Client ID - Why are you being asked for it?

Whether buying or selling a home, your Real Estate representative will ask you to provide legal (government issued) identification such as your drivers license, birth certificate or similar documentation.  In addition, you may be asked if you are acting on behalf of a third party.  This measure of requesting client identification is a fairly new requirement.

FINTRAC (The Financial Transactions and Report Analysis Centre of Canada) was developed by the Canadian government as an initiative to fight money laundering and terrorist financing both in Canada and abroad.

The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) legally requires all businesses such as Real Estate Brokerages, Insurance companies, Banks, etc. to provide client identification information; regardless of how well you know the client you are providing service to.  Yes, even family members must provide this information.  This ensures that the financial institutions, etc. can adhere to their legal obligations and sustain the battle against money laundering and terrorist financing.

Money laundering is when criminals disguise the source of money or assets acquired by illegal activities such as drug trafficking, fraud, extortion, smuggling, etc.  The techniques used are countless and can be quite highly developed.  In fact, the yearly estimate of this criminal activity, as determined by the International Monetary Fund (IMF), adds up to five hundred billion U.S. dollars being laundered globally every year.  

Terrorist financing is somewhat different than Money laundering as it allows a means for terrorist activities which represents a major threat to worldwide security including Canada and Canadians.  Many terrorist groups obtain a flow of funds through legal avenues as well as through criminal activities.  Charity organizations have been known to unintentionally be donating funds that are ultimately channelled to terrorist organizations.  

Money laundering and terrorist financing is a substantial concern; we must do our part to eliminate it.

If you should have any Real Estate needs or questions, whether big or small, please feel free to contact me.  I appreciate the opportunity and am always glad to help. 

After the SOLD sign goes up

Book your movers well in advance to get the moving date and times best suited to your needs.

Check insurance coverage for moved items (if you deem necessary).  Confirm what the movers cover first.

Long distance moves are usually billed according to weight. Note the weight of goods you are moving. Some heavy items like used appliances may be less expensive to replace than move.

Have a "first to open" box with the items you'll need most:

• paper towel
• toilet paper
• soap
• trash bags
• scissors
• hammer
• screwdriver
• pens
• paper
• cups & plates
• water and snacks

Arrange with the Post Office to forward your mail to your new address

Arrange to have utilities disconnected a day or so after the scheduled closing date (speak to your Lawyer about his/her help with this as some take care of this for you)

Send change of address notifications to banks, schools, credit card companies, employer, accountant, dentist, doctor, magazine subscriptions, etc.

Cancel the newspaper, lawn service, snow removal company, security service, etc.

Notify friends, relatives, and business colleagues of the move

Clean out appliances and prepare them for moving (if applicable).

Items to leave for the new owners

• Owner's manual or Warranties for appliances or other items left in the house.
• Extra sets of house keys.
• Garage door openers.
• Remote controls for ceiling fans, lights, curtains, etc.
• Code to burglar alarm (or reset to all zeros).
• A list of service providers:
• house cleaner
• lawn service
• snow removal company
• pool service
• electrician
• plumber
• handyman
• etc.

Price Price Price! Assessing Correct Value

Of course what most of us promote is location, location, location. It is important to understand how price and location fit together. When it comes to selling, the importance of pricing a home is superior to everything else. A simple illustration is to picture a home for sale in the best location you can imagine. Then put a price on it that is too high by market comparison. The result will be that the home may be admired by many but no offers will come since the price is attracting the wrong crowd. To further illustrate, take a less popular location and market-price it, the buyers will be lined up with offers. Location factors in to correct pricing the way other important features do when assessing the likely sale price of a home. Correct pricing then, when it comes to selling, plays the leading role followed by strategic marketing and negotiating in order to obtain optimum value.

Location is paramount on the other hand when assessing where the highest rate of appreciation might be expected over a period of time. Locations that are superior for neighbourhood, proximity to schools and shopping, receive a steady demand on the part of buyers and usually produce a higher increase in value and of course a quicker sale when that time comes.

When buying, there is a trade-off for location. A home for sale on a main street for example will usually have more features for the price, than the same home on the nearby crescent. So a main street may be just what a consumer prefers knowing that they are getting more of the features they want for their money. On the other hand, a buyer may prefer to take the "crescent" home with less features for the money preferring the added safety that comes with that location, especially where small children may be a concern.

It is by and large a matter of choice and most folks whether buying or selling want to come away from the process feeling they were well informed and pay or receive a fair price.