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Required Client Information
Money laundering legislation, brought in by the Federal Government, will bring changes to
all Real Estate transactions in Canada, by June, 2008.
Real estate agents will 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 latest report 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.
Please contact the Real Estate Council, directly, re this matter, if of interest to you,
as a potential purchaser or seller of real estate. The Real Estate Board, in your area,
can also be contacted, for further details.
Salt Spring Island, and some of the Southern Gulf Islands, come under the jurisdiction of
the Victoria Real Estate Board.
Contact Li Read at RE/MAX Salt Spring, 131 Lower Ganges
Road, Salt Spring Island, BC, V8K 2T2, Toll-Free 1-800-731-7131