Compliance
Agency Relationships
Steve Kewin & associates inc. is a real estate brokerage company licensed by the Real Estate Council of Ontario (“RECO”).
Real estate brokerages are governed by the legal concept of “agency.” Since there are several types of agency relationships, real estate brokerages are required to present all potential buyers and sellers with a copy of OREA’s “Working With A Commercial Realtor” brochure before preparation of the agreement of purchase and sale.
A potential buyer or seller is asked to acknowledge that they understand the different types of agency relationships by signing the OREA brochure, and real estate brokerages are required to keep a signed copy of the brochure on file.
To avoid “Multiple Representation,” Steve Kewin & associates inc. will generally only represent one party in a transaction and provide “Customer Service” to the other party(s).
Prior to each transaction, we will discuss our agency relationship with all potential buyers and sellers and then present the parties with the appropriate Representation Agreement for execution.
Money Laundering and Terrorist Prevention
In accordance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) imposes “Client Identification” and “Client Verification” requirements on all real estate brokerages for all existing and new clients and/or customers in connection with all real estate transactions whether they close or not.
FINTRAC regulations require financial institutions and intermediaries, including real estate brokerages, to report to FINTRAC certain financial transactions, such as large cash transactions or electronic fund transfers of $10,000 or more.
FINTRAC regulations also require real estate brokerages to:
- Ascertain the identity of their clients and/or customers whether they are individuals, corporations or other entities
- Keep certain records on file, and
- Implement an internal compliance program
