We’ve all been there.
The property has been sold, all conditions waived, and closing is fast approaching. Why is my broker asking me for more information?
As a requirement of all real estate sale transactions across the country – residential or commercial – brokers are required by law to obtain knowledge that their client is operating in good faith.
Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, is a government-run body designed to track suspicious transactions to prevent such activities as money laundering and terrorism. Real estate falls under these categories. As a result, all brokerages are required to implement policies and procedures around FINTRAC, and all Canadian brokers are required by law to obtain visual confirmation of their client, documentation proving their Canadian residency status, and in the case of commercial transactions, articles of incorporation.
Here are some things you can do to help the transaction process go as smooth as possible:
If you have privacy concerns:
As a recap, all Canadian real estate brokerages are required by federal law to obtain this information. This is true of all real estate transactions, from residential to commercial, and from British Columbia all the way to Prince Edward Island. Help us out by doing your due diligence to keep our country safe.
For more information on FINTRAC, please check out Mr. Mark Wiesleder’s article in Real Estate News Exchange’s recent article, FINTRAC: 5 things to remember in 2022.
For more information on Blair Blanchard Stapleton, or to speak to an agent, feel free to get in touch.
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