Question

What is the purpose of the OREA Form 124 in a real estate transaction?

A) Documenting the initial agreement between the seller and the buyer.
B) Notifying the parties involved about the fulfillment of specific conditions.
C) Finalizing the sale and transferring property ownership.

Select the accurate description of the OREA Form 124 based on the provided information:

A only
B only
C only

Answer 1

The purpose of the OREA Form 124 in a real estate transaction is to finalize the sale and transfer property ownership.

Step-by-step explanation:

The purpose of the OREA Form 124 in a real estate transaction is C) finalizing the sale and transferring property ownership.

This form is used in Ontario, Canada, and it serves as the Agreement of Purchase and Sale for residential properties. It outlines the terms and conditions of the transaction, including the purchase price, deposit amount, closing date, and any conditions or contingencies that need to be satisfied.

Once both the buyer and seller have agreed to the terms and signed the form, it becomes a legally binding contract, and it proceeds towards the completion of the sale and the transfer of property ownership.