Canadian Government Requiring Real Estate Agent To Track Transaction Information : The Real Estate Bloggers

Canadian Government Requiring Real Estate Agent To Track Transaction Information

June 25th, 2008 • Related • Filed Under

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Big-brother-posterAh, big brother is alive and well in Canada. In an effort to stem money laudering, real estate agents will be expected to maintain files on buyers and the transaction for 5 years and be ready to produce them to investigators from the Federal Government upon demand.

Yikes.

And if the agent does not keep proper records they can face jail time.

Under the new regulations, realtors will have to collect personal information from property sellers and buyers, such as their name, address, date of birth and occupation, backed up by identification such as a driver’s licence or passport.

When dealing with foreign buyers, agents in Canada will now have to hire local agents who can vouch for the identity of the buyer.

The agents will be required to hang onto that information for five years and have it available for the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC), if needed. Otherwise, the information will remain confidential.

The centre was established by the federal government in an effort to track suspicious property deals and prevent shady buyers from dumping large amounts of cash into property purchases. via CTV.ca

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  4. Canadian Real Estate Market Sees Continued Increases in 2006 and 2007
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There Is 1 Response So Far. »

  1. Comment by Mark Harrison on 25 June 2008:

    You mean they don’t already?

    Here in the UK, this has been a requirement for YEARS.

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