Canada’s money laundering reporting requirements

By the time you accept an offer, your ME agent will also advise you of reporting requirements by FINTRAC, the federal agency responsible for administering Canada’s Money Laundering and Terrorist Financing legislation and regulations.

Your ME agent is required by federal law to complete a client identification form, and must ask you as the vendor or seller for verified ID such as a driver’s license or passport. You can find out more on the FINTRAC web site at http://www.fintrac-canafe.gc.ca.

You still have plenty to do. Your closing checklist should include:

  • Advise your lawyer that an Agreement has been signed. Make sure your lawyer is ready to close the transaction.
  • Immediately begin satisfying any conditions of the agreement that require action on your part before the set date of completion creeps up on you. Close The Deal
  • Notify your lawyer and lending institution if the buyer is assuming your mortgage. Close The Deal
  • Contact the utilities, telephone and cable companies about transferring or removing service. Your lawyer will often handle the transfer of utilities.
  • Call your insurance agent and arrange cancellation or transfer of your homeowner’s insurance. Close The Deal
  • Contact a moving company to arrange your move on or prior to closing date.
  • Send out your change of address notices and advise the post office. Notify the Ministry of Transportation about your new address for driver’s license and registration. Close The Deal
  • Notify your ME agent immediately if anything changes about your property or your situation. Close The Deal

Close The Deal

Contact with your lawyer

  • If you plan to “discharge” or pay off your mortgage with proceeds of the sale, your lawyer will obtain a statement from your lender showing your outstanding balance on the mortgage, and any penalties you’ll have to pay to discharge the mortgage. Close The Deal
  • A few days before closing, your lawyer will ask you to sign the paperwork that enables the title to be transferred to the buyer. Close The Deal
  • On closing day, your lawyer will receive and distribute the proceeds from the sale, pay off your mortgage and other costs, and give you a cheque for the net proceeds. Close The Deal

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