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Realtors are Now Required to Ask for ID

Posted June 23rd, 2008 under smart buying, smart selling.

As of June 23rd, 2008, Realtors are required by law to verify the identity of people or businesses who are selling or buying real estate.

FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), the government body responsible for tracking money laundering and terrorist activities, requires that for each transaction, the identity of all people and businesses be confirmed by the realtor representing them. Furthermore, supporting documents must be originals, not photocopies.

Thus, from now on, you can expect your Realtor to ask you for ID such as your drivers license, birth certificate, or passport. You need not feel nervous about displaying these documents, as your Realtor is also bound by PIPEDA (the privacy act) to keep all personal information secret and not use it for any purpose other than the current transaction.

Though some will see it as an inconvenience, this law protects both buyers and sellers from the risk of a deal being nullified due to the other party having provided a false or stolen identity.

Do you have a question about privacy or showing identification to a Realtor? Just ask me, I'll be happy to help.

--Peter

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