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Money laundering legislation, brought in by the Federal Government, has caused some important
changes to all Real Estate transactions in Canada, as of June, 2008. Real estate agents have to collect data on all of their client base, involved in real estate transactions, as of June 23, 2008. The Real Estate Council of B.C. has noted this in their report in April 2008 to all licensees. "Licencees will have to keep a client information record for every purchase or sale of real estate. A client information record will set out the client's name, address, date of birth and the nature of the client's principal business or occupation. If the client is a corporation, licencees will also need to keep a copy of the part of the official corporate records showing the provisions relating to the power to bind the corporation regarding the transaction. Currrently, if a licensee has identified an individual before, the licensee does not have to do so again if the licensee recognizes the individual. Once the changes come into effect, if licensees have doubts about the information collected concerning an individual's previous identification, licensees will have to identify that individual again." (Report from the Council, April 2008). If it is found during an investigation that a Realtor failed to collect this information, both the Realtor & the Realtor's office may face severe penalties. The real estate industry is no longer overseen by a Superintendent of Real Estate, or governed by a Real Estate Council. The BCFSA (British Columbia Financial Services Authority) is now the regulator in charge of the real estate sector. The Real Estate Board, in your area, can also be contacted, for further details. Properties listed with Li Read, Managing Broker for Sea To Sky Premier Properties (Salt Spring), come under the jurisdiction of the Real Estate Board of Greater Vancouver. |