blog buy sell 4

Big brother really is watching us

In some respects buying real estate years ago was a much simpler, more trusting time.

Basically, you found a tract of land, a house – whatever and you enlisted the aid of a real estate agent and a lawyer and you negotiated with the seller’s agent.

Of course there were legalities to contend, but not to the extent of today.

For example; were you aware of a Federal government organization called ‘Financial Transactions and Reports Analysis Centre of Canada’ or, as it is known, FINTRAC?

Created in 2000, FINTRAC is an independent agency reporting to the Minister of Finance, who is accountable to Parliament for the activities of the Centre. It was established and operates within the ambit of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations.

So what does this have to do with you wanting to purchase that 3-bedroom waterfront condominium listed with Mary Bateman?

Good question. Long story short, FINTRAC works with organizations such as The Canadian Real Estate Association, CREA and its members to record and ultimately report all real estate transactions in this country and ensure that the proceeds applied to any purchase come from an acceptable resource – and not, for example from the sale of illicit drugs or even some money laundering enterprise when a 100 per cent cash purchase might be considered.

A realtor MUST have some relatively basic information verifying the identity of an individual(s) involved with any real estate purchase and sale and is now legally obliged to have you complete an ‘Individual Identification Information Record’ form. With this relatively rudimentary data – name, present address, date of birth, passport, birth certificate or other government-issued document, FINTRAC ensures compliance of the reporting entities within their legislation and regulations and verifies that you are who you say you are.

All records are somehow connected and Federal agencies work together to ensure that the letter and spirit of the laws of this land when it comes to real estate transactions are tried, tested and most of all, true.

A professional and experienced realtor such as Mary Bateman can help you navigate hereto for unchartered waters. Call 705-722-7100 or look up www.marybateman.com.

Awards & Designations

Hall of Fame Award, Lifetime Achievment Award, Platinum Club Award. ABR and SRES

Contact

Please contact my directly at either of the numbers listed below. If I'm unavailable please leave a message and I WILL call you back. Thank you.

Email: [email protected]

Barrie: (705) 722-7100

Toll Free: (866) 606-2429

 

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