Home Hunting - Bring ID

Used to be, unless a buyer required a mortgage, property purchases in Canada could be almost anonymous. Cashing a cheque required more information and more proof.

In June 2008, that changed. Now, when purchasing real estate anywhere in Canada - buyers are required to provide their name, permanent address, date of birth, as well as their principal business or occupation. And all of these need to be confirmed by Photo ID (using a Passport,m Drivers License, or Birth Certificate with serial number) to the Agents of the transaction.

It's the law. And it was passed so FINTRAC, a Federal Government agency,m could track deposit and purchase monies used in real estate transactions.

The requirements seem aggressive, but it's part of an international effort to halt, or at least reduce, money laundering from illegal activities. FINTRAC stated that 63% of these types of money are cleansed or transferred through the buying and selling of real estate.

These strict new regulations, supported by Federal Legislation include dealings with foreign or off-shore buyers too. And when the purchaser is a corporation, Agents are required to obtain corporate documentation along with the names of the corporation's directors.

For a more complete look at what steps the legislation involves, call me or visit www.fintrac.gc.ca

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Sherif Nathoo

Sherif Nathoo

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
Contact Me

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