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OREA Form 120 04 2006qxd

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What is the OREA Form 120?

The OREA Form 120 is a standardized document used in real estate transactions in Ontario, Canada, specifically designed for the purpose of amending an existing agreement. This form is essential for parties involved in real estate sales, as it allows them to modify terms and conditions without drafting a completely new contract. The form is recognized by the Ontario Real Estate Association (OREA) and ensures that any amendments made are legally binding, provided that all parties involved have signed it.

How to Use the OREA Form 120

Using the OREA Form 120 involves several straightforward steps. First, ensure that all parties involved in the original agreement are present and in agreement regarding the amendments. Next, fill out the form with the required details, including the original agreement's reference and the specific changes being made. It is crucial that all parties review the amendments carefully before signing. Once completed, the form should be distributed to all parties to ensure everyone has a copy for their records.

Steps to Complete the OREA Form 120

Completing the OREA Form 120 requires attention to detail. Here are the steps to follow:

Begin by entering the details of the original agreement, including the date and parties involved.
Clearly outline the amendments being made, specifying which sections of the original agreement are being altered.
Ensure that all parties sign and date the form to validate the amendments.
Distribute copies of the signed form to all parties for their records.

Legal Use of the OREA Form 120

The OREA Form 120 is legally recognized in Ontario as a valid means of amending real estate agreements. To ensure its legal standing, it must be completed in accordance with the laws governing real estate transactions in the province. This includes obtaining the necessary signatures from all parties involved and adhering to any specific requirements outlined in the original agreement. Additionally, using a reliable electronic signature platform can enhance the legitimacy of the document.

Key Elements of the OREA Form 120

Key elements of the OREA Form 120 include:

Identification of the original agreement and its parties.
A clear description of the amendments being made.
Signature lines for all parties involved.
Date of signing to establish a timeline for the amendments.

Examples of Using the OREA Form 120

Examples of scenarios where the OREA Form 120 may be utilized include:

Changing the closing date of a real estate transaction.
Modifying the purchase price due to negotiations.
Adjusting conditions related to financing or inspections.

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