Waiver vs Notice of Fulfillment: Which Form When

When a condition comes due and the deal is going ahead, the agent usually needs one of two OREA forms signed and delivered before the deadline. They look similar, but they say different things. Here's the difference, and what I check before either goes out.

What each form says

• Waiver (Form 123): the party gives up the condition. The deal goes ahead without relying on it.
• Notice of Fulfillment of Condition(s) (Form 124): the condition has been met.

What the choice depends on

Which form fits isn't a paperwork question. It depends on how the condition is written, who it benefits and the facts of the deal. That's a call for the agent, with the lawyer where needed. A TC doesn't choose the form; I draft the one you instruct.

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What to check before either is signed

• The agreement date and parties match the signed agreement exactly
• The property is described the same way as in the agreement
• The condition named is the right one, with the same wording
• The correct party is signing
• It will be delivered before the deadline, in the way the agreement allows

After it's signed

Once it's signed and delivered, confirm receipt, update the file and tell the agent which conditions are still open. The deal isn't firm until every condition is dealt with.