Realtors are now going to ask you for identification

If you’re planning to buy or sell a house, be prepared to show ID.

Realtors are now required by law to verify the identity of the buyer and seller in every real estate transaction — including details like name, age and occupation.

The new federal regulations went into effect on June 23 and are enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The goal of the legislation, passed in 2007, is to prevent real estate transactions from being used to launder money for criminal or terrorist organizations.

Real estate brokers are also now required to obtain proof of identification of overseas clients by using a qualified agent. Realtors are now required to complete a report on all funds received during real estate transactions. Realtors are required to keep the information for five years, and provide it to FINTRAC if requested.

In a press release, Canadian Real Estate Association president Calvin Lindberg will add extra costs for the association’s 96,000 members.

“In the first phase of compliance, real estate agents were required to report only suspicious transactions, or transactions involving more than $10,000 in cash,” Lindberg said. “Now, verified personal information must be kept of the buyer and seller for each and every transaction.”