Posted by: Nick Fundytus
Posted: September 20th, 2023
Question of the week:
Is it necessary to sign an OREA form 200 to list a home in Ontario?
Hi, we are selling our detached home in Mississauga.
Our realtor is making us sign an OREA 200 form to sell our home and it will be for 3.5 months (until Dec 31). Is this a standard time frame and is it necessary?
Also, he put down a holdover period of ninety days – meaning that 90 days after the contract expires if one of his buyers comes and says they want the house it’s his client.
Thanks for the advice/insight!
In short, yes you will need to sign Form 200 in order to list your residential home in Ontario with a Realtor on the MLS, which is generally accompanied by form 960/160A (Information sheet about your home). Your Realtor’s Brokerage almost certainly requires this paperwork for their files.
If you’d like an in-depth explanation of that form, I’ve created a video for you; just fast-forward to the paragraphs that you have questions about.
A little more detail and context that may be useful for you:
Good luck on the listing, and shoot me a message if you have any other questions.
Source: I’m a Realtor in Ottawa, Ontario.
Your Lawyer is great for independent advice. If you’re unsure whether you’re getting unbiased advice from your Realtor, ask your lawyer for a second opinion for peace of mind.
Many terms in listing forms are negotiable. Discuss with your Realtor until you’ve got an agreement that works for both of you.