Unrepresented Parties in Real Estate Transaction
Real estate brokers and sales representatives must now verify the identity of any unrepresented party to a real estate transaction, in accordance with FINTRAC’s client identification requirements for real estate professionals. They must also determine whether a third party is involved, as required under FINTRAC’s existing third party determination obligations, and maintain related records.
This amendment closes a long-standing gap by ensuring that both sides of every real estate transactions are subject to identity verification and reducing opportunities for anonymous or concealed property transfers in Canada’s real estate market.
Brian Madigan, LL.B., Broker
www.OntarioRealEstateSource.com