What is Form 801

29 July 2015
Remax-Condos-Plus

Starting July 1st, Real estate agents are required to keep all offers on properties they list for sale for a period of one year, that’s  Bill 55. Next the Ontario Real Estate Association decided to introduce the form 801 to make things easier for all agents. The form captures all the information from the offer, meaning less paperwork to store. This form is not mandatory, just a way to reduce paper.

Now, some enterprising listing agents are asking the cooperating agent to supply the form with their offer. In essence they are trying to pass off their duties under this new legislation. They try to tell agents it is mandatory when this form is not. Why would a cooperating agent and a buyer put down all the information from their offer again? What happens if they make a mistake?

Simply put, it is up to the Listing Agent to keep a copy of all offers and counter offers OR the listing agent themselves can fill out form 801.