What you should know about Realtors working for Developers or Builders
by Maggie Chandler on May 25, 2009
in Uncategorized
Who collects and keeps client ID?
Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as of February 20, 2009, real estate developers and builders are required to comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requirements when selling a new house (detached, attached or condominium), commercial or industrial building, or multi-unit residential building.
A real estate developer is defined as an individual or an entity other than a real estate broker or sales representative who has sold at least:
- five new houses or condominium units;
- one new commercial or industrial building;
- one new multi-unit residential building each of which contains five or more residential units; or
- two new multi-unit residential buildings that together contain five or more residential units.
Who collects personal information from a buyer?
If a REALTOR® is working for a developer or builder, the REALTOR® and their brokerage are responsible for collecting and retaining personal information.
This includes determining if a buyer is acting for a third party, determining the buyer’s relationship to the third party, making and retaining copies of identification and completing all required forms such as a Receipt of Funds Record and an Individual Identification Information Record.
There is no requirement for a REALTOR® or broker to share a client’s personal information with the developer or builder. In fact, this should not be done to protect the client’s privacy.
If the developer or builder does not have a REALTOR® working for them, and the developer or builder is selling directly to a buyer, then the developer or builder must collect and retain personal information to meet the legislated compliance requirements.
FINTRAC staff are now visiting real estate offices and performing enforcement audits. Brokerages should have their compliance materials, including manuals and files, up-to-date.
If you have questions, contact Charles Gonzales, FINTRAC Compliance Officer at (604) 666-8251
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