EDIT: The information below is an FYI to Membership as it pertains to real estate; however, we have been advised by the Ministry that it is not the responsibility of the REALTOR® to complete this document and that the Purchaser’s Legal would complete/certify the document.
Completing the Prescribed Information for the Purposes of Section 5.0.1 form (“form”) will become mandatory as of May 5, 2017. However, during the transition period from April 24 to May 5, 2017, any incomplete information, inability to complete the Form, errors and/or omissions made on the Form will not affect the registration of the transaction or incur penalties.
The prescribed information required includes (but is not limited to) the following:
- whether the home is intended to be occupied by the person who purchases or acquires the land, or their family member(s), as their principal residence
- the type of dwelling (detached, semi‑detached, condominiums, cottages, etc.)
- whether the property, in part or in whole, is intended to be leased out
- residency, citizenship and permanent resident status, if the person who purchases or acquires the land is an individual
- information about incorporation, ownership and control, if the purchasers are corporations, and
- information about beneficial owners, if the person who purchases or acquires the land is acting as a trustee, nominee or in a similar capacity.
For more information and/or to access the new form, please (click here).