Why as a buyer or seller, do I need to show my realtor identification?
New federal regulations , FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) June 23 , 2008
Real esate 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 esate agent, but the other individual 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.
Also under the new FINTRAC regulations, real estate agents dealing with clients they never meet must also verify personal information. The broker office involved can do this with a service agreement with an agent or mandatary in the area where the client is located. That agent or mandatary must then meet the client, verify the identification of the client, and provide the information to the broker office actually handling the real estate transaction.
In addition to verification of personal information, real estate agents must also complete a report on the receipt of all funds received during the real estate transaction, not just those of $10,000 or more. For more information visit www.fintrac.gc.ca or toll free 1-866-346-8722
Source Canadian Real Estate Association