OREA Form 630, Individual Identification Information Record

What Is the OREA Form 630?

Simply put, OREA form 630 is a form issued by the Ontario Real Estate Association (OREA). It is designed to record the personal identification details of individuals involved in real estate transactions. The inclusion of form 630 OREA in any real estate transaction ensures transparency, safety, and conformity to Ontario's legal requirements. As such, it fosters fair and clean dealings within the Ontario real estate market.

Benefits of using the OREA individual identification information record

Executing transactions without the OREA individual identification information record might be tempting, but it's not advisable. Implementing this form reduces risks associated with fraudulent transactions. It caters to the interests of all parties by ensuring their identities are correctly verified, thus maintaining the integrity of the real estate market.

How to Fill Out OREA Form 630

To fill out the OREA Individual Identification Information Record on the PDFliner website, you may follow these steps:

1. Start by entering the transaction property address in the designated field. This is where you specify the exact location of the property involved in the transaction.
2. Next, provide the sales representative or broker's name. This should be the full legal name of the realtor handling the transaction.
3. Record the date the information was verified or the credit file was consulted. Ensure this date is accurate, as it represents the date the identity verification was confirmed.
4. Under the section for ascertaining identity, you have options to verify the individual's identity through different methods. Choose to verify by using one federal or provincial photo ID or by dual ID process method. Fill out the type of identification document, the document identifier number, and the document expiry date, if applicable.
5. In the section labeled 'Name and Address of Reporting Entity,' input the full legal name and address of the real estate agency or brokerage.
6. For the 'Individual to be Identified,' provide their full legal name and address. Ensure this information matches the identification documents provided.
7. If applicable, specify the nature of the principal business or occupation of the individual. This information is crucial for understanding the background of the transaction.
8. Indicate whether the transaction is being conducted on behalf of a third party. If so, complete the 'Third Party Information' section by entering the third party's name, address, and other relevant details.
9. Assess the risk level of the client by checking the appropriate risk category (Low, Medium, High) based on your brokerage’s policies and the specific characteristics of the client, such as geographical location or type of transaction.
10. Finally, detail any additional compliance measures or suspicious transaction reports that might be relevant to the transaction based on the identified risk levels and any discrepancies noted during the identity verification process.

Navigating form 630 on the PDFliner website

The PDFliner website is an excellent resource for easily accessing and filling out the OREA form 630. It offers navigable fillable forms that can be accessed at any convenient time. Whether you're a broker looking to verify a client's information, or a direct participant needing to fill out your personal details, PDFliner has you covered.