In June 2008, new rules governing Canadian real estate transactions took effect. Buyers and sellers must disclose more personal information than they did in the past. This is intended to combat illicit financial activity and eliminate money laundering.
Real estate agents are now required to acquire and verify all personal information. They must also account for the source of deposits submitted for each transaction. Information of buyers and sellers must be kept by the broker office for a minimum of 5 years for every real estate transaction in Canada. Details such as proof of identify and occupation is included.
In a case where the realtor cannot meet their client, they are still responsible for obtaining and verifying personal information. During a transaction they must also complete a report of all funds received. Prior to the new rules taking affect, they only had to report dealings of more than $10,000 in cash.
When buying or selling real estate privately, the lawyer for each side is responsible for gathering and storing the personal information. They must also complete a report of all funds received during a real estate transaction.
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