This module introduces you to additional documents related to a transaction, requirements under REBBA for retention of documents, and additional disclosures and considerations during the offer process. The obligations under FINTRAC are detailed along with an overview of mortgage fraud and your obligations when you observe suspicious activity.
This module details the activities and requirements of a salesperson, seller, and buyer once an offer has been accepted through to the closing of the transaction. The lessons will explain how the closing process takes place, the role a lawyer plays in completing the transaction, and the duties you will have as a salesperson. Although you are not directly involved with the closing, as a salesperson, you should understand the underlying fundamentals to assist your sellers and buyers through these steps. Each seller and buyer will retain a lawyer who is responsible for most activities once an offer contains no conditions. To assist in ensuring the transaction closes successfully, it is important for you to understand what will be done during this time period. As a salesperson, you could be called upon by your seller or buyer, or their lawyer, to answer specific questions regarding the property or the transaction.
