Toronto Condo and Real Estate Blog

New Law Requires Real Estate Agents to Collect and Verify ID of Buyers and Sellers

New federal laws and regulations designed to prevent money laundering and anti-terrorist financing went into effect June 23, 2008. Realtors must obtain proof of identity from all parties in any real estate transaction, even if one of the parties is not represented by a real estate agent. Realtors must also track the source of funds received during the course of a real estate transaction, such as the deposit. If the client is a corporation, corporate documentation and the names of the corporation directors must be provided and the corporation must disclose if a third party is involved in the transaction.

“Real estate agents have had legal obligations under the federal government’s push to prevent criminal activity and terrorism since 2001, when Canada’s first comprehensive laws to combat money laundering and terrorist financing were introduced,” says RAHB President, Ann Cosens. “Real estate agents were required to report only suspicious transactions or transactions involving more than $10,000 in cash.”

These new regulations are part of federal legislation (Bill C-25) passed in 2007 that requires a number of industries, including real estate, to do more to help stop money laundering and terrorist financing. The regulations are enforced by the federal agency known as the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC.

As part of the new rules, Realtors are required to keep all identification and the receipt of funds report on file for at least five years and provide it to FINTRAC. Realtors are also required to complete a report on the receipt of all funds received during a real estate transaction.

Also, under the new FINTRAC regulations, real estate agents dealing with clients they never meet must also verify identification. The broker office involved can do this with a service agreement with an agent or mandatary in the area where the client is located. The agent or mandatary must then meet the client, verify the identification of the client, and provide the information to the broker office handling the real estate transaction.

To comply with the new regulation, real estate agents will need to get more acquainted with their clients.

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Contact the Jeffrey Team for more information - 416-388-1960

Zen Lofts is a true testament to an ancient saying: “if you strive for perfection, you will eventually be graced with it.”

An intimate nine-storey building with only 35 new soft lofts located on Camden Street, one of the most sought-after streets on Toronto’s west side. Zen Lofts provides spectacular light-filled living spaces in a tranquil setting steps from the hustle and bustle of Queen Street West.

Some of the features offered by Zen Lofts include 9 to 11-foot ceilings, exposed concrete columns with flared capitals, Oversized solid core hardwood veneer entry doors, spacious terraces and balconies equipped with outdoor lighting, water and natural gas supply.

The minimalist modern architecture, created by Core Architects Inc. and built by Harhay Construction, has an understated presence that exemplifies the inner strength and quality that transcends Zen Lofts.

The “Niagara” area is a mixed residential and industrial neighbourhood. It is now in transition however as the trend is towards more residential accomodations and less industry. Niagara’s Second Empire row-houses and cosy one storey ‘Ontario Cottages’ were built in the 1870s and 1880s. The Niagara neighbourhood also contains pockets of newer townhouse and urban loft developments that reflect the renewed demand for housing in this historic Toronto neighbourhood.

The physical and social centre of Niagara is Stanley Park, a multi-recreational facility that is well used by area residents. Niagara offers convenient access to Toronto’s business and entertainment districts. It is also very handy to the Skydome, Exhibition Place, the Harbourfront, and the Toronto Islands.

Queen Street West provides Niagara residents with an eclectic mix of antique shops, art galleries, bookstores, fashion stores, natural food markets and restaurants. King Street also has stores and restaurants that serve the day-to-day needs of Niagara residents.

Niagara is a close knit neighbourhood with its own small community centre located on the Stanley Park grounds. This centre is used for local residents meetings, community based programming and social functions.

Stanley Park is a favourite neighbourhood meeting place. It contains two baseball diamonds, two tennis courts, a soccer field, a small outdoor pool, and a children’s playground.

Regular streetcar service runs on Queen Street, King Street, and Bathurst Street. Motorists are just minutes from the Gardiner Expressway and Lake Shore Boulevard.

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Contact the Jeffrey Team for more information - 416-388-1960

Sixty Lofts is actually two separate loft buildings – 60 Bathurst with 142 soft lofts and 60 Niagara with another 30 new lofts. The interior is designed to add flexibility and creative input by purchasers in lofts that range from 491 to 1,680 square feet. Features like oversized entry doors, gas connections in kitchens and balconies, ceilings heights ranging from 8.5 to 10 feet, stainless steel appliances, exposed concrete ceilings, and engineered hardwood flooring. Located at the foot of Bathurst, residents are a stroll away from the Fashion & Design District, Entertainment District and Queen West shopping.

Contact us today and book your appointment to get in before the general public. As real estate agents, we can get you in early, from 12pm-2pm on Thursday June 5th. We must accompany you to the sales office to take advantage of this special event.

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Contact the Jeffrey Team for more information - 416-388-1960