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Identification Requirements for Real Estate Buyers and Sellers
When you work with a REALTOR®, he or she will ask you for some personal identification information, such as your date of birth, occupation, and a piece of government-issued photo ID. REALTORS® are now required by law to ask you for this information and keep it on file for five years. The law also requires REALTORS® to record all funds received (for example, deposits) during the course of a real estate transaction. This information may be requested by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Your personal information will be protected by the real estate brokerage, and will never be used for commercial purposes.
The Canadian Real Estate Association has prepared a brochure to help consumers understand the new law and its requirements. The brochure can be downloaded and printed by clicking on the link below.
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