The Standard forms required to Purchase a Property

There are several forms and paperwork that must be completed in order to purchase a property.

 For transactions within the greater Toronto area (GTA), the contracts, forms and brochures are produced by various organizations. The Ontario Real Estate Association (OREA), produces forms, offers and contracts that are designed to be used throughout Ontario by all of the regional real estate boards. The Toronto Real Estate Board (TREB) utilizes the OREA forms and enforces its by-laws on members. Within Ontario, the Real Estate Council of Ontario (RECO), also mandates the use of specific forms relating to agency for each transaction. Realtors must also comply with federal legislation and complete a Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) form which records information about persons involved in a transaction.

Here is a list of the mandatory paperwork required to purchase a property in the GTA:

 1. Working with a Realtor Pamphlet

This is an informational pamphlet that describes the different types of Agency relationships that can exist between a Realtor/brokerage and their buyers and sellers. This form is not a contract; it must be signed by the buyer or seller as “having been read".  
Here is a link to the form. Working with a Realtor

 2. Buyer Agency Contract or a Buyer Customer Service Agreement

The form that is signed depends upon the Agency relationship the buyer wants to create with the Realtor or brokerage. If the buyer wishes to work exclusively with the brokerage in specified geographical area, for a specified time period, they would sign a Buyer Agency Agreement. The buyer becomes a client of the brokerage and the parties have created an agreement similar to the listing agreement a seller would sign.

- Here is a link to the form and a plain language explanation: 
Buyer Representation Agreement- plain language

If the buyer does not want to commit to the Realtor or brokerage for a defined period and would like to create a more basic Agency relationship and receive customer status, they would sign this form.

- Here is a link to the form and a plain language explanation: 
Buyer Customer Service Agreement- plain language

Buyers must select a type of Agency relationship at the “earliest possible opportunity” according to the various authorities having jurisdiction. Brokerages must document this relationship in writing and must disclose the type of Agency relationship exists to the listing brokerages, when they are booking showings on behalf of the buyer. Realtors and brokerages may elect to work only with buyers who sign a Buyer Agency Agreement, it is their choice.

 3. FINTRAC Form

This form became mandatory in June 2008 under a federal Act created to counter terrorism and money laundering. The form records the names and photo identification provided by the buyers, sellers and people who provide money (cheque), that are involved in the purchase or sale of real estate within Canada. *Note: A transaction cannot proceed without the completion of this form.

Here is a link to the consumer brochure: FINTRAC Consumer brochure