The Federal Government Of Canada put in place a New Law that requires All Realtors to Record their Clients Identification on both sides of a real estate transaction, sales and listings, Realtors are required keep this information for 5 Years! Penalty to Not Record Your Client ID...a 2 Million Dollar Fine!
This New Law Overrides The Privacy Act, all Consumers(Buyers and Sellers) must Show Identification, minimum. of 2 pieces of ID to their Realtor(s).
Realtor Guideline for Record Keeping:
Fred, Wow, that's quite a stiff penalty. I would guess they are doing it to be safe and in that case, I think anything we can do to keep ourselves safe these days is a good thing!
Fred,
It bothers me a lot that the government expects us to do it's job....I turned in my first Client ID form today and it was on clients that I've known for over 7 years! I really don't feel good about this at all.....
Jo
Hi Fred,
Wow that fine would wipe anyone out... Have a great 4th. Michael A. Caruso
Hi Carole...I believe is our Verison of Your Homeland Guard.Lawyers and Banks have been getting Drivers License and birth certificate ID for a few years, they just added more professionals, especially with the high dollar amount to real estate. Just too easy to hide Funds buying homes. A Realtor on a posting said Drug Dealers from LA where Buying cheap homes in Los Vegas and moving there operations to Nevada...I think it's a good idea to know who you are dealing with.
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Hi Jo Anne...maybe hire an assistant to process the applications, file them ,etc, same with your GST records then write your assistants wages off your income tax next year! Then The Government is pays part of the costs,
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Hi Michael....I think it's up to 2 million, not sure, my managing broker told us the fine, plus our Broker needs to keep a copy of our client records too for 5 years...it's nuts !
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Hi Michael.....I'm all for that, except I do not qualify to immigrate to USA. I need to be from a third World Country, same with Immigrants coming here it's okay, but not easy for USA citzens to move to Canada, except to retire.
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Fred, I think that is a good thing. The average real estate agent has nothing to worry about, and the crooks are not going to worry about any of this. The amatuer may think about it and back off.
Hi Jim...I agree it's a positive things especially for our Lady Realtors. It's just more paper that bothers me.
Cheers, Jim, thanks for visiting!
My opinion is that responsible professionals act responsibly, comply with all laws of the land and don't complain about one piece of paper required to ascertain identity.
Fred that is interesting! What is the purpose behind the change? I hope you don't have to ever come up with the 2 mill my friend :)
Hi Larry....Great point, most Realtors will do what needs to be done, because that's what we do, get the job done!
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Hi Bill...Mainly to document who's Passing along large amounts of funds, and buying Homes to hide unearned or drug money. The Government wants to be able to grab their homes if they are guilty of a crime such as Money Laundering or the Drug Trade, etc.
Cheers, thanks for visting! Have a Great 4th of July!
Hmmm, Big Brother keeps wanting more and more... and to place that responsibility on agents is beyond me. Here the title company takes the ID's of each party to a closing. Can't the Attorneys that do your closings there do the same thing? The closing agent should be responsible, not the agents.
Hi Katerina...Yes the Lawyers and Notaries take personal ID at Closing, for some reason they want us involved too, I like the idea, especially for Women Realtors, I just think the Government should pay us for our Time.
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This FINTRAC is silly. We have to play cop in George Bush's War on Reason, uum I mean War on Terror.
Hi Mike...I would agree with you on the reason for FINAC, however i think it's a good idea to meet and record personal ID before proceeding to show properties, not when we are writing offers or new listing contracts. A Fellow Female Realtor was murdered earlier this year that met with a supposed Buyer. if Buyers had to show personal ID before a house showing, this murder might not have happened.
Cheers, thanks for visiting!
Author Bio:Fred Carver started in Real Estate December 1971.Experienced in both Commercial and Residential Sales and Marketing Including the Internet with Web sites and several Blog sites.Area Specialist in Condo and Single family home sales in and around the South Side of Victoria, BC
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