Legal Information For Sellers
This document is a written contract setting out the terms under which the buyer agrees to buy. Upon acceptance by the seller, it forms a legally binding contract subject to the terms and conditions stated in the document.
Individual Client Information Record (FINTRAC)
For every transaction (purchase or sale) or attempted transaction (presentation of an offer), each client must complete an “Individual Client Information Record.” If there is more than one person signing during the transaction (for example, both a wife and husband are purchasing the property, or seven siblings are responsible for an estate), EACH client must complete one form.
Each client must provide a VALID piece of identification issued by the government. A photocopied or scanned version is not sufficient – an agent must see the original documentation. Examples of valid identification would be:
- a current driver’s license
- a current passport
- a record of landing (landed immigrants)
- a permanent residence card
- old age security card
- a certificate of Indian status
- a Social Insurance Number card (if using a SIN card, an agent cannot record the SIN number)
Agreement of Purchase and Sale
This document, commonly referred to as an “offer,” is used to state the buyer’s desire to purchase the property, and to negotiate the terms of sale. This document also allows the buyer a chance to outline in detail all of the conditions they wish to be placed in the offer to buy the Seller’s property. After the offer is prepared and signed by the buyer, it is presented to the seller for acceptance. The seller, in turn, may want to make changes to the offer for the buyer’s consideration.
Receipt of Funds Record
This form is to be completed if an agent representing a Buyer receives a deposit with respect to an offer or an Agreement of Purchase and Sale. A form must be completed for EACH deposit given to the agent.