Form 801 and What You Need To Know About It

As of July 1, real estate professionals across Ontario have new rules for how they handle offers. The Government of Ontario has brought forward these rules to bring more transparency to the offer process.

As a result of changes by the Ontario government, all offers need to be in writing and signed, and the brokerage working for the seller must keep a record of those offers on file for a year.

Form 801 Offer Summary Document

*Form 801 is an offer summary document that needs to be filled out with every offer submitted for a property. This form outlines key information about the offer such as the property address, buyers, when the offer is submitted and how the offer is submitted to the other party and listing brokerage.

**If you have a listing and you receive an offer for your listing, you must ensure that Form 801 is filled out and attached to the offer.

**You must also submit a copy of all offers received to the office for record keeping regardless if that offer has been accepted or not.

Multiple Offers for a Property

If your client’s offer is involved in a competing offer situation (Multiple offers) and you want to make sure that the offer process was conducted fairly, you or your client can ask RECO to confirm how many offers the seller’s brokerage received.

RECO will contact the seller’s brokerage, and may also ask for supporting documentation for each offer. Once RECO has determined the number of offers they will tell you or your client.