Knowledge Base

Can you use a collaborative online document to record changes to the Agreement Of Purchase And Sale during negotiations?

Yes, it is acceptable and legal to use a collaborative online document to record changes to the Agreement of Purchase and Sale, provided that all parties involved have agreed to using this method and all changes are electronically signed.

And here’s the key step, that Real Estate Agents must perform, when using this method.

When negotiations result in mutually agreed upon terms and conditions between the Buyer(s) and Seller(s) ... the Buyer(s) Agent will prepare a 'Final' Agreement of Purchase and Sale ( using Form 100 or Form 101 ) reflecting the approved changes that were posted in the collaborative online document ... which all parties will then E-Sign to complete the transaction.

The Ontario Real Estate Association (OREA) requires that all terms and conditions relating to a real estate transaction be made in writing and signed by all parties using the official Agreement of Purchase and Sale Form 100 or Form 101 to ensure that there is a clear and mutual understanding between the Buyer(s) and Seller(s).

This helps to protect the interests of all parties involved and ensures that the process is transparent and fair as well as legally binding and enforceable.

Additionally, OREA requires that all Real Estate Agents follow their Code of Ethics and Standards of Business Practice, which emphasize the importance of honesty, integrity, and ethical behavior during all real estate transactions.

Adhering to these standards helps to ensure that real estate transactions are conducted in a professional and ethical manner, and that the interests of all parties involved are protected.

Watch this short Video to see what constitutes a legally binding Electronic Agreement ... that Negotiation Log™ not only meets, but also exceeds.