Documents Required to be submitted to the office
Listing a property for SALE
The following is to be submitted to the Admin for the following listing scenarios:
Listing Sale Freehold
- Listing Agreement Seller Representation Agreement: Form 271 for freehold/condo,
- MLS Data Info Sheet Freehold: Form 290
- RECO information guide – Acknowledged by the client
- FINTRAC: Individual or Corporate (if client
is also a business) - Beneficial Ownership record (if client is also a business and signing authority has more then 25% of the company)
- PEP/HIO Forms – if any
- Any POA documents if a POA is involved
- Articles of Incorporation if a corporation
- A copy of the MLS listing
Listing Sale Condo
- Listing Agreement Seller Representation Agreement: Form 271 for freehold/condo
- MLS Data Info Sheet Condo: Form 291
- RECO information guide – Acknowledged by the client
- FINTRAC: Individual or Corporate (if client is also a business)
- Beneficial Ownership record (if client is also a business and signing authority has more then 25% of the company)
- PEP/HIO forms
- Any POA documents if a POA is involved
- Articles of Incorporation if a corporation
- A copy of the MLS listing
Listing Sale Commercial
- Listing Agreement Seller Representation Agreement: Form 593 for Commercial
- MLS Data Info Sheet Commercial: Form 590
- RECO information guide (Commercial) – Acknowledged by the client
- FINTRAC: Individual/Corporate
- Beneficial Ownership record (if client is also a business and signing authority has more then
25% of the company) - PEP/HIO forms
- Any POA documents if a POA is involved
- Articles of Incorporation if a corporation
- A copy of the MLS listing
NOTE: FINTRAC FORMS ARE NOT REQUIRED FOR LEASES. If client is a corporation, you must include a corporate FINTRAC
for the company, and an individual FINTRAC for the signing authority.
For EXCLUSIVE listings (Only commercial exclusive listings are allowed): An MLS Data info sheet is not required. A listing termination (when you’re listing the exclusive ) is not needed as it only pertains to MLS listings.
Simply submit your MLS documents as normal and it will supersede the exclusive listing paperwork.
Listing a property for LEASE
The following is to be submitted to the front desk for the following listing scenarios:
Listing Lease Freehold
- Listing Agreement Seller Representation Agreement: Form 200 for freehold/condo,
- MLS Data Info Sheet Freehold: Form 296
- Working with a Realtor: Form 810
- Any POA documents if a POA is involved
- A copy of the MLS listing
Listing Lease Condo
- Listing Agreement Seller Representation Agreement: Form 272 for freehold/condo
- MLS Data Info Sheet Condo: Form 292
- RECO information guide – Acknowledged by the client
- Any POA documents if a POA is involved
- A copy of the MLS listing
Listing Lease Commercial
- Listing Agreement Seller Representation Agreement: Form 594 for Commercial
- MLS Data Info Sheet Commercial: Form 592
- RECO information guide (Commercial) – Acknowledged by the client
- A copy of the MLS listing
NOTE: FINTRAC FORMS ARE NOT REQUIRED FOR LEASES.
Deal documents: LISTING SIDE
The following is to be submitted to the deals department for the following deal scenarios:
Deal Sale Freehold/Condo/Commercial
- Lawyer info
- Brokerage Deposit receipt
- Any notices of fulfillment, waivers, or amendments
- Any applicable referral & Disclosure
- Agreement of Purchase and Sale: Form 100 (Form 500 if a Commercial sale)
- Any and all applicable schedules including schedule B pertaining to trust
- Confirmation of Co-operation and representation: Form 320
- A copy of the sold version of the MLS listing
Deal documents: BUY SIDE
The following is to be submitted to the deals department for the following deal scenarios:
Deal Sale Freehold/Condo/Commercial
- Lawyer info
- Brokerage Deposit receipt
- Any notices of fulfillment, waivers, or amendments
- Any applicable referral & Disclosure
- Agreement of Purchase and Sale: Form 100 (Form 500 if a Commercial sale)
- Any and all applicable schedules
- Confirmation of Co-operation and representation: Form 320
- Buyer rep agreement: Form 371 or
- RECO information guide – Acknowledged by the client
- FINTRAC: Individual or Corporate (if client is also a business)
- PEP/HIO Forms
- Any POA documents if a POA is involved
- Articles of Incorporation if a corporation
- A copy of the sold version of the MLS listing
NOTE: FINTRAC FORMS ARE NOT REQUIRED FOR LEASES. If client is a corporation, you must include a corporate FINTRAC
for the company, and an individual FINTRAC for the signing authority.
Deal documents: Listing Side (Lease)
The following is to be submitted to the deals department for the following deal scenarios:
Deal Lease Freehold/Condo/Commercial
- Brokerage Deposit receipt
- Any notices of fulfillment, waivers, or amendments
- Any applicable referral & Disclosure
- Agreement to Lease: Form 400 (Form 510 if a Commercial lease)
- Any and all applicable schedules
- Confirmation of Co-operation and representation: Form 320
- A copy of the sold version of the MLS listing
NOTE: FINTRAC FORMS ARE NOT REQUIRED FOR LEASES.
Deal documents: Buy Side (Lease)
The following is to be submitted to the deals department for the following deal scenarios:
Deal Lease Freehold/Condo/Commercial
- Brokerage Deposit receipt
- Any notices of fulfillment, waivers, or amendments
- Any applicable referral & Disclosure
- Agreement to Lease: Form 400 (Form 510 if a Commercial lease)
- Any and all applicable schedules
- Confirmation of Co-operation and representation: Form 320
Buyer rep agreement: Form 300 or - Buyer Cust. Service Agreement: Form 310
- RECO information guide (Residential/Commercial) – Acknowledged by the client
- Any POA documents if a POA is involved
- A copy of the sold version of the MLS listing
NOTE: FINTRAC FORMS ARE NOT REQUIRED FOR LEASES.
Referral Agreements
The following is to be submitted to the deals department for the following deal scenarios:
- FORM 641: Referral agreements can be submitted to the deals office when fully executed either as part of a deal package, or by itself when you are on the receiving end of a referral commission.
For example: Once the all portions of the referral agreement
have been filled out INCLUDING the ‘results’ section
(complete with commission amount), and signed by all parties involved, you may submit to deals.
The referral agreement will need to reflect:
- Both receiving and referring brokerage info & agent’s names
- Client(s) names
- Receive brokerage acknowledgement
- Results of referral including: transaction address, closing
date, sold price, and referral commission amount.
Cancellations
- FORM 242 (Sale) or FORM 214 (Lease): Can be used once your client decides it’s time to either terminate the listing (sale or lease) for the purposes of re-listing with updated details or to terminate for other reasons.Once the cancellation is completed and signed by your client, you will then need to email the document in to the front desk to have our Broker of Record sign. Once signed, the listing can now be terminated by the front desk – They will confirm once complete. Pls upload your signed cancellation form to the
dashboard.hlparamount.ca.The Cancellation form will need to reflect:
1. Transaction address
2. Client(s) names
3. Listing brokerage name
4. MLS # & expiry date
5. Client signature
Re-List Documents
Sales or Lease
After terminating your MLS listing, you may re-list with a new listing agreement and new MLS Data Info Sheet. Pls also include a copy of the MLS listing and a new listing sheet.
The following can be reused when re-listing a property provided the information is the same:
- RECO information guide – Acknowledged by the client
- FINTRAC: Individual or Corporate (if client is also a business)
- PEP/HIO Forms
- Any POA documents if a POA is involved
- Articles of Incorporation if a corporation
Mutual Releases (DFT):
FORM 122: Is used when all parties listed on a previously accepted agreement (sale or lease) are mutually releasing each other from the accepted deal. Any and all deposit money must be returned after BoR signature is applied.
*The broker of record of the LISTING brokerage is always the last to sign a mutual release* If Homelife Paramount is on the listing side, please submit your mutual release to our front desk once signed by all parties for the BoR signature. Once complete, deals will issue a return of deposit cheque back to the buyer as indicated on the mutual release (deposit must be held for 5 business days before we are able to return them to the buyer). Pls upload your signed mutual release to the MyParamount opportunity and notify deals so they may issue a return of deposit. The Mutual Release will need to reflect:
- Transaction address
- Client(s) names seller and buyer
- Listing brokerage name
- Deposit amount and who it should be payable to
- Client(s) signatures and confirmation of acceptance signature
FINTRAC FORMS
TYPES OF FINTRAC FORMS INCLUDE:
- Individual
- Corporate
- PEP/HIO (Politically exposed
persons) - Receipt of funds (buy side only)
- Beneficial Ownership Records
NOTE: FINTRAC FORMS ARE NOT REQUIRED FOR LEASES
FINTRAC FORMS INDIVIDUAL
PG1
- Transaction address
- Your name & verification date
- Client name (as found on ID)
- Complete home address
- Birthdate
- Occupation (including place of business)
- ID number, expiry date, and issuing jurisdiction
PG2
- Verification of third parties
- B.1 – Select either yes or no
- If yes, fill out third party information (note, an estate is not considered a third party)
- If yes, provide documentation of signing authority designating your clients as the POA on behalf of third party issuing jurisdiction
PG3
- Client Risk assessment
- Usually ‘Low risk’ Canadian Citizen or resident (psychically present or not psychically present if abroad)
- If medium or high risk, please provide explanation.
PG4
- Intended purpose of
transaction - Select one of section D.1
- Complete section D.2 if needed (ie if a longer term client, pls describe measures taken to maintain up to date records).
FINTRAC FORMS CORPORATE
PG1
- Transaction address
- Your name & verification date
- Client name (as found on ID)
- Name of corporation
- Nature of principal business
- Name of directors and signing
authorities - Type and source of verification
record (ie articles of
incorporation, government of
Canada) - Corp. number
- Include articles of incorporation
as separate attachment
PG2
- Verification of third parties
- B.1 – Select either yes or no
- If yes, fill out third party information (note, an estate is not considered a third party)
- If yes, provide documentation of signing authority designating your clients as the POA on
behalf of third party.
PG3
- Client Risk assessment
- Usually ‘Low risk’ Canadian corporation or entity
- If medium or high risk, please provide explanation.
PG4
- Intended purpose of
transaction - Select one of section D.1
- Complete section D.2 if needed (ie if a longer term client, pls describe measures taken to maintain up to date records).
FINTRAC FORMS
PEP / HIO
To be submitted with every Individual FINTRAC form. One per Client.
- Client Name
- Select option in section 2A
- Select option in section 2.B
- Enter verification date in section 3
FINTRAC FORMS
RECEIPT OF FUNDS (buy side only)
- Must list transaction address
- Each deposit as made (not total combined deposits)
- Pg 2 must include client banking information as to where the deposit came from (or’Client refused to provide information’) and the listing brokerage’s name to reflect where the funds went to.
FINTRAC FORMS
BENEFICIAL OWNERSHIP RECORD
- List names of all directors
- List names and addresses of all individuals who own more that 25% or the shares (if applicable)
- Page 2: Answer sections 3 & 4
Document submission & The Payout Process
Gather signed docs…
- Bundle all signed docs including listing sheet with showings instructions if a listing or trade sheet if a purchase or lease.
Submit via MyParamount…
- Log into MyParamount, create an opportunity, upload your documents (listing or deal) and ‘submit’ for processing
After submission..
- When you submit your deal documents through MyParamount, deals will process your transaction and you will be sent an ‘email’ noting the overview of the deal and if the file is complete.
“When will I get paid?’…
- The brokerage will never pay out a deal before a closing date.
- If we are on the listing side, we must hold the deposit for 5 business days first before closing.
- If we are on the buy side of a deal (lease or sale), we must wait for funds to arrive from the listing brokerage before we can issue payment.
- If a listing side lease, we will close and pay out on the closing date or the next *closing date after (ie, if the deal closes on a Thursday, we will close on the Friday)
- If we are on the listing side, (if a sale), we must wait for the seller’s lawyer to send a confirmation of
closing to issue a ‘balance to vendor’ cheque to the seller’s if we are holding too much commission,
or for the funds to arrive in our office if there is not enough deposit to cover the total commission. Once payment or confirmation letter is received, we will close on the next closing day. - Funds from listing brokerages or lawyers can take up to one or two weeks to arrive in our office
depending on the method of delivery. The deals department will follow up on your behalf regularly
to ensure prompt payment or to obtain an ETA on payment. - Only when the file is complete & compliant, and the office has a copy of your signed trade record
will payment be issued next day of closing day.
*All payout days are every , Thursday , Friday and every 1st and last business day of the month
TRADE RECORDS
WHAT’S INCLUDED ON A TRADE RECORD: A trade record will contain all the various information concerning a deal including but not limited to: Client names, Lawyers (if a sale), Trade number, Status, Closing date, Conditions if any, Commission breakdown (Including co-op commission if a listing side deal), agent split/royalty/HST/and any charity donations, and file requirements
OPEN VS CLOSED: Once a deal is submitted to our deals office, it will be processed according to closing date and an open trade will be sent to you. This is to allow you to have the opportunity to review the details of the deal before closing date and allow you to review if there are any file items missing. If all looks good, you may sign and return to our office. Upon closing a property, the status of a trade will change from open to closed. and a closed trade will be sent to you to review sign & return. (provided our office has the funds to do so). This will contain the final commission amount. Once signed, (provided the file is complete), we will issue payment to you that day.
PRICE CHANGES & AMENDMENTS
Price changes/Changes to a listing – FORM 240 (sale) or FORM 212 (lease): Can be used to change the price, amend the commission amount, or extend the expiry date of any listing currently live on MLS. To be submitted to the front desk via MyParamount with existing paperwork.
Amendments – FORM 120 (sale) or FORM 420 (lease): Can be used to amend any accepted agreement of purchase and sale or agreement to lease. To be submitted with deal documents to the deals office via MyParamount.
Deal documents:
Pre-Cons & New Builds
The following is to be submitted to the deals department:
Deal Sale Pre-con:
- Your client’s lawyer info
- Deposit receipt or copy of deposit
- Any notices of fulfillment, waivers, or amendments
- Any applicable referral & Disclosure
- Agreement of Purchase and Sale
- Any and all applicable schedules
- Confirmation of co-op or broker referral agreement (something that reflects your commission amount and payment schedule)
- Buyer rep agreement: Form 371
- RECO info Guide – Acknowledged by your client
- FINTRAC: Individual or Corporate (if client is also a business)
- Beneficial Ownership record (if client is also a business and signing authority has more then 25% of the company)
- Articles of Incorporation (if client is also a business)
- PEP/HIO Forms
- Any POA documents if a POA is involved
NOTE: If client is a corporation, you must include a corporate FINTRAC for the company, and an individual FINTRAC for the signing authority. Please note that builders will only pay out according to their own building schedule and completion of the build. They generally do not offer ETA’s on commission.
