Essential Buyer Real Estate Forms in Ontario

1. RECO Information Guide

The RECO Information Guide, introduced in 2023, is the first document you’ll receive when working with a real estate professional. Mandated by the Real Estate Council of Ontario (RECO)—the consumer protection body for Ontario real estate—it must be provided to any prospective client before any services or advice are given.

This guide helps consumers understand:

• The benefits of working with a realtor and the risks of self-representation

• The duties and obligations of real estate agents and brokerages

• The Representation agreements, including commission details

• THE Disclosure rules in multiple-offer situations

• THE Other key topics, such as multiple representation and the process for filing a complaint with RECO

2. Defining Your Relationship with a Realtor

After reviewing the RECO Information Guide, you’ll sign one of two documents that establish your working relationship:

2a) Buyer Representation Agreement (BRA) – OREA Form 300

The Buyer Representation Agreement (BRA) is a contract between you (the Buyer) and the real estate brokerage, outlining the terms of your relationship. It details:

• The commission payable if you purchase a property

• The agent’s role in the transaction

• The brokerage’s duties, including confidentiality, negotiation, and full disclosure of material facts

• Any geographic or time limitations of the agreement

By signing a BRA, your agent is legally required to:
⚠️ Promote and protect your best interests
⚠️ Negotiate favorable terms on your behalf
⚠️ Maintain confidentiality (e.g., your budget, motivation, and timeline)
⚠️ Take reasonable steps to discover and disclose relevant property details

Understanding the Holdover Period

The holdover clause, as outlined in the RECO Information Guide, extends the agent’s right to commission for a set period after the BRA expires if you purchase a property introduced to you during the agreement. This does not apply to new properties viewed after the contract ends. If you have questions, discuss this with your realtor.

2B) Self-Represented Party (SRP) Acknowledgement Form

Buyers and sellers can choose to represent themselves in a transaction. However, in doing so, a realtor cannot provide services, advice, or opinions—including recommendations on price, terms, or offer clauses. If you opt for self-representation, you’ll need to sign an SRP acknowledgment form, confirming that you understand you are acting entirely on your own.

3. FINTRAC Identification Record

As required by federal law, all real estate transactions must comply with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulations. You’ll need to provide identification as part of the anti-money laundering verification process.

4. Agreement of Purchase & Sale (APS) – OREA Forms 100 & 101

The Agreement of Purchase & Sale (APS) is the most important document in your real estate transaction. Since all Ontario real estate deals must be in writing, this legally binding contract outlines the terms and conditions of your offer.

• Form 100: For house purchases

• Form 101: For condo purchases

Key Sections of the APS

• Buyer & Seller details (legal names)

• Property description (lot details, condo corporation information)

• Purchase price & deposit terms

• Irrevocable time (offer expiration deadline)

• Completion date (when ownership transfers)

• Inclusions & exclusions (e.g., appliances, fixtures)

• Rental items (e.g., hot water tank)

• Condo fees & parking details (if applicable)

• HST applicability (usually not for resale homes)

• Legal instructions for lawyers (title searches, closing procedures)

Attached Schedules

• Schedule A: Created by the Buyer’s brokerage, detailing buyer-friendly terms and any conditions (e.g., financing, home inspection).

• Schedule B: Created by the Seller’s brokerage, covering items like deposit handling and brokerage liability. Carefully review this section!

Important APS Considerations

⚠️ Time is critical – If an offer expires at 11:59 PM, it cannot be accepted at 12:01 AM.
⚠️ Delivery matters – The accepted APS must be delivered before expiry (often via email).
⚠️ Time zone relevance – The property’s location determines the time zone (not where the Buyer or Seller is).
⚠️ All changes must be initialed – Any handwritten or added terms must be acknowledged by all parties.
⚠️ Brokerages & agents are not parties – The APS is a legal contract between the Buyer and Seller, facilitated by real estate professionals.

5. Confirmation of Cooperation – OREA Form 320

This form defines the commission agreement between the Buyer’s and Seller’s brokerages. It also clarifies:

• Whether the Buyer and Seller have their own agents (separate brokerages)

• Whether the same brokerage represents both sides (Brokerage Representation)

• Whether the same agent represents both parties (Designated Representation / Multiple Representation)

Both brokerages must sign this document to confirm cooperation terms.

Final Thoughts

Real estate paperwork might seem complex, but each form plays a crucial role in protecting your rights and defining your transaction terms. Your agent should walk you through these documents in detail—don’t hesitate to ask questions or request clarification.

Buying a home is a big decision—understanding these forms ensures you make informed choices with confidence!