ ____________________________________________________________________________________________ ☐ TRADE PROCESSING (Check/Initial as Applicable) COMPLETION OF TRADE DATE INITIALS DATE INITIALS _____ ____ Agreement of Purchase and Sale _____ _____ Trust and General Cheques Issued ☐ ☐ _____ ____ Trade Record Sheet _____ _____ Noted on Trade Record Sheet ☐ ☐ Completed/Signed _____ ____ Confirmation of Co_____ _____ Cheque Received From Other Brokerage ☐ ☐ op/Representation _____ ____ Buyer Rep or Cust. Service _____ _____ Update Computer Records ☐ ☐ Agreement _____ ____ FINTRAC (Receipt of Funds) _____ _____ Update File Records ☐ ☐ _____ ____ FINTRAC (Identification) _____ _____ Letter to Selling Brokerage (Comm Cheq) ☐ ☐ _____ ____ Listing File Documents Transferred _____ _____ Letter to Listing Ref. Brokerage (Comm ☐ ☐ Cheq) _____ ____ Trade Entered in Computer System _____ _____ Letter to Selling Ref. Brokerage (Comm ☐ ☐ Cheq) _____ ____ Deposit in Trust _____ _____ I.B.C.—Letter to Buyer ☐ ☐ _____ ____ Supp. (if applicable) _____ _____ I.B.C.—Letter to Other Brokerage/ Buyer ☐ ☐ _____ ____ Deposit Receipt _____ _____ Letter to Seller—Balance of Deposit ☐ ☐ _____ ____ Seller’s Lawyer—Initial Letter _____ _____ _____________________________ ☐ ☐ _____ ____ Buyer’s Lawyer—Initial Letter _____ _____ _____________________________ ☐ ☐ _____ ____ Amendment Letter Re:__________ ☐ ☐ FOLLOW-UP _____ ____ Amendment Letter Re:__________ DATE INITIALS ☐ ☐ _____ ____ Waiver Letter Re:_______________ _____ _____ Thank You Letter Sent ☐ ☐ _____ ____ Waiver Letter Re:_______________ _____ _____ Promotional Items Delivered ☐ ☐ _____ ____ Letter to Listing Brokerage _____ _____ File Prepared for Archive ☐ ☐ (Commission Statement) _____ ____ MLS® Notification (if applicable) _____ _____ Final Review of File ☐ ☐ _____ ____ Advice of Sale to Board— Conditional ☐ _____ ____ Advice of Sale to Board—Firm ☐ _____ ____ SPIS on File (if applicable) ☐ _____ ____ Agreement of Purchase and Sale ☐ _____ ____ Trade Record Sheet ☐ Completed/Signed _____ ____ _____________________________ ☐ _____ ____ _____________________________ ☐ CANCELLATION OF TRADE DATE INITIALS DATE INITIALS _____ ____ Termination of Agreement Signed ____ ____ Return of Deposit Cheque Issued ☐ ☐ _____ ____ Mutual Release Signed ____ ____ File Prepared for Archive ☐ ☐ _____ ____ Update Computer Records ____ ____ Final Review of File ☐ ☐ _____ ____ Update File Records ____ ____ ☐ ☐
TOC
Trade Processing Package #1
Trade Record Sheet Form 640
for use in the Province of Ontario
Sale No:
102 100
MLS No:
C18776655
®
ABC Real Estate Inc. .......................................................................................................... (Name of Brokerage)
January 4th 21 Dated: ........................................................................., 20..............
Greg Drury I, ............................................................................................................, have today sold (leased or rented, exchanged, optioned): (Name of Salesperson/Broker/Broker of Record)
65 Greenspan St., Anycity Property ....................................................................................................................................................................................................... SELLER/LANDLORD:
BUYER/TENANT:
Bruno Waldman ..................................................................................................
Ronald Papirnik & Grace Papirnik ...................................................................................................
..................................................................................................
...................................................................................................
65 Greenspan St. Address ......................................................................................
18 Redstone Ave Address .......................................................................................
..................................................................................................
...................................................................................................
405-112-3344 Tel .............................................................................................
535-222-3334 Tel ..............................................................................................
Fax ............................................................................................
Fax .............................................................................................
Mr. King Lawyer ....................................................................................... 10 First St., Anycity ..................................................................................................
Bruce Winter Lawyer ........................................................................................
[email protected] ..................................................................................................
[email protected] ...................................................................................................
Tel. No. ......................................................................................
988-765-6767 Tel. No. .......................................................................................
Fax. No. .....................................................................................
Fax. No. ......................................................................................
CO-OPERATING/LISTING BROKERAGE (If applicable):
77 Common Ave. ...................................................................................................
✘ Co-operating Brokerage
Listing Brokerage
Wonderland Realty Inc. ............................................................................................................................................................................................................... 223 Baker Street 765-432-9876 Address ............................................................................................... Tel. No. ...................................... Fax. No. .................................. #573939284 Co-op Brokerage HST Number .................................................................................................................................................................... REFERRAL BROKERAGE: ....................................................................................................................................................................... Address ............................................................................................... Tel. No. ...................................... Fax. No. .................................. REFERRAL BROKERAGE: ....................................................................................................................................................................... Address ............................................................................................... Tel. No. ...................................... Fax. No. ..................................
625,000.00 Total Consideration For Transaction $ ....................................................................................................................................................... (sale price, rent, exchange value, option price, fee (other))
Feb.26th, 2021 Completion Date ......................................................................................................................................................................................... 25,000.00 Bank Draft Deposit $.....................................................................................................................................................................
cash
x
cheque
ABC Real Estate Inc. If cheque, payable to ............................................................................................................................................................................ , in trust. Additional Deposit $ ...........................................................................................................................................................
cash
cheque
If cheque, payable to ............................................................................................................................................................................ , in trust. Property Other Than Money Held In Trust ................................................................................................................................................ ....................................................................................................................................................................................................................... Total 31,250.00 Commission $ .........................................
Total 4,062.50 HST $ .........................................................
.......................................................................................................... (Salesperson/Broker/Broker of Record) Greg Drury
Total 35,312.50 Receivable Comm $ ..........................................
.......................................................................................................... (Salesperson/Broker/Broker of Record)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 640
Revised 2019
Page 1 of 2
From Form 640: Trade Record Sheet © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
65 Greenspan St., Anycity Property ....................................................................................................................................
Sale No.:
102 100
Bruno Waldman Seller/Landlord ........................................................................................................................ Ronald Papirnik & Grace Papirnik Ronald Papirnik & Grace Papirnik Buyer/Tenant ............................................................................................................................
MLS® No.:
C18776655
THE FOLLOWING TO BE COMPLETED BY THE BROKERAGE: Total Receivable Commission:
COMMISSION
HST
TOTAL
DATE PAID
CHEQUE NO.
$31,250.00
$4,062.50
$35,312.50
$1,562.50
$203.13
$1,765.62
03/03/2021
2570
$14,062.50
$1,828.13
$15,890.62
03/03/2021
2569
$0.00
$0.00
$2,031.25
$17,656.25
03/03/2021
2568
$0.00
$0.00
$0.00
$0.00
Referral Fee:
$0.00
$0.00
Referral Fee:
$0.00
$0.00
Real Estate Board:
$0.00
$0.00
Other:
$0.00
$0.00
Listing Brokerage: ABC Real Estate Inc. Listing Salesperson/Broker/Broker of Record #1
Greg Drury ................................................................... Listing Salesperson/Broker/Broker of Record #2 ................................................................... Co-op Brokerage:Wonderland Realty Inc
$15,625.00
Salesperson/Broker/Broker of Record #1 ................................................................... Salesperson/Broker/Broker of Record #2 ...................................................................
Greg Drury 01/04/2021 Received deposit from (Salesperson/Broker/Broker of Record).................................................................................. DATE....................................... Additional deposit from (Salesperson/Broker/Broker of Record)............................................................................... DATE.......................................
$25,000.00 01/04/2021 Deposited in Real Estate Trust Acc. (Amount).......................................................................................................... DATE....................................... Additional deposit to Real Estate Trust Acc. (Amount).............................................................................................. DATE ...................................... Statement to Seller.............................................................................................................................................. DATE.......................................
Interest-Bearing Certificate Interest bearing deposit transferred to ................................................................................................................................................................. 76542 01/04/2021 Cheque #................ 357 Instrument # ................................................................................................................................. DATE............................... $25,000.00 02/26/2021 Cheque #................ Interest bearing deposit returned to Real Estate Trust Acc. (Amount)....................................................... DATE............................... $125.00
If applicable, interest earned (Amount) ................................................................................................................................................................
Ronald & Grace Papirnik If applicable, interest paid to ............................................................................................................................................................................. Cheque #359 - March 3rd, 2020 Cheque # ........................................................................................................................................................................................................ To be Provided - 226-444-555
Ronald Papirnik 222-333-444 Grace Papirnik 555-666-777 If applicable, SIN of interest recipient ................................................................................................................................................................. If applicable, Business # of Corporation .............................................................................................................................................................. Remitted to Seller/Buyer (Amount) .................................................................................................. DATE............................... Cheque #................
03/03/2021
$25,000.00 360 Transferred to Commission Trust (Amount) ........................................................................................ DATE............................... Cheque #................ 03/03/2021
2570 Transferred Commission to Gen. Acct. (Amount) ............................................................................... DATE............................... Cheque #................ Additional Necessary Information ...................................................................................................................................................................... ....................................................................................................................................................................................................................... ....................................................................................................................................................................................................................... To the best of my knowledge and belief the above information is correct.
Anycity 4th January 21 DATED at ................................................. Ontario, this .................... day of ..........................................................................., 20..................... ........................................................................................ (Signature of Broker of Record) Steven Fourn Your Name
FOR OFFICE USE ONLY COMMISSION TRUST AGREEMENT To: The Salesperson(s) shown on the foregoing Trade Record Sheet: In consideration of the Salesperson(s) having successfully completed a trade in real estate on behalf of the Brokerage with respect to the property more particularly dened in the foregoing Trade Record Sheet, I hereby declare that all moneys received or receivable by me in connection with the transaction as contemplated in the Office Policy shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the Office Policy and shall be subject to and governed by the Office Policy pertaining to Commission Trust. DATED as of the date and time of the acceptance of the foregoing Trade Record Sheet. Acknowledged by: ..................................................................................................................................
(Signature of Broker of Record/Manager)
Your Name
Steven Fourn
.........................................................................
(Signature of Broker/Salesperson)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 640
Greg Drury
Revised 2019
Page 2 of 2
From Form 640: Trade Record Sheet © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Confirmation of Co-operation and Representation
Form 320
for use in the Province of Ontario
& Ronald Papirnik & Grace Papirnik BUYER: ..........................................................................................................................................................................................................
Bruno Waldman SELLER: .......................................................................................................................................................................................................... 65 Greenspan St. Anycity Anyregion For the transaction on the property known as: ........................................................................................................................................................ DEFINITIONS AND INTERPRETATIONS: For the purposes of this Confirmation of Co-operation and Representation: “Seller” includes a vendor, a landlord, lessor, or a prospective, seller, vendor, landlord or lessor and “Buyer” includes a purchaser, a tenant, lessee or a prospective, buyer, purchaser, tenant or lessee and “sale“ includes a lease, and “Agreement of Purchase and Sale” includes an Agreement to Lease. Commission shall be deemed to include other remuneration. The following information is confirmed by the undersigned salesperson/broker representatives of the Brokerage(s). If a Co-operating Brokerage is involved in the transaction, the brokerages agree to co-operate, in consideration of, and on the terms and conditions as set out below. DECLARATION OF INSURANCE: The undersigned salesperson/broker representative(s) of the Brokerage(s) hereby declare that he/she is insured as required by the Real Estate and Business Brokers Act, 2002, (REBBA). 1.
LISTING BROKERAGE a)
✘
The Listing Brokerage represents the interests of the Seller in this transaction. It is further understood and agreed that: 1)
✘
2) b)
The Listing Brokerage is not representing or providing Customer Service to the Buyer. (If the Buyer is working with a Co-operating Brokerage, Section 3 is to be completed by Co-operating Brokerage) The Listing Brokerage is providing Customer Service to the Buyer.
MULTIPLE REPRESENTATION: The Listing Brokerage has entered into a Buyer Representation Agreement with the Buyer and represents the interests of the Seller and the Buyer, with their consent, for this transaction. The Listing Brokerage must be impartial and equally protect the interests of the Seller and the Buyer in this transaction. The Listing Brokerage has a duty of full disclosure to both the Seller and the Buyer, including a requirement to disclose all factual information about the property known to the Listing Brokerage. However, the Listing Brokerage shall not disclose: • That the Seller may or will accept less than the listed price, unless otherwise instructed in writing by the Seller; • That the Buyer may or will pay more than the offered price, unless otherwise instructed in writing by the Buyer; • The motivation of or personal information about the Seller or Buyer, unless otherwise instructed in writing by the party to which the information applies, or unless failure to disclose would constitute fraudulent, unlawful or unethical practice; • The price the Buyer should offer or the price the Seller should accept; • And; the Listing Brokerage shall not disclose to the Buyer the terms of any other offer. However, it is understood that factual market information about comparable properties and information known to the Listing Brokerage concerning potential uses for the property will be disclosed to both Seller and Buyer to assist them to come to their own conclusions.
Additional comments and/or disclosures by Listing Brokerage: (e.g. The Listing Brokerage represents more than one Buyer offering on this property.)
2.
PROPERTY SOLD BY BUYER BROKERAGE – PROPERTY NOT LISTED The Brokerage ............................represent the Buyer and the property is not listed with any real estate brokerage. The Brokerage will be paid (does/does not)
by the Seller in accordance with a Seller Customer Service Agreement or:
by the Buyer directly
Additional comments and/or disclosures by Buyer Brokerage: (e.g. The Buyer Brokerage represents more than one Buyer offering on this property.)
INITIALS OF BUYER(S)/SELLER(S)/BROKERAGE REPRESENTATIVE(S) (Where applicable)
BUYER
CO-OPERATING/BUYER BROKERAGE
SELLER
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
LISTING BROKERAGE
Form 320
Revised 2019
Page 1 of 2
From Form 320: Confirmation of Co-operation and Representation © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
3.
Co-operating Brokerage completes Section 3 and Listing Brokerage completes Section 1. CO-OPERATING BROKERAGE- REPRESENTATION: a)
✘
The Co-operating Brokerage represents the interests of the Buyer in this transaction.
b)
The Co-operating Brokerage is providing Customer Service to the Buyer in this transaction.
c)
The Co-operating Brokerage is not representing the Buyer and has not entered into an agreement to provide customer service(s) to the Buyer.
CO-OPERATING BROKERAGE- COMMISSION: a)
✘
The Listing Brokerage will pay the Co-operating Brokerage the commission as indicated in the MLS® information for the property
2.5% ……………………………………………................................... to be paid from the amount paid by the Seller to the Listing Brokerage. (Commission As Indicated In MLS® Information)
b)
The Co-operating Brokerage will be paid as follows:
Additional comments and/or disclosures by Co-operating Brokerage: (e.g., The Co-operating Brokerage represents more than one Buyer offering on this property.)
Commission will be payable as described above, plus applicable taxes. COMMISSION TRUST AGREEMENT: If the above Co-operating Brokerage is receiving payment of commission from the Listing Brokerage, then the agreement between Listing Brokerage and Co-operating Brokerage further includes a Commission Trust Agreement, the consideration for which is the Co-operating Brokerage procuring an offer for a trade of the property, acceptable to the Seller. This Commission Trust Agreement shall be subject to and governed by the MLS® rules and regulations pertaining to commission trusts of the Listing Brokerage’s local real estate board, if the local board’s MLS® rules and regulations so provide. Otherwise, the provisions of the OREA recommended MLS® rules and regulations shall apply to this Commission Trust Agreement. For the purpose of this Commission Trust Agreement, the Commission Trust Amount shall be the amount noted in Section 3 above. The Listing Brokerage hereby declares that all monies received in connection with the trade shall constitute a Commission Trust and shall be held, in trust, for the Co-operating Brokerage under the terms of the applicable MLS® rules and regulations. SIGNED BY THE BROKER/SALESPERSON REPRESENTATIVE(S) OF THE BROKERAGE(S) (Where applicable)
Wonderland Realty Inc. ........................................................................................................
ABC Real Estate Inc. ........................................................................................................
........................................................................................................
........................................................................................................
765-432-9876 Fax: ................................................ Tel:. .........................................
654-322-1234 Tel:. ......................................... Fax: ................................................
..................................................................... ................................
..................................................................... ................................
salesperson B Ann Grant ........................................................................................................
salesperson Greg Drury A ........................................................................................................
(Name of Co-operating/Buyer Brokerage)
(Authorized to bind the Co-operating/Buyer Brokerage)
(Date)
(Print Name of Salesperson/Broker/Broker of Record)
(Name of Listing Brokerage)
(Authorized to bind the Listing Brokerage)
(Date)
(Print Name of Salesperson/Broker/Broker of Record)
CONSENT FOR MULTIPLE REPRESENTATION (To be completed only if the Brokerage represents more than one client for the transaction) The Buyer/Seller consent with their initials to their Brokerage representing more than one client for this transaction. BUYER’S INITIALS
SELLER’S INITIALS
ACKNOWLEDGEMENT I have received, read, and understand the above information. .........................................................
................................................ (Date)
(Signature of Seller) Bruno Waldman
.........................................................
................................................
...................................................
(Signature of Buyer) Ronald Kyle Toms Papirnik
(Signature of Buyer)
Lily GraceToms Papirnik
(Date)
...................................................
(Signature of Seller)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 320
.......................................
(Date)
.......................................
(Date)
Revised 2019
Page 2 of 2
From Form 320: Confirmation of Co-operation and Representation © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Agreement of Purchase and Sale Form 100
for use in the Province of Ontario
30 December 20 This Agreement of Purchase and Sale dated this ....................... day of .................................................................................................... 20............
Ronald Papirnik & Grace Papirnik agrees to purchase from BUYER: ......................................................................................................................................................................., (Full legal names of all Buyers)
Bruno Waldman the following SELLER: ......................................................................................................................................................................................, (Full legal names of all Sellers)
REAL PROPERTY:
65 Greenspan St. Anycity Anyregion Address ........................................................................................................................................................................................................... south Greenspan St. fronting on the ................................................................................... side of ....................................................................................................
City of Anycity in the ............................................................................................................................................................................................................... 62 feet 135 feet and having a frontage of ............................................................... more or less by a depth of ............................................................ more or less Lot 22 Plan 90M -2345 Anycity, Anyregion and legally described as .................................................................................................................................................................................... ................................................................................................................................................................................................. (the “property”) (Legal description of land including easements not described elsewhere)
625,000.00 Dollars (CDN$) ..........................................
PURCHASE PRICE:
Six Hundred Twenty-Five Thousand Dollars ............................................................................................................................................................................................................. upon acceptance DEPOSIT: Buyer submits ................................................................................................................................................................................... (Herewith/Upon Acceptance/as otherwise described in this Agreement)
Twenty-Five Thousand 25,000.00 ..................................................................................................................................................... Dollars (CDN$) .......................................... ABC Real Estate Inc. “Deposit Holder” to be held by negotiable cheque payable to ............................................................................................................................ in trust pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion. For the purposes of this Agreement, “Upon Acceptance” shall mean that the Buyer is required to deliver the deposit to the Deposit Holder within 24 hours of the acceptance of this Agreement. The parties to this Agreement hereby acknowledge that, unless otherwise provided for in this Agreement, the Deposit Holder shall place the deposit in trust in the Deposit Holder’s non-interest bearing Real Estate Trust Account and no interest shall be earned, received or paid on the deposit. Buyer agrees to pay the balance as more particularly set out in Schedule A attached. SCHEDULE(S) A..............................................................................................................attached hereto form(s) part of this Agreement. 1.
Buyer 8:30 3 IRREVOCABILITY: This offer shall be irrevocable by ..................................................................... until ............................... on the .............. (Seller/Buyer)
(a.m./p.m.)
January 21 day of ................................................................... 20 ........., after which time, if not accepted, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest. 2.
26 February day of ................................................... COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on the ..............
21 20 ............... Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided for in this Agreement.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 1 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
3.
NOTICES: The Seller hereby appoints the Listing Brokerage as agent for the Seller for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage (Buyer’s Brokerage) has entered into a representation agreement with the Buyer, the Buyer hereby appoints the Buyer’s Brokerage as agent for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be appointed or authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices. Any notice relating hereto or provided for herein shall be in writing. In addition to any provision contained herein and in any Schedule hereto, this offer, any counter-offer, notice of acceptance thereof or any notice to be given or received pursuant to this Agreement or any Schedule hereto (any of them, “Document”) shall be deemed given and received when delivered personally or hand delivered to the Address for Service provided in the Acknowledgement below, or where a facsimile number or email address is provided herein, when transmitted electronically to that facsimile number or email address, respectively, in which case, the signature(s) of the party (parties) shall be deemed to be original.
FAX No.: ......................................................................................
FAX No.: ..........................................................................................
[email protected] Email Address: ..............................................................................
[email protected] Email Address: ..................................................................................
(For delivery of Documents to Seller)
(For delivery of Documents to Seller)
4.
(For delivery of Documents to Buyer)
(For delivery of Documents to Buyer)
CHATTELS INCLUDED:
Existing stainless steel Fridge, stove, microwave, and built-in dishwasher, all existing window coverings, existing workbench in basement, existing washer and dryer.
Unless otherwise stated in this Agreement or any Schedule hereto, Seller agrees to convey all fixtures and chattels included in the Purchase Price free from all liens, encumbrances or claims affecting the said fixtures and chattels.
5.
FIXTURES EXCLUDED:
Children's play house in back yard
6.
RENTAL ITEMS (Including Lease, Lease to Own): The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental contract(s), if assumable:
Hot water tank
The Buyer agrees to co-operate and execute such documentation as may be required to facilitate such assumption.
7.
HST: If the sale of the property (Real Property as described above) is subject to Harmonized Sales Tax (HST), then such tax shall be
included in ............................................................... the Purchase Price. If the sale of the property is not subject to HST, Seller agrees to certify on or before (included in/in addition to)
closing, that the sale of the property is not subject to HST. Any HST on chattels, if applicable, is not included in the Purchase Price.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 2 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
8.
12 February 21 TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the .............. day of ......................................................., 20..........., (Requisition Date) to examine the title to the property at Buyer’s own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or; (ii) five days prior to completion, to satisfy Buyer that there are no outstanding
residential work orders or deficiency notices affecting the property, and that its present use (....................................................................................) may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require. 9.
FUTURE USE: Seller and Buyer agree that there is no representation or warranty of any kind that the future intended use of the property by Buyer is or will be lawful except as may be specifically provided for in this Agreement.
10. TITLE: Provided that the title to the property is good and free from all registered restrictions, charges, liens, and encumbrances except as otherwise specifically provided in this Agreement and save and except for (a) any registered restrictions or covenants that run with the land providing that such are complied with; (b) any registered municipal agreements and registered agreements with publicly regulated utilities providing such have been complied with, or security has been posted to ensure compliance and completion, as evidenced by a letter from the relevant municipality or regulated utility; (c) any minor easements for the supply of domestic utility or telecommunication services to the property or adjacent properties; and (d) any easements for drainage, storm or sanitary sewers, public utility lines, telecommunication lines, cable television lines or other services which do not materially affect the use of the property. If within the specified times referred to in paragraph 8 any valid objection to title or to any outstanding work order or deficiency notice, or to the fact the said present use may not lawfully be continued, or that the principal building may not be insured against risk of fire is made in writing to Seller and which Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance save and except against risk of fire (Title Insurance) in favour of the Buyer and any mortgagee, (with all related costs at the expense of the Seller), and which Buyer will not waive, this Agreement notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or deduction and Seller, Listing Brokerage and Co-operating Brokerage shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, Buyer shall be conclusively deemed to have accepted Seller’s title to the property. 11. CLOSING ARRANGEMENTS: Where each of the Seller and Buyer retain a lawyer to complete the Agreement of Purchase and Sale of the property, and where the transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Seller and Buyer acknowledge and agree that the exchange of closing funds, non-registrable documents and other items (the “Requisite Deliveries”) and the release thereof to the Seller and Buyer will (a) not occur at the same time as the registration of the transfer/deed (and any other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(s) receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Seller and Buyer irrevocably instruct the said lawyers to be bound by the document registration agreement which is recommended from time to time by the Law Society of Ontario. Unless otherwise agreed to by the lawyers, such exchange of Requisite Deliveries shall occur by the delivery of the Requisite Deliveries of each party to the office of the lawyer for the other party or such other location agreeable to both lawyers. 12. DOCUMENTS AND DISCHARGE: Buyer shall not call for the production of any title deed, abstract, survey or other evidence of title to the property except such as are in the possession or control of Seller. If requested by Buyer, Seller will deliver any sketch or survey of the property within Seller’s control to Buyer as soon as possible and prior to the Requisition Date. If a discharge of any Charge/Mortgage held by a corporation incorporated pursuant to the Trust And Loan Companies Act (Canada), Chartered Bank, Trust Company, Credit Union, Caisse Populaire or Insurance Company and which is not to be assumed by Buyer on completion, is not available in registrable form on completion, Buyer agrees to accept Seller’s lawyer’s personal undertaking to obtain, out of the closing funds, a discharge in registrable form and to register same, or cause same to be registered, on title within a reasonable period of time after completion, provided that on or before completion Seller shall provide to Buyer a mortgage statement prepared by the mortgagee setting out the balance required to obtain the discharge, and, where a real-time electronic cleared funds transfer system is not being used, a direction executed by Seller directing payment to the mortgagee of the amount required to obtain the discharge out of the balance due on completion. 13. INSPECTION: Buyer acknowledges having had the opportunity to inspect the property and understands that upon acceptance of this offer there shall be a binding agreement of purchase and sale between Buyer and Seller. The Buyer acknowledges having the opportunity to include a requirement for a property inspection report in this Agreement and agrees that except as may be specifically provided for in this Agreement, the Buyer will not be obtaining a property inspection or property inspection report regarding the property. 14. INSURANCE: All buildings on the property and all other things being purchased shall be and remain until completion at the risk of Seller. Pending completion, Seller shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage, Buyer may either terminate this Agreement and have all monies paid returned without interest or deduction or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion. If Seller is taking back a Charge/ Mortgage, or Buyer is assuming a Charge/Mortgage, Buyer shall supply Seller with reasonable evidence of adequate insurance to protect Seller’s or other mortgagee’s interest on completion. INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 3 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
15. PLANNING ACT: This Agreement shall be effective to create an interest in the property only if Seller complies with the subdivision control provisions of the Planning Act by completion and Seller covenants to proceed diligently at Seller’s expense to obtain any necessary consent by completion. 16. DOCUMENT PREPARATION: The Transfer/Deed shall, save for the Land Transfer Tax Affidavit, be prepared in registrable form at the expense of Seller, and any Charge/Mortgage to be given back by the Buyer to Seller at the expense of the Buyer. If requested by Buyer, Seller covenants that the Transfer/Deed to be delivered on completion shall contain the statements contemplated by Section 50(22) of the Planning Act, R.S.O.1990. 17. RESIDENCY: (a) Subject to (b) below, the Seller represents and warrants that the Seller is not and on completion will not be a non-resident under the non-residency provisions of the Income Tax Act which representation and warranty shall survive and not merge upon the completion of this transaction and the Seller shall deliver to the Buyer a statutory declaration that Seller is not then a non-resident of Canada; (b) provided that if the Seller is a non-resident under the non-residency provisions of the Income Tax Act, the Buyer shall be credited towards the Purchase Price with the amount, if any, necessary for Buyer to pay to the Minister of National Revenue to satisfy Buyer’s liability in respect of tax payable by Seller under the non-residency provisions of the Income Tax Act by reason of this sale. Buyer shall not claim such credit if Seller delivers on completion the prescribed certificate. 18. ADJUSTMENTS: Any rents, mortgage interest, realty taxes including local improvement rates and unmetered public or private utility charges and unmetered cost of fuel, as applicable, shall be apportioned and allowed to the day of completion, the day of completion itself to be apportioned to Buyer. 19. PROPERTY ASSESSMENT: The Buyer and Seller hereby acknowledge that the Province of Ontario has implemented current value assessment and properties may be re-assessed on an annual basis. The Buyer and Seller agree that no claim will be made against the Buyer or Seller, or any Brokerage, Broker or Salesperson, for any changes in property tax as a result of a re-assessment of the property, save and except any property taxes that accrued prior to the completion of this transaction. 20. TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Seller and Buyer or by their respective lawyers who may be specifically authorized in that regard. 21. TENDER: Any tender of documents or money hereunder may be made upon Seller or Buyer or their respective lawyers on the day set for completion. Money shall be tendered with funds drawn on a lawyer’s trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. 22. FAMILY LAW ACT: Seller warrants that spousal consent is not necessary to this transaction under the provisions of the Family Law Act, R.S.O.1990 unless the spouse of the Seller has executed the consent hereinafter provided. 23. UFFI: Seller represents and warrants to Buyer that during the time Seller has owned the property, Seller has not caused any building on the property to be insulated with insulation containing ureaformaldehyde, and that to the best of Seller’s knowledge no building on the property contains or has ever contained insulation that contains ureaformaldehyde. This warranty shall survive and not merge on the completion of this transaction, and if the building is part of a multiple unit building, this warranty shall only apply to that part of the building which is the subject of this transaction. 24. LEGAL, ACCOUNTING AND ENVIRONMENTAL ADVICE: The parties acknowledge that any information provided by the brokerage is not legal, tax or environmental advice. 25. CONSUMER REPORTS: The Buyer is hereby notified that a consumer report containing credit and/or personal information may be referred to in connection with this transaction. 26. AGREEMENT IN WRITING: If there is conflict or discrepancy between any provision added to this Agreement (including any Schedule attached hereto) and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement including any Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seller. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein. For the purposes of this Agreement, Seller means vendor and Buyer means purchaser. This Agreement shall be read with all changes of gender or number required by the context. 27. TIME AND DATE: Any reference to a time and date in this Agreement shall mean the time and date where the property is located.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 4 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
28. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms herein. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
...............................................................................
........................................................................
(Witness)
(Buyer)
Ann Grant
............................................................................... (Witness)
Ronald Papirnik
........................................................................ (Buyer) Grace
Ann Grant
Papirnik
........................................
(Seal)
(Date)
........................................
(Seal)
(Date)
I, the Undersigned Seller, agree to the above offer. I hereby irrevocably instruct my lawyer to pay directly to the brokerage(s) with whom I have agreed to pay commission, the unpaid balance of the commission together with applicable Harmonized Sales Tax (and any other taxes as may hereafter be applicable), from the proceeds of the sale prior to any payment to the undersigned on completion, as advised by the brokerage(s) to my lawyer. SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
...............................................................................
........................................................................
(Witness)
(Seller)
Greg Drury
...............................................................................
Bruno Waldman
........................................................................
(Witness)
(Seller)
........................................
(Seal)
(Date)
........................................
(Seal)
(Date)
SPOUSAL CONSENT: The undersigned spouse of the Seller hereby consents to the disposition evidenced herein pursuant to the provisions of the Family Law Act, R.S.O.1990, and hereby agrees to execute all necessary or incidental documents to give full force and effect to the sale evidenced herein. ...............................................................................
........................................................................
(Witness)
(Spouse)
........................................
(Seal)
(Date)
CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all changes both typed
6:30 3rd January 21 and written was finally accepted by all parties at .......................................... this ................. day of....................................................., 20........... (a.m./p.m.)
..................................................................................................
(Signature of Seller or Buyer)
INFORMATION ON BROKERAGE(S)
ABC Real Estate Inc. Listing Brokerage .......................................................................................................................
654-322-1234 ........................................................... (Tel.No.)
Greg Drury ............................................................................................................................................................................................................... (Salesperson/Broker/Broker of Record Name)
Wonderland Realty Inc. Co-op/Buyer Brokerage .............................................................................................................
765-432-9876 ...........................................................
(Tel.No.)
Ann Grant ............................................................................................................................................................................................................... (Salesperson/Broker/Broker of Record Name)
ACKNOWLEDGEMENT I acknowledge receipt of my signed copy of this accepted Agreement of I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. .......................................................................... ............................ (Seller)
(Date)
Bruno Waldman
.......................................................................... ............................
(Seller)
(Date)
........................................................................ ...............................
(Buyer)
(Date)
Ronald Papirnik
........................................................................ ...............................
(Buyer)
(Date)
Grace Papirnik
Address for Service ............................................................................
Address for Service ............................................................................
........................................................
........................................................
............................................. (Tel. No.)
.............................................
(Tel. No.)
Mr. King Seller’s Lawyer ...................................................................................
Mr Bruce Winter Buyer’s Lawyer ...................................................................................
10 1st St. Anycity Address ............................................................................................
77 Common Ave Address .............................................................................................
[email protected] Email ................................................................................................
[email protected] Email ................................................................................................
658-987-4443 ....................................................... (Tel. No.)
FOR OFFICE USE ONLY
.............................................. (Fax. No.)
988-765-6767 .......................................................
(Tel. No.)
........... ................................... (Fax. No.)
COMMISSION TRUST AGREEMENT
To: Co-operating Brokerage shown on the foregoing Agreement of Purchase and Sale: In consideration for the Co-operating Brokerage procuring the foregoing Agreement of Purchase and Sale, I hereby declare that all moneys received or receivable by me in connection with the Transaction as contemplated in the MLS® Rules and Regulations of my Real Estate Board shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the MLS® Rules and shall be subject to and governed by the MLS® Rules pertaining to Commission Trust. DATED as of the date and time of the acceptance of the foregoing Agreement of Purchase and Sale.
Acknowledged by:
.......................................................................................................................
.............................................................................................
(Authorized to bind the Listing Brokerage)
Greg Drury
(Authorized to bind the Co-operating Brokerage) Ann Grant
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 100
Revised 2020
Page 5 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
Schedule A Form 100
Agreement of Purchase and Sale
for use in the Province of Ontario
This Schedule is attached to and forms part of the Agreement of Purchase and Sale between:
Ronald Papirnik Grace Papirnik & BUYER: ..................................................................................................................................................................................................., and Bruno Waldman SELLER: ..........................................................................................................................................................................................................
65 Greenspan St. Anyregion for the purchase and sale of ............................................................................................................................................................................... 30 day of ................................................................................., 20 December ........................................................................ dated the .............. 20................ Buyer agrees to pay the balance as follows:
The Buyer agrees to pay a further sum of Six Hundred Thousand Dollars ($600,000), subject to adjustments, to the Seller on completion of this transaction, with funds drawn on a lawyer's trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. The Seller represents and warrants that the chattels and fixtures as included in this Agreement of Purchase and Sale will be in good working order and free from all liens and encumbrances on completion. The Parties agree that this representation and warranty shall survive and not merge on completion of this transaction, but apply only to the state of the property at completion of this transaction. The Seller represents and warrants to Buyer that during the time the Seller owned the property, the Seller has not installed in any building on the property Kitec plumbing, any fittings for Kitec plumbing nor any Kitec Plumbing Systems ("Kitec") and that to the best of the undersigned's knowledge, no building on the property contains or has ever contained Kitec. This warranty shall survive and not merge on the completion of the above transaction, and if the building is part of a multiple unit building, this warranty shall only apply to the part of the building, which is subject to this transaction. The Buyer shall have the right to inspect the property two further times prior to completion, at mutually agreed upon times, provided that written notice is given to the Seller. The Seller agrees to provide access to the property for the purpose of this inspection. The Parties to this Agreement hereby acknowledge that the Deposit Holder shall place all deposit monies in an interest bearing security with any accrued interest on deposit to be paid to the Buyer as soon as possible after completion or other termination of this agreement. The deposit holder will immediately inform the person depositing the trust money as to the interest rate received on the deposit. In the event that the closing date is advanced or the transaction is terminated, the party receiving the interest agrees to accept the short-term rate for deposits withdrawn before maturity. The buyer agrees to provide their Social Insurance Number prior to being paid the interest on deposit._____________________
This form must be initialed by all parties to the Agreement of Purchase and Sale.
INITIALS OF BUYER(S): The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
INITIALS OF SELLER(S):
Form 100
Revised 2020
Page 6 of 6
From Form 100: Agreement of Purchase and Sale © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
TOC
Trade Processing Package #2
TRADE INPUT FORM T ade # (assigned) Tr
Listing #
MLS ® #
Sale Price
Sale Date
Closing Date
$415,000
Feb 26, 2021
348 Quinton Ave., North City
Property Address
Ali & Renni Khan Seller
Buyer
Address
Address
20 Trent Ave.
Anycity
City
Postal Code
T .# Tel
Deposit
City
765-224-4848 Postal Code
T .# Tel
Supp. Dep. (details)
Conditions: Date Date Date T Type of Sale:
Our List
Our Sale
MLS®
Excl.
Commission Distribution: $ T Total Commission
x Ref
Other Other
Comm. Rate
Amount $
Brokerage Distribution: Listing Brokerage
$ Listing Ref. Brokerage
Northland Realty Ltd.
$
ABC Real Estate Inc.
$
2,593.75
$
2,593.75
Co-operating Brokerage
Co-operating Ref. Brokerage
T Total Commission $ Listing Broker/Salesperson #1 $ Listing Broker/Salesperson #2 $ Listing Broker/Salesperson #3
Greg Drury
$
2,334.38
Selling Broker/Salesperson #1 $ Selling Broker/Salesperson #2 $ Selling Broker/Salesperson #3
Northland Realty Ltd.
Brokerage Information: Brokerage
Brokerage (If Refer f rral)
Address
Address
333 Main St. North City
City
Postal Code
T .# Tel
City
705-123-4444 Postal Code
T .# Tel
Postal Code
T .# Tel
Solicitor Information: Seller’s Solicitor
Buyer’s Solicitor
Address
Address
City
Postal Code
T .# Tel
City
Additional Information:
Greg Drury Broker/Salesperson Signature
Dec 31, 2020 Date
Sample Trade Input Form is for illustrative purposes only. Modify as required. THIS FORM DOES NOT REPLACE TRADE RECORD SHEET.
Referral Agreement Form 641
for use in the Province of Ontario
ABC Real Estate Inc. BETWEEN: ........................................................................................................................................................................, Referring Brokerage 719 Andover St., Anycity Address ..........................................................................................................................................................................................................
654-322-1234 654-322-1233 Telephone No .................................................... Fax No ....................................................
Greg Drury ........................................................................
(Name of Salesperson/Broker/Broker of Record)
Wonderland Northland Realty Realty Ltd. Ltd. Receiving Brokerage AND: ...............................................................................................................................................................................,
333 Main St., North City Baker St., Anycity Address 223 .......................................................................................................................................................................................................... 765-432-9876 705-123-4444 Telephone No .................................................... Fax No ....................................................
Amanda Green ........................................................................
(Name of Salesperson/Broker/Broker of Record)
Reference REFERRING BROKERAGE provides the following information: (Include as much information as possible to enable the Receiving Brokerage to provide the best possible service)
Ali Khan and Renni Khan Referral Party Name(s) ............................................................................................................................................................................. [email protected] 765-224-4848 Telephone No ......................................................................... Email Address .....................................................................................
20 Trent Ave., Anycity Address ............................................................................................................................................................................................. Seller Property .......................................................................................
✘
Buyer Price Range, Location, etc
$390,000-$420,000
for elementary school district Additional Comments looking ....................................................................................................................................................................................... ....................................................................................................................................................................................................................... The Seller/Buyer hereby acknowledges and consents to this referral, and acknowledges the Referring Brokerage may, as a result of this referral, be paid
25% of the selling end of commission by the Receiving Brokerage a fee of ................................................................................................................................................................... Signature of Seller/Buyer .....................................................................................................................................
Ali Khan
&
Greg Drury ............................................................................................ (Name of Registrant authorized to bind the Referring Brokerage)
Renni Khan ........................................................................ (Signature of Registrant)
... ...................................... (Date)
.........................................
(Date)
RECEIVING BROKERAGE acknowledges receipt of the referral information and agrees to offer service to the above mentioned Seller/Buyer and to provide service as mutually agreed to between Receiving Brokerage and Seller/Buyer. The receiving Brokerage agrees to inform the Referring Brokerage of the results of this referral and provide documentation of the results including the Listing Agreement, Agreement of Purchase and Sale and a statement of commission earnings or a copy of the Trade Record Sheet. Receiving Brokerage agrees to pay the Referring Brokerage upon receipt of commission resulting from this referral, a fee of .........................................
25% of the selling end of Commission ....................................................................................................................................................................................................................... Additional Comments ....................................................................................................................................................................................... .......................................................................................................................................................................................................................
Amnda Green ............................................................................................ (Name of Registrant authorized to bind the Receiving Brokerage)
........................................................................ (Signature of Registrant)
RESULTS OF REFERRAL:
.........................................
(Date)
Reference
348 Quinton Ave., North Anycity City Address of property sold ................................................................................................................................................................................... 415,000.00 Sale Price ................................................................................................................
02/26/2021 Closing Date ...............................................................
$2593.75 +HST $337.19 = $2930.94 Referral fee payable .........................................................................................................................................................................................
Amanda Green ............................................................................................ (Name of Registrant authorized to bind the Receiving Brokerage)
........................................................................ (Signature of Registrant)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 641
.........................................
(Date)
Revised 2019
Page 1 of 1
From Form 641: Referral Agreement © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
TOC
Trade Processing Package #3
TRADE INPUT FORM T ade # (assigned) Tr
Listing #
MLS ® #
Sale Price
Sale Date
Closing Date
82 Grandview St., Anycity
Property Address
Seller
Buyer
Address
Address
City
Postal Code
T .# Tel
Deposit
City
Postal Code
T .# Tel
Supp. Dep. (details)
Conditions: Date Date Date T Type of Sale:
Our List
Our Sale
MLS®
Excl.
Commission Distribution: $ 312.00 T Total Commission
x
Ref
Other
Mortgage Broker's Finders Fee
Other
Comm. Rate
Amount $
Brokerage Distribution: Listing Brokerage
$ Listing Ref. Brokerage $ Co-operating Brokerage
ABC Real Estate, Inc.
$
312.00 (276.11 + 35.89)
Co-operating Ref. Brokerage
$ T Total Commission $ Listing Broker/Salesperson #1 $ Listing Broker/Salesperson #2 $ Listing Broker/Salesperson #3
Linda Chan
$
248.50
Selling Broker/Salesperson #1 $ Selling Broker/Salesperson #2 $ Selling Broker/Salesperson #3
Brokerage Information: Brokerage
Brokerage (If Refer f rral)
Address
Address
City
Postal Code
T .# Tel
City
Postal Code
T .# Tel
Postal Code
T .# Tel
Solicitor Information: Seller’s Solicitor
Buyer’s Solicitor
Address
Address
City
Additional Information:
Postal Code
T .# Tel
City
Mortgage arranged for Annette & Bernard Thierry
Linda Chan Broker/Salesperson Signature
Dec 31, 2020 Date
Sample Trade Input Form is for illustrative purposes only. Modify as required. THIS FORM DOES NOT REPLACE TRADE RECORD SHEET.
Disclosure of Benefit/Payment to Registrant Form 610
Finders Fees, Rewards, Referral Fees, Incentives
for use in the Province of Ontario
This disclosure statement is made in accordance with the requirements of the Real Estate and Business Brokers Act 2002, (REBBA) and the Code of Ethics Regulations of the Act. THIS DISCLOSURE IS MADE BY:
Linda Chan REGISTRANT: ................................................................................................................................................................................................. ABC Real Estate Inc. BROKERAGE: ................................................................................................................................................................................................
THIS DISCLOSURE IS MADE TO:
Annette and Bernard Thierry NAME: ...........................................................................................................................................................................................................
222 Kirkland Ave. ADDRESS: ......................................................................................................................................................................................................
FOR THE TRANSACTION ON THE FOLLOWING PROPERTY:
82 Grandview St Anycity ADDRESS: ...................................................................................................................................................................................................... Purchase .......................................................................................................................................................................................................................
Linda Chan I, ................................................................................., hereby disclose that I will be receiving the following financial or other benefit in connection with this transaction: Description and Value (actual or estimated) of Benefit:
$312.00 Finders Fee re: the Mortgage arranged by the Buyers Annette and Bernard Thierry
Benefit Received From:
Lender Bank
Linda Chan ............................................................................................. (Name of Registrant authorized to bind the Brokerage)
........................................................................ (Signature of Registrant)
.......................................... (Date)
I hereby consent to the Registrant/Brokerage receiving and retaining this benefit. I further hereby acknowledge receipt of a copy of this disclosure statement:
Anycity 31st, December 20 this .................... day of .............................................................., 20.................. DATED at ..............................................................................
Bernard Thierry ..................................................................................................... (Print Name)
Anette AnnetteThierry Thierry ..................................................................................................... (Print Name)
....................................................................................................
(Signature of Buyer/Seller)
....................................................................................................
Signature of Buyer/Seller)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 610
Revised 2019
Page 1 of 1
From Form 610: Disclosure of Benefit/Payment to Registrant © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
TOC
Closing Out Trades Package #1
��A Ontario Real Estate � Association
Trade Record Sheet
Form 640
for use in the Province of Ontario
Inc . ......................................... . ...............................ABC ....... Real· ·Estate · lN�;.;;; �i s r�k;;;�9�i
Dated: ...................
Sale No:
79
MLS® No:
W526399
�����.7............................�........, 20??. .........
�::.¥. ..���.............................................., have today sold (leased or rented, exchanged, optioned):
I, .............................................
!Name of Salesperson/Broker/Broker of Record)
Property ....... �.�·�········�����.����!-:.� ..���.:.!...�¥.���;(............................................................................................................................ SELLER/LANDLORD:
BUYER/TENANT:
....................................��.'ii:�:':.. �'?.7.��!-:....................................
...................... ���� ..����.�...�.. ��¥... �.�.���......................
Tel .................................
?��.-:-.�.��::�.�·�·�············.....................
Tel ..................................
��?-:-.�!!.-:-.�.;;�..................................
Fax ............................................................................................
Fax .............................................................................................
Lawyer ................................����.� ..;��.�� ...............................
Lawyer .......................... �.'?.�����...��:':'.�.�.���...........................
.J?.��:1:.�;��.�.�.1?.���.�.��:1:.�.:.���..............................................
[email protected] Tel. No. ......................................................................................
Tel. No. .......................................................................................
Fax. No. .....................................................................................
Fax. No. ......................................................................................
CO-OPERATING/LISTING BROKERAGE (If applicable):
D Listing Brokerage
IKJ Co-operating Brokerage
Address ............................................................................................... Tel. No. ..... ?��.-:-.�.;�::.�.�.?.�...... Fax. No. .................................. Co-op Brokerage HST Number ..................................................................��'.':'...�...
��·�·�·�·?.;�.�..................................................................
REFERRAL BROKERAGE: ...................................................................................................................................................................... . Address ............................................................................................... Tel. No. ...................................... Fax. No. .................................. REFERRAL BROKERAGE: ...................................................................................................................................................................... . Address ............................................................................................... Tel. No. ...................................... Fax. No. ..................................
�.�.?.!.?.�.�.:.?.?. ..................................................................................................................... . !sale price, rent, exchange value, option price, lee !other))
Total Consideration For Transaction $ ............
��:':��.7.¥... �.�. !...� ��.;.......................................................................................................................................... D cash !Kl cheque
Completion Date ...........
12,000 Deposit $............................................................ .........................................................................................................
If cheque, payable to ................................................................ �� ..��.�; ..��.����...�.��:................................................................. , in trust.
18,000
Additional Deposit$ ...........................................................................................................................................................
D cash fKl cheque
If cheque, payable to ................................................................�� ..��.�.� ..��.�.':':�!:...�.��:................................................................. , in trust. Property Other Than Money Held In Trust ................................................................................................................................................
Total Commission $ ...........
��.�.�.?.?.:.�.�...........
Total HST$ ....................�!.�??.:.��....................
Total Receivable Comm$ ...........
�.�.!.?.��.:.?.?............
.························································ · · · · · · � ��······································ 1s� 1;;;r�;�� �;s;;;k;;;is;�k�; ;;r R���;di is;;1�� r�;�;;�;s r�k�;is; i m The trademarks REALTOR®, REALTORS®, MLS®, Multiple listing Services® and associated logos ore owned or controlled by La The Canadian Real Estate Association {CREA) and identify the real estate professionals who ore members of CREA and the ,mm� quality of services they provide. Used under license. © 2020, Ontario Real Estate Association ('OREA"). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproauction is prohibited except with pnor wntten consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability tor y our use of this form.
Form 640
Revised 2019
Page 1 of 2
From Form 640: Trade Record Sheet © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
$30,000.00
Commission Earned
From Form 640: Trade Record Sheet © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
TOC
Closing Out Trades Package #2
Trade Record Sheet Form 640
for use in the Province of Ontario
Sale No:
102 100
MLS No:
C18776655
®
ABC Real Estate Inc. .......................................................................................................... (Name of Brokerage)
January 4th 21 Dated: ........................................................................., 20..............
Greg Drury have today sold (leased or rented, exchanged, optioned): I, ............................................................................................................, (Name of Salesperson/Broker/Broker of Record)
65 Greenspan St., Anycity Property ....................................................................................................................................................................................................... SELLER/LANDLORD:
BUYER/TENANT:
Bruno Waldman ..................................................................................................
Ronald Papirnik & Grace Papirnik ...................................................................................................
..................................................................................................
...................................................................................................
65 Greenspan St. Address ......................................................................................
18 Redstone Ave Address .......................................................................................
..................................................................................................
...................................................................................................
405-112-3344 Tel .............................................................................................
535-222-3334 Tel ..............................................................................................
Fax ............................................................................................
Fax .............................................................................................
Mr. King Lawyer ....................................................................................... 10 First St., Anycity ..................................................................................................
Bruce Winter Lawyer ........................................................................................
[email protected] ..................................................................................................
[email protected] ...................................................................................................
Tel. No. ......................................................................................
988-765-6767 Tel. No. .......................................................................................
Fax. No. .....................................................................................
Fax. No. ......................................................................................
CO-OPERATING/LISTING BROKERAGE (If applicable):
77 Common Ave. ...................................................................................................
✘ Co-operating Brokerage
Listing Brokerage
Wonderland Realty Inc. ............................................................................................................................................................................................................... 223 Baker Street 765-432-9876 Fax. No. .................................. Address ............................................................................................... Tel. No. ...................................... #573939284 Co-op Brokerage HST Number .................................................................................................................................................................... REFERRAL BROKERAGE: ....................................................................................................................................................................... Address ............................................................................................... Tel. No. ...................................... Fax. No. .................................. REFERRAL BROKERAGE: ....................................................................................................................................................................... Address ............................................................................................... Tel. No. ...................................... Fax. No. ..................................
625,000.00 Total Consideration For Transaction $ ....................................................................................................................................................... (sale price, rent, exchange value, option price, fee (other))
Feb.26th, 2021 Completion Date ......................................................................................................................................................................................... 25,000.00 Bank Draft Deposit $.....................................................................................................................................................................
cash
cheque
ABC Real Estate Inc. , in trust. If cheque, payable to ............................................................................................................................................................................ Additional Deposit $ ...........................................................................................................................................................
cash
cheque
If cheque, payable to ............................................................................................................................................................................ , in trust. Property Other Than Money Held In Trust ................................................................................................................................................ ....................................................................................................................................................................................................................... Total 31,250.00 Commission $ .........................................
Total 4,062.50 HST $ .........................................................
.......................................................................................................... (Salesperson/Broker/Broker of Record) Greg Drury
Total 35,312.50 Receivable Comm $ ..........................................
.......................................................................................................... (Salesperson/Broker/Broker of Record)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 640
Revised 2019
Page 1 of 2
From Form 640: Trade Record Sheet © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
65 Greenspan St., Anycity Property ....................................................................................................................................
Sale No.:
Bruno Waldman Seller/Landlord ........................................................................................................................ Ronald Papirnik & Grace Papirnik Ronald Papirnik & Grace Papirnik Buyer/Tenant ............................................................................................................................
MLS® No.:
102 100 C18776655
THE FOLLOWING TO BE COMPLETED BY THE BROKERAGE: Total Receivable Commission:
COMMISSION
HST
TOTAL
DATE PAID
CHEQUE NO.
$31,250.00
$4,062.50
$35,312.50
$1,562.50
$203.13
$1,765.62
03/03/2021 03/03/2021
2570 2570
$14,062.50
$1,828.13 2
$15,890.62 3
03/03/2021 03/03/2021
2569 2569
$0.00
$0.00
$2,031.25
$17,656.25
03/03/2021 03/03/2021
2568 2568
$0.00
$0.00
$0.00
$0.00
Referral Fee:
$0.00
$0.00
Referral Fee:
$0.00
$0.00
Real Estate Board:
$0.00
$0.00
Other:
$0.00
$0.00
Listing Brokerage: ABC Real Estate Inc. Listing Salesperson/Broker/Broker of Record #1
Greg Drury ................................................................... Listing Salesperson/Broker/Broker of Record #2 ................................................................... Co-op Brokerage:Wonderland Realty Inc
$15,625.00
Salesperson/Broker/Broker of Record #1 ................................................................... Salesperson/Broker/Broker of Record #2 ...................................................................
01/04/2021 Greg Drury Greg Drury 01/04/2021 Received deposit from (Salesperson/Broker/Broker of Record).................................................................................. DATE....................................... Additional deposit from (Salesperson/Broker/Broker of Record)............................................................................... DATE.......................................
$25,000.00 01/04/2021 01/04/2021 $25,000.00 Deposited in Real Estate Trust Acc. (Amount).......................................................................................................... DATE....................................... Additional deposit to Real Estate Trust Acc. (Amount).............................................................................................. DATE ......................................
01/04/2021 Bruno Waldman ($10,312.50) Statement to Seller.............................................................................................................................................. DATE....................................... Interest-Bearing Certificate Interest bearing deposit transferred to ................................................................................................................................................................. 76542 01/04/2021 Cheque #................ 357 76542 01/04/2021 357 Instrument # ................................................................................................................................. DATE............................... $25,000.00 02/26/2021 Cheque #................ Interest bearing deposit returned to Real Estate Trust Acc. (Amount)....................................................... DATE............................... $125.00
If applicable, interest earned (Amount) ................................................................................................................................................................
Ronald & Grace Papirnik If applicable, interest paid to ............................................................................................................................................................................. Cheque #359 - March 3rd, 2020 Cheque # ........................................................................................................................................................................................................ To be Provided - 226-444-555
Ronald Papirnik 222-333-444 Grace Papirnik 555-666-777 If applicable, SIN of interest recipient ................................................................................................................................................................. If applicable, Business # of Corporation .............................................................................................................................................................. Remitted to Seller/Buyer (Amount) .................................................................................................. DATE............................... Cheque #................
03/03/2021
$25,000.00 360 Transferred to Commission Trust (Amount) ........................................................................................ DATE............................... Cheque #................ 03/03/2021
2570 Transferred Commission to Gen. Acct. (Amount) ............................................................................... DATE............................... Cheque #................ Additional Necessary Information ...................................................................................................................................................................... ....................................................................................................................................................................................................................... ....................................................................................................................................................................................................................... To the best of my knowledge and belief the above information is correct.
Anycity 4th January 21 DATED at ................................................. Ontario, this .................... day of ..........................................................................., 20..................... ........................................................................................ (Signature of Broker of Record) Steven Fourn Your Name
FOR OFFICE USE ONLY COMMISSION TRUST AGREEMENT To: The Salesperson(s) shown on the foregoing Trade Record Sheet: In consideration of the Salesperson(s) having successfully completed a trade in real estate on behalf of the Brokerage with respect to the property more particularly dened in the foregoing Trade Record Sheet, I hereby declare that all moneys received or receivable by me in connection with the transaction as contemplated in the Office Policy shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the Office Policy and shall be subject to and governed by the Office Policy pertaining to Commission Trust. DATED as of the date and time of the acceptance of the foregoing Trade Record Sheet. Acknowledged by: ..................................................................................................................................
(Signature of Broker of Record/Manager)
Your Name
Steven Fourn
.........................................................................
(Signature of Broker/Salesperson)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 640
Greg Drury
Revised 2019
Page 2 of 2
From Form 640: Trade Record Sheet © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
TOC
Closing Out Trades Package #3
Trade Record Sheet Form 640
for use in the Province of Ontario
Sale No:
101
MLS No:
N625722
®
ABC Real Estate Inc. .......................................................................................................... (Name of Brokerage)
January 4 21 Dated: ........................................................................., 20..............
Michael Wu have today sold (leased or rented, exchanged, optioned): I, ............................................................................................................, (Name of Salesperson/Broker/Broker of Record)
972 Broadway Rd., Anycity Property ....................................................................................................................................................................................................... SELLER/LANDLORD:
BUYER/TENANT:
Elena Waverly ..................................................................................................
Kyle & Lily Toms ...................................................................................................
..................................................................................................
...................................................................................................
972 Broadway Rd., Anycity Address ......................................................................................
1051 Greenway Drive, Anycity Address .......................................................................................
..................................................................................................
...................................................................................................
Tel .............................................................................................
644-235-7890 Tel ..............................................................................................
Fax ............................................................................................
Fax .............................................................................................
Mr. King Lawyer ....................................................................................... 10 First St., Anycity ..................................................................................................
Mr. Bruce Winter Lawyer ........................................................................................
[email protected] ..................................................................................................
[email protected] ...................................................................................................
658-987-4443 Tel. No. ......................................................................................
988-765-6767 Tel. No. .......................................................................................
Fax. No. .....................................................................................
Fax. No. ......................................................................................
CO-OPERATING/LISTING BROKERAGE (If applicable):
77 Common Ave., Anycity ...................................................................................................
✘ Listing Brokerage
Co-operating Brokerage
XYZ Realty Ltd. ............................................................................................................................................................................................................... 1111 Broadway Ave., Anycity 222-334-5566 Fax. No. .................................. Address ............................................................................................... Tel. No. ...................................... Co-op Brokerage HST Number .................................................................................................................................................................... REFERRAL BROKERAGE: ....................................................................................................................................................................... Address ............................................................................................... Tel. No. ...................................... Fax. No. .................................. REFERRAL BROKERAGE: ....................................................................................................................................................................... Address ............................................................................................... Tel. No. ...................................... Fax. No. ..................................
1,305,000.00 Total Consideration For Transaction $ ....................................................................................................................................................... (sale price, rent, exchange value, option price, fee (other))
March 18, 2021
Completion Date .........................................................................................................................................................................................
75,000.00 Deposit $.....................................................................................................................................................................
cash
✘
cheque
XYZ Realty Ltd. , in trust. If cheque, payable to ............................................................................................................................................................................ Additional Deposit $ ...........................................................................................................................................................
cash
cheque
If cheque, payable to ............................................................................................................................................................................ , in trust. Property Other Than Money Held In Trust ................................................................................................................................................ ....................................................................................................................................................................................................................... Total 32,625.00 Commission $ .........................................
Total 4,241.25 HST $ .........................................................
.......................................................................................................... (Salesperson/Broker/Broker of Record) Michael Wu
Total 36,866.25 Receivable Comm $ ..........................................
.......................................................................................................... (Salesperson/Broker/Broker of Record)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 640
Revised 2019
Page 1 of 2
From Form 640: Trade Record Sheet © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
972 Broadway Rd., Anycity Property ....................................................................................................................................
Sale No.:
101
Elena Waverly Seller/Landlord ........................................................................................................................ Kyle & Lily Toms Buyer/Tenant ............................................................................................................................
MLS® No.:
N625722
THE FOLLOWING TO BE COMPLETED BY THE BROKERAGE: Total Receivable Commission:
COMMISSION
$32,625.00
HST
TOTAL
DATE PAID
CHEQUE NO.
$4,241.25
$36,866.25
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$3,262.50
$424.13 2
$3,686.62
03/29/2021
2567
$29,362.50
$3,817.13
$33,179.63
03/29/2021
2566
$0.00
$0.00
Referral Fee:
$0.00
$0.00
Referral Fee:
$0.00
$0.00
Real Estate Board:
$0.00
$0.00
Other:
$0.00
$0.00
Listing Brokerage: Listing Salesperson/Broker/Broker of Record #1 ................................................................... Listing Salesperson/Broker/Broker of Record #2 ................................................................... Co-op Brokerage: ABC Real Estate Inc. Salesperson/Broker/Broker of Record #1
Michael Wu ................................................................... Salesperson/Broker/Broker of Record #2 ...................................................................
Received deposit from (Salesperson/Broker/Broker of Record).................................................................................. DATE....................................... Additional deposit from (Salesperson/Broker/Broker of Record)............................................................................... DATE....................................... Deposited in Real Estate Trust Acc. (Amount).......................................................................................................... DATE....................................... Additional deposit to Real Estate Trust Acc. (Amount).............................................................................................. DATE ...................................... Statement to Seller.............................................................................................................................................. DATE....................................... Interest bearing deposit transferred to ................................................................................................................................................................. Instrument # ................................................................................................................................. DATE............................... Cheque #................ Interest bearing deposit returned to Real Estate Trust Acc. (Amount)....................................................... DATE............................... Cheque #................ If applicable, interest earned (Amount) ................................................................................................................................................................ If applicable, interest paid to ............................................................................................................................................................................. Cheque # ........................................................................................................................................................................................................ If applicable, SIN of interest recipient ................................................................................................................................................................. If applicable, Business # of Corporation .............................................................................................................................................................. Remitted to Seller/Buyer (Amount) .................................................................................................. DATE............................... Cheque #................ Transferred to Commission Trust (Amount) ........................................................................................ DATE............................... Cheque #................
$3,265.00
3/29/2021
2567 Transferred Commission to Gen. Acct. (Amount) ............................................................................... DATE............................... Cheque #................ Additional Necessary Information ...................................................................................................................................................................... ....................................................................................................................................................................................................................... ....................................................................................................................................................................................................................... To the best of my knowledge and belief the above information is correct.
Anycity 4th January 21 DATED at ................................................. Ontario, this .................... day of ..........................................................................., 20..................... ........................................................................................ (Signature of Broker of Record) Steven Fourn Your Name
FOR OFFICE USE ONLY COMMISSION TRUST AGREEMENT To: The Salesperson(s) shown on the foregoing Trade Record Sheet: In consideration of the Salesperson(s) having successfully completed a trade in real estate on behalf of the Brokerage with respect to the property more particularly dened in the foregoing Trade Record Sheet, I hereby declare that all moneys received or receivable by me in connection with the transaction as contemplated in the Office Policy shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the Office Policy and shall be subject to and governed by the Office Policy pertaining to Commission Trust. DATED as of the date and time of the acceptance of the foregoing Trade Record Sheet. Acknowledged by: ..................................................................................................................................
(Signature of Broker of Record/Manager)
Steven Fourn Your Name
.........................................................................
(Signature of Broker/Salesperson)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 640
Michael Wu
Revised 2019
Page 2 of 2
From Form 640: Trade Record Sheet © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
TOC
Closing Out Trades Package #4
Trade Record Sheet Form 640
for use in the Province of Ontario
Sale No:
103 102
MLS No:
C2561111
®
ABC Real Estate Inc. .......................................................................................................... (Name of Brokerage)
January 4 20 Dated: ........................................................................., 20..............
Karen Bundi have today sold (leased or rented, exchanged, optioned): I, ............................................................................................................, (Name of Salesperson/Broker/Broker of Record)
1200 Industrial St., Anycity Property ....................................................................................................................................................................................................... SELLER/LANDLORD:
BUYER/TENANT:
Northgate Mechanical Inc. ..................................................................................................
Ahmed Norani ...................................................................................................
Wayne Groen - Signing Officer ..................................................................................................
...................................................................................................
1200 Industrial St., Anycity Address ......................................................................................
19 Mohawk Ave, Anycity Address .......................................................................................
..................................................................................................
...................................................................................................
705-230-1212 Tel .............................................................................................
Tel ..............................................................................................
Fax ............................................................................................
Fax .............................................................................................
John Alexander Lawyer ....................................................................................... [email protected] ..................................................................................................
Maoud Frenz Lawyer ........................................................................................
..................................................................................................
...................................................................................................
705-492-0522 Tel. No. ......................................................................................
677-123-4567 Tel. No. .......................................................................................
Fax. No. .....................................................................................
Fax. No. ......................................................................................
CO-OPERATING/LISTING BROKERAGE (If applicable):
[email protected] ...................................................................................................
✘ Co-operating Brokerage
Listing Brokerage
Real Property Ltd., Brokerage ............................................................................................................................................................................................................... 1455 Bay Ave., Anycity 702-641-1352 Fax. No. .................................. Address ............................................................................................... Tel. No. ...................................... HST # 123456123 Co-op Brokerage HST Number .................................................................................................................................................................... REFERRAL BROKERAGE: ....................................................................................................................................................................... Address ............................................................................................... Tel. No. ...................................... Fax. No. .................................. REFERRAL BROKERAGE: ....................................................................................................................................................................... Address ............................................................................................... Tel. No. ...................................... Fax. No. ..................................
1,800,000.00 Total Consideration For Transaction $ ....................................................................................................................................................... (sale price, rent, exchange value, option price, fee (other))
April 30, 2021 Completion Date ......................................................................................................................................................................................... 150,000.00 Electronic Funds Transfer Deposit $.....................................................................................................................................................................
cash
cheque
ABC Real Estate Inc. , in trust. If cheque, payable to ............................................................................................................................................................................ Additional Deposit $ ...........................................................................................................................................................
cash
cheque
If cheque, payable to ............................................................................................................................................................................ , in trust. Property Other Than Money Held In Trust ................................................................................................................................................ ....................................................................................................................................................................................................................... Total 90,000.00 Commission $ .........................................
Total 11,700.00 HST $ .........................................................
.......................................................................................................... (Salesperson/Broker/Broker of Record) Karen Bundi
Total 101,700.00 Receivable Comm $ ..........................................
.......................................................................................................... (Salesperson/Broker/Broker of Record)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 640
Revised 2019
Page 1 of 2
From Form 640: Trade Record Sheet © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
1200 Industrial St., Anycity Property ....................................................................................................................................
Sale No.:
103 102
Northgate Mechanical Inc. Wayne Groen - Signing OfficerMLS® No.: Seller/Landlord ........................................................................................................................ Ahmed Norani Buyer/Tenant ............................................................................................................................
C2561111
THE FOLLOWING TO BE COMPLETED BY THE BROKERAGE: Total Receivable Commission: Listing Brokerage: ABC Real Estate Inc.
COMMISSION
HST
TOTAL
DATE PAID
CHEQUE NO.
$90,000.00 $11,700.00 $101,700.00 $9,000.00
$1,170.00
$10,170.00
04/30/2021
2573
$36,000.00
$4,680.00
$40,680.00
04/30/2021
2572
$0.00
$0.00
$5,850.00
$50,850.00
04/30/2021
2571
$0.00
$0.00
$0.00
$0.00
Referral Fee:
$0.00
$0.00
Referral Fee:
$0.00
$0.00
Real Estate Board:
$0.00
$0.00
Other:
$0.00
$0.00
Listing Salesperson/Broker/Broker of Record #1
Karen Bundi ................................................................... Listing Salesperson/Broker/Broker of Record #2 ................................................................... Co-op Brokerage: Real Property Ltd.
$45,000.00
Salesperson/Broker/Broker of Record #1 ................................................................... Salesperson/Broker/Broker of Record #2 ...................................................................
EFT From Lender Bank - Confirmed 01/04/2021 Received deposit from (Salesperson/Broker/Broker of Record).................................................................................. DATE....................................... Additional deposit from (Salesperson/Broker/Broker of Record)............................................................................... DATE.......................................
$150,000.00 01/04/2021 Deposited in Real Estate Trust Acc. (Amount).......................................................................................................... DATE....................................... Additional deposit to Real Estate Trust Acc. (Amount).............................................................................................. DATE ...................................... Statement to Seller.............................................................................................................................................. DATE....................................... Interest bearing deposit transferred to ................................................................................................................................................................. Instrument # ................................................................................................................................. DATE............................... Cheque #................ Interest bearing deposit returned to Real Estate Trust Acc. (Amount)....................................................... DATE............................... Cheque #................ If applicable, interest earned (Amount) ................................................................................................................................................................ If applicable, interest paid to ............................................................................................................................................................................. Cheque # ........................................................................................................................................................................................................ If applicable, SIN of interest recipient ................................................................................................................................................................. If applicable, Business # of Corporation ..............................................................................................................................................................
$48,300.00
04/30/2021
361
Remitted to Seller/Buyer (Amount) .................................................................................................. DATE............................... Cheque #................
04/30/2021
$101,700.00 362 Transferred to Commission Trust (Amount) ........................................................................................ DATE............................... Cheque #................ $10,170.00 04/30/2021 2573 Transferred Commission to Gen. Acct. (Amount) ............................................................................... DATE............................... Cheque #................ Additional Necessary Information ...................................................................................................................................................................... ....................................................................................................................................................................................................................... ....................................................................................................................................................................................................................... To the best of my knowledge and belief the above information is correct.
Anycity 4th January 21 DATED at ................................................. Ontario, this .................... day of ..........................................................................., 20..................... ........................................................................................ (Signature of Broker of Record) Steven Fourn Your Name
FOR OFFICE USE ONLY COMMISSION TRUST AGREEMENT To: The Salesperson(s) shown on the foregoing Trade Record Sheet: In consideration of the Salesperson(s) having successfully completed a trade in real estate on behalf of the Brokerage with respect to the property more particularly dened in the foregoing Trade Record Sheet, I hereby declare that all moneys received or receivable by me in connection with the transaction as contemplated in the Office Policy shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the Office Policy and shall be subject to and governed by the Office Policy pertaining to Commission Trust. DATED as of the date and time of the acceptance of the foregoing Trade Record Sheet. Acknowledged by: ..................................................................................................................................
(Signature of Broker of Record/Manager)
Your Name
Steven Fourn
.........................................................................
(Signature of Broker/Salesperson)
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled by The Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and the quality of services they provide. Used under license. © 2020, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.
Form 640
Karen Bundi
Revised 2019
Page 2 of 2
From Form 640: Trade Record Sheet © 2020 Ontario Real Estate Association. All rights reserved. Used under license. 2020 Real Estate Council of Ontario
TOC
Analyzing Financial Statements
ABC Real Estate Inc. Income Statement For the Year Ended December 31, 2020 REVENUE Gross Revenue
$4,380,000
Less: Payment to Other Brokerages
$1,007,400
Adjusted Gross Revenue
$3,372,600
EXPENSES Commissions
$1,888,656
Advertising
$101,178
Personnel
$438,438
Occupancy
$212,474
Operating
$111,296
General
$114,668
Total Expenses
$2,866,710
INCOME BEFORE INCOME TAXES
$505,890
Provision for Income Taxes
$126,472
NET INCOME
$379,418
Action Planning Workbook
BROKER WRAP-UP
Real Estate Broker Program © 2020 Real Estate Council of Ontario. All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or in any means – by electronic, mechanical, photocopying, recording or otherwise without prior written permission, except for the personal use of the Real Estate Broker Program learner.
Action Planning Workbook
How to Use This Workbook At the End of Each Day: 1. Review the self-reflection notes from your Participant Workbook. 2. Identify up to two areas of skills/knowledge you felt you performed well and write those in the Areas Performed Well section for that day in this workbook. 3. Identify up to two areas that you thought you could improve upon and write those in the Areas for Improvement column for that day. Action Planning Steps for Day 2 of the Broker Wrap-Up Session: • Prioritize Areas for Improvement: Select the top two Areas for Improvement you’d like to work on over the next three to six months, and label them Priority #1 and Priority #2. • Define Goals: Write a specific goal related to how you can improve your skills and/or knowledge to address each of your two priority Areas for Improvement. • Identify Action Planning Steps: Identify two to three tangible steps you can take to put your goals into action.
Version: Final - 2021-02-09 | © 2020 Real Estate Council of Ontario
Page |i
Day 1 Areas Performed Well
Areas for Improvement 1.
1.
2.
2.
Day 2 Areas Performed Well
Areas for Improvement 1.
1.
2.
2.
Version: Final - 2021-02-09 | © 2020 Real Estate Council of Ontario
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Areas for Improvement Select two items from the simulation to work on over the next three to six months.
Priority Ranking
Goals
Action Planning Steps
Complete this section to detail your goals and put them into action.
1.
2.
Version: Final - 2021-02-09 | © 2020 Real Estate Council of Ontario
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