Federal money laundering and anti-terrorist financing rules require real estate agents and brokers to collect personal identification information from buyers and sellers. It is the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) that requires financial institutions and real estate agents, among other professionals and services covered ...
Continue ReadingReal estate transactions involve significant: financial commitments, legal obligations, negotiations, disclosures, and risk exposure. However, many consumers view representation agreements as simply: paperwork, administrative formalities, or documents designed primarily to protect the brokerage. In reality, properly structured representation agreements are intended to help protect consumers by creating: transparency, informed consent, ...
Continue ReadingCanadian real estate transactions are subject to anti-money laundering and anti-terrorist financing legislation designed to help protect the integrity of Canada’s financial system. As a result, real estate brokerages and registrants across Canada are subject to compliance obligations under legislation administered by FINTRAC — the Financial Transactions and Reports Analysis ...
Continue ReadingReal estate transactions involve significant: financial commitments, legal obligations, negotiations, timelines, and risk exposure. However, many buyers and sellers underestimate the importance of proper documentation throughout the transaction process. In Ontario real estate, documentation is not simply administrative paperwork — it plays a critical role in: transparency, informed consent, compliance, ...
Continue ReadingAnd how much money are you going to get? Liquidation One often-overlooked exit strategy is simply to call it quits, close the business doors, and call it a day. (not a great one). If you liquidate, however, any proceeds from the assets must be used to repay creditors. The remainder ...
Continue ReadingYes. Just like a Seller can represent themselves, so can a Buyer. In Ontario, REALTORS® usually work with Buyers in one of 2 ways. The most common relationships are “client” and “customer”, but other options may be available in the marketplace. A Buyer’s Representation Agreement acknowledging a Client relationship is ...
Continue ReadingWhen considering which of two or more competing offers to accept for your property, there is no doubt price will play a huge role. After all, if Offer #1 is $10,000 higher than Offer #2, that’s an enticing difference that puts thousands of extra dollars in your pocket. However, price ...
Continue ReadingWhen you are looking to buy or sell a property or business with a registered real estate salesperson or broker, you may be asked to sign a buyer or seller agreement. Simply put, a buyer’s representation agreement is a contract signed between a prospective real estate buyer and a real ...
Continue ReadingCan You Work With More Than One REALTOR® in Ontario? Yes, it may be possible to work with more than one real estate agent in Ontario. However, whether you should — and whether you are free to do so — depends largely on the representation agreements you have entered into ...
Continue ReadingMost consumers have a general idea of what they expect from a real estate agent. A seller may expect advice about pricing, marketing and negotiations, while a buyer may expect help identifying properties, evaluating opportunities and preparing an offer. Commercial and investment clients may require assistance with leasing, acquisitions, due ...
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