OREA Form 630

What Is Individual Identification Information Record

An Individual Identification Information Record is an essential document used within the real estate industry for client identification and verification. It's a form that collects specific personal information from individuals engaging in a real estate transaction. Its purpose is to comply with legal requirements and ensure a transparent and secure real estate market by preventing fraudulent activities and money laundering.

When to Use OREA Form 630 Fillable

Here are some typical scenarios where OREA Form 630 is necessary:

• It's used at the onset of engagement between a real estate agent and a potential buyer or seller.
• Sellers must be identified, and their information is recorded when a property is listed for sale.
• Updating the form is critical if there are any significant changes to the transaction or the parties involved.
• The form is part of the documentation retained by real estate agents to demonstrate due diligence.

How To Fill Out OREA Form 630

Filling out the OREA Form 630, Individual Identification Information Record involves several straightforward steps:

1. Enter the property address involved in the transaction. Also, include the name of the sales representative or broker and the date when the information was verified.
2. Section A requires the full legal name, address, date of birth, and principal business or occupation of the individual. One of the subsections (A.1, A.2, A.3, or A.4) must be completed based on the method of identity verification used.

Verification Methods: Choose the appropriate method:

• A.1: Use a federal/provincial/territorial government-issued photo ID.
• A.2: Reference a Canadian credit file.
• A.3: Use the dual ID process method with two independent, reliable sources.
• A.4: Record reasonable measures if unable to ascertain identity.
• If applicable, complete Section B to indicate whether a client is acting on behalf of a third party.

3. Section C assesses the client's risk level concerning money laundering or terrorist financing offenses.
4. Section D covers the purpose and nature of the business relationship, monitoring measures, and suspicious transactions.

Remember, the form must be filled accurately and in compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Where to File OREA Form 630

Once the need to file the OREA Form 630 has been established, it is equally crucial to understand where this document should be filed. In the context of real estate transactions in Ontario, proper filing ensures compliance with legal standards and also serves as an effective risk management tool.

Real Estate Brokerage Records: The primary repository for OREA Form 630 is within the real estate brokerage's records. Each brokerage maintains its filing system, which must be secure and comply with provincial regulations. This provides a traceable record should any issues arise regarding the identity of individuals involved in the real estate transactions managed by the brokerage.