Your Realtor® is Asking questions because… … it’s the law

Your Realtor® is Asking questions because… … it’s the law

Tags: Your Realtor is Asking questions??

We often as a Realtor try to get peoples opinion what they think about our services, and our way of conducting daily business, and we found out that people say Realtors ask too many questions, let me tell all the people who are looking to buy or Sell in Canada, It's the Law to ask questions, Realtor simply try to comply with the federal law. I did my research and found about information from CREA The Canadian Real estate Association and i putting this in my Blog. 

Your Realtor® is Asking questions because… … it’s the law
What your Realtor® needs to do to comply with the Law.

The real estate agent you are dealing with is required by federal law to ask for and verify your personal information. By providing this information when requested, you will ensure that they can meet their legal obligations. The Act requires Realtors® to keep identifications records, and track all funds (not just large amount of cash) provided during the Real estate transaction.

ID Please
Under the rules, Realtors® are required to obtain, record, and retain the personal information of their client, including date of birth and occupation. To do this, they must ask for a government – issued identification document such as a driver’s licence, passport, or residency card.
Realtors® required to keep a record of this information on file in the brokerage for a period of five years. For the purpose of compliance with this law, Realtors® are not required to keep photocopies of government issued id just the factual data contained on it. However, Your Realtor® may make a photocopy of your ID because of other requirements related the real estate transaction.


Have You Dealt with this Brokerage before?
Realtors® have additional obligations under the act if their brokerage has represented you in the past five years. If that is the case, you may be asked to confirm that the personal information your previously provided to brokerage is still current, and to update the information if it is not. Realtors® also have an obligation to assess your level of risk under the PCMLTFA and may ask you additional question or seek additional identification documentation in order to do so.

Are you a private Seller or Buyer?
If you are not represented by a real estate agent in this process, in other words, you are buying or selling privately, the law requires the real estate agent that is involved representing the other party to request your personal information and keep that information on file.

Is there any one else involved?
There are aspects of your real estate transaction that might prompt the real estate agent you are dealing with to ask you for more information. For instance, you may be asked whether you are acting on behalf of a third party while conduction your transaction. This basically means you are following the instructions of some else in completing the transaction, or someone else (individual or company) is involved in financing the transaction.
If there is a third party involved, your Realtor® is also required by law to obtain their identification information, and keep that information of file for five years.

Details of the Deposit
Every time funds are received by a Realtor® (e.g. a deposit) during the course of real estate transaction, they required to record the amount received and how it was obtained. Your Real estate agent then must record this information and also keep it on file at the brokerage for a five-year period.

Your information is kept confidential
The only reason the Realtor® keeps your personal information on file is to comply with federal laws. It will not be used in any commercial way, and will not be provided to any one else except in response to a request from the federal agency responsible for compliance, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The law requires these files be kept at the broker’s office for five years.

Money Laundering
Money Laundering is the process used to disguise the source of money or assets derived from criminal activity. This illegal activity can include drug trafficking, smuggling, fraud, extortion and corruption. Criminals must launder the profits and proceeds from these crimes to be able to enjoy them.

Terrorist Financing
Terrorist financing operates some what differently from money laundering. While terrorist groups do generate funds from criminal activities such as drug trafficking and arms smuggling, they also obtain revenue through legal means. Supporters of terrorist causes may, for example, raise funds from their local communities by hosting events or membership drives. In addition, some charity or relief organizations may unknowingly become the route where donors contribute funds that may eventually be used to commit a terrorist act.

The trademarks Realtor®, and the Realtor® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member of CREA.

Asif Shahzad

Asif Shahzad

Sales Representative
CENTURY 21 Green Realty Inc., Brokerage*
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