Real estate brokers are being warned to take precautions to avoid getting tricked by fake homebuyers and fake sellers. In a letter on Tuesday, the Real Estat
, the Real Estate Council of Ontario reminded professionals that they are obligated to check and verify the identities of their clients.
It says registrants who fail to verify a client’s identity could face a disciplinary suspension and fines of up to $50,000. “Be vigilant for any inconsistencies, such as spelling errors when the buyer or seller writes their name or email address, or other odd or unusual mistakes,” they said. “Ask for details that a homeowner would generally know, such as how old the furnace is, when the roof was last replaced, and details about renovations. Ask them to produce invoices for work done, utility and property tax bills, or other documents a homeowner would have.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ontario regulator warns real estate agents to watch for signs of fraudulent home sales | CBC NewsThe body that regulates Ontario's 100,000 real estate agents and brokers is urging them to be more vigilant when verifying the identity of a client, amid a wave of fraudulent home sales and mortgages in the Toronto area.
Read more »
RioCan Real Estate Investment Trust raises monthly distributions, reports Q4 loss - BNN BloombergRioCan Real Estate Investment Trust raised its payment to unitholders as it reported a loss of $5 million in its fourth quarter.
Read more »
Ryan Reynolds joins Toronto-area real estate group in bid to buy Ottawa SenatorsA new star player has officially entered the Ottawa Senators sweepstakes. Canadian actor Ryan Reynolds has teamed up with Remington Group, a real estate development corporation based in Vaughan, in a bid to buy the NHL franchise.
Read more »
RioCan Real Estate Investment Trust raises monthly distributions, reports fourth-quarter lossRioCan says it will now pay a monthly distribution of nine cents per unit, up from 8.5 cents
Read more »
Ontario man loses lawsuit against 'sugar baby' who wouldn't be his real girlfriendThe heart may want what the heart wants, but nobody is entitled to be in a relationship with the object of their affection — no matter how much mon...
Read more »
Despite Sales Drop, Muskoka Real Estate Could See Strong SpringMuskoka saw a notable drop in sales for the month of December. But even so, a local realtor predicts the region could be in for a strong spring. Here’s why. realestate Ontario realestatenews Muskoka
Read more »