Texas Business Lawyer

New federal laws have been enacted to thwart money laundering as well as terrorism-related financing. The laws will require real estate agents to collect and validate more personal information from sellers and buyers. Proof of identification of all parties must be given before a transaction can occur.

If the client whether buyer or seller is a corporation, corporate documentation must be given which names all the corporate directors. The receipt of all funds obtained during transactions must be included in a report written by the realtor. In addition, all documentation of identification and receipt of funds must be kept for a minimum of five years and provided to the Financial Transactions and Reports Analysis Centre of Canada.

For more information on real estate law, contact the offices of Slater & Kennon, L.L.P. at 512-472-2431 today.