What would be the requirements for a real estate developer to be covered under FINTRACs legislation?
Effective February 20, 2009, if you are a real estate developer, the requirements apply to you when you sell to the public a new house, a new condominium unit, a new commercial or industrial building, or a new multi-unit residential building. A real estate developer means an individual or an entity other than a real estate broker or sales representative who in any calendar year after 2007 has sold the following to the public: • at least five new houses or condominium units; • at least one new commercial or industrial building; • at least one new multi-unit residential building each of which contains five or more residential units; or • at least two new multi-unit residential buildings that together contain five or more residential units.
