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Real estate agents who are licensed in Ontario, Canada, are required to file OREA Form 400.

ORECA Form 400 is a form used by the Ontario Real Estate Association (OREA) to ensure that real estate transactions are conducted in an ethical and professional manner by its members. It is used to ensure that all parties to a real estate transaction are given full disclosure of all relevant facts and that all parties are in agreement to the terms of the transaction.

OREA Form 400 is a legal document commonly used in the real estate industry in Ontario, Canada. It is known as the Agreement of Purchase and Sale – Condominium Resale. This form is used when buying or selling a resale condominium unit. It outlines the terms and conditions of the purchase, including the purchase price, deposit, closing date, and any conditions or amendments to the purchase agreement. Both the buyer and seller must sign the form to indicate their acceptance of the terms. OREA stands for the Ontario Real Estate Association, which is a professional organization representing real estate brokers and salespersons in the province. They create and provide standard forms, including Form 400, to ensure consistency and legal compliance in real estate transactions.

To properly fill out the OREA Form 400, also known as the Agreement to Lease - Commercial, follow these steps: 1. Property Details: - Write the complete address of the property being leased, including the unit number and city. - Specify the landlord's name, phone number, and email address. - Include the tenant's name, phone number, and email address. 2. Lease Terms: - Indicate the commencement date of the lease and the termination date. - State the total length of the lease term in years and months. - Provide the option to extend the lease if applicable and mention the length of such extension(s). - Specify the basic rent amount to be paid by the tenant per month or year. 3. Additional Rent: - Specify whether additional rent will be applicable for the property, such as property taxes, utilities, insurance, maintenance, or common expenses. - Clearly outline how the additional rent will be calculated and how frequently it will be paid. - Mention any restrictions or limitations concerning the payment of additional rent. 4. Deposit: - Indicate whether a deposit is required from the tenant and, if so, specify the amount in dollars. - Mention the due date for the deposit payment and the method of payment (e.g., certified cheque). 5. Use of Premises: - Provide a detailed description of the permitted use of the premises by the tenant. - Mention any specific restrictions or limitations on the use of the property. 6. Repair and Maintenance: - Specify the responsibilities of the landlord and the tenant regarding repairs and maintenance. - Outline any limitations or restrictions in terms of alterations or improvements that can be made to the property. 7. Insurance: - Mention the insurance requirements for the tenant, such as general liability insurance or property insurance. - Specify the minimum coverage amounts and any additional notes related to insurance. 8. Default and Remedies: - Outline the consequences for defaulting on the lease agreement by either party. - Include any specific cure periods or conditions that must be met before terminating the lease. 9. Miscellaneous Terms: - Note any other important clauses, such as holding over, surrender of premises, or agreements related to utilities, signage, or exclusive rights. 10. Signatures and Date: - Ensure that both the landlord and tenant sign and date the agreement to finalize the lease agreement. It is essential to review the completed form carefully before signing to ensure accuracy and completeness. If you are unsure about any part of the agreement, it's prudent to seek legal advice.

OREA Form 400 is used to disclose certain information about a property to potential buyers. The information that must be reported on this form includes: 1. The address, legal description, and type of property (residential, commercial, industrial, etc.). 2. The listing price of the property. 3. The name, contact information, and brokerage details of the listing agent. 4. The existence of any known environmental concerns or contamination on the property. 5. Zoning restrictions or special regulations that may affect the use or development of the property. 6. The existence of any easements, rights-of-way, or encroachments on the property. 7. The presence of any liens, mortgages, or other financial encumbrances on the property. 8. Any pending or ongoing legal proceedings or disputes related to the property. 9. The condition of major systems and components of the property, such as heating, cooling, plumbing, electrical, etc. This includes information about any known defects or issues. 10. The presence of any hazardous substances or materials on the property. 11. The availability and condition of any water supply, sewage disposal, or other utilities. 12. Any other material facts that may affect the value or desirability of the property. It is important for sellers and their agents to provide accurate and complete information on Form 400 to ensure that potential buyers have all the necessary information to make an informed decision.

According to the Ontario Real Estate Association (OREA), if a member fails to file an OREA Form 400 (Listing Agreement) within a reasonable time, it can result in disciplinary proceedings. The specific penalties for late filing of the form can vary depending on the circumstances and severity of the violation. OREA has a disciplinary process in place to address such issues, and potential penalties can range from fines and mandatory education to suspension or termination of membership. It is recommended to consult OREA's Code of Ethics and Standards of Business Practice for more detailed information on the disciplinary process and penalties.

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