I23. FICA Information and Cost Summaries

  1. FICA Information

The party’s information pages are part of the offer to purchase and need to be comprehensively completed.

In contract law, it is essential to establish the identities of the parties being their full names and identity numbers as well as a residential address, email address, fax, and cell numbers to which notices can be delivered, as per the contract.

The new FIC Act requires all financially accountable institutions, which includes real estate agents to comply with the terms and regulations of the Act. One such regulation is to establish and verify their clients, and this information is noted on the information pages, keeping the agent compliant with these regulations. Any client that refuses to give the information requested for any reason is to be reported to the FIC.

Additional information has also been requested for transfer purposes which have also been made applicable as part of the contract.

Each party’s signature at the bottom of the page means that they have verified that the information they have provided is true and correct. If any information is incorrect the agent cannot be held responsible.

  1. Cost Summaries

The cost summaries and not a legal requirement by law, however, the contract makes it a legal requirement.

Cost summaries are only an estimate as the agent is dependent on the accuracy of the information provided by the parties. The summary is merely to educate each party as to what costs they will incur during the transfer process.

Should a client not wish for the agent to complete the cost summary they are entitled to do so, however, because it is required in the contract the page should be signed with a line drawn through the information.

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