May 2012 Archives

fintrac-canafe-logo
On June 23rd, 2008 new federal money laundering and anti-terrorist financing regulations came into effect that require real estate agents and brokers to collect personal identification information from buyers and sellers.

Real Estate agents are now required to ask for proof of the identity of all buyers or sellers involved in a Canadian real estate transaction. If the client is a corporation, that information must include corporate documentation, and the names of the corporation directors. They must also ascertain if a third party is involved in the transaction.

This also applies if a buyer or seller involved in a transaction is not represented by a real estate agent, but the other individual involved is represented. Those buying or selling privately will be asked by the agent representing the other party involved in the transaction to provide proof of identity as well, and that record must be kept by the real estate agent involved in the transaction.

These new regulations are part of federal legislation (Bill C-25) passed in 2007 that requires a number of industries, including real estate, to do more to help stop money laundering and terrorist financing. The regulations are enforced by the federal agency known as the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC.

Additional information about this federal initiative, the federal legislation and the role of FINTRAC in the reporting system is available at www.fintrac-canafe.gc.ca or call toll-free: 1-866-346-8722


I stumbled upon this on You Tube. Very well done!



English: The MLS, or Multiple Listing Service ...
The Multiple Listing Service mls.ca is now www.realtor.ca.

The new home page provides four different ways to locate properties. Text Search, Interactive Map Search, Advanced Search, and MLS®# Search.

Several additional options are also offered on the REALTOR.ca site-more than were available on the old mls.ca site.

This national real estate database is the first source for Canadian Real Estate Buyers and Sellers is now better than ever and user friendly. It's pretty cool!

http://www.realtor.ca

About

The Kingston Real Estate blog is published by Richard Potter of Re/Max Realty Concepts. Richard is a licensed real estate associate in the province of Ontario.

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