When selling your home, it’s important to take all necessary precautions to protect yourself and your investment. One of the most important steps in listing your property is having your identity verified by a reputable source.
Who needs to have their identification verified?
Sellers
All the legal owners of a property will need to have their identity verified. The legal owners include all the names listed on the current title of a given property.
Each province and territory in Canada maintain a land title or property registry system where property ownership information is recorded. The registry provides details about the property, including the legal description, current owner’s name, any liens or encumbrances, and historical transactions. You can search the land title or property registry either online or by visiting the local land registry office.
If you would like assistance acquiring a copy of your land title, please reach out to the Bōde Team at help@bodecanada.com
Buyers
Potential buyers who are interested in submitting an offer on a Bōde listing through the online platform must create a Bōde account and have their identity verified.
Seller can also choose to limit showing requests made through the Bōde platform to ID verified users. These showing preferences can be updated directly in the listing details in the seller’s Bōde account.
Why is it important to verify identification?
Identity verification plays a vital role in protecting Canadian home sellers and buyers from falling victim to fraudulent activities in real estate transactions. By verifying the true identities of the parties involved, it significantly reduces the risk of scams, impersonation, and unauthorized transactions, providing a crucial layer of security.
The Canadian real estate market operates under strict legal and regulatory frameworks, including anti-money laundering (AML) and counter-terrorism financing (CTF) laws. By ensuring identity verification, both sellers and buyers can demonstrate their compliance with these requirements. This process establishes the true identity of the individuals involved, helping to detect any suspicious or illegal activities and maintaining the integrity of the real estate market.
Real estate transactions involve sensitive personal and financial information. By verifying identities, individuals can have greater confidence that their personal information is being handled securely and that they are interacting with legitimate parties in the transaction.
What is the Bōde ID verification process?
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Online 3rd party verificationBōde verifies user’s identities by integrating with a reputable and highly secure third-party service, Veriff. Veriff is an online identity verification service that ensures secure transactions by verifying user identities.
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Photo submission of government IDThe process begins with users submitting a photo of their government-issued identification document, which Veriff analyzes for authenticity and security features. Users are then prompted to provide a live image or video, which is compared to the photo on the document using facial recognition technology.
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Screening and verificationVeriff’s system extracts relevant data from the document and cross-references it with user-provided information. Additional checks, such as screening against watchlists, may be performed for enhanced security. Using artificial intelligence and machine learning, Veriff makes a real-time decision on identity verification.
The user interacts with the user-friendly interface, following prompts to complete the necessary actions. The verification result is communicated back to Bōde, allowing them to make informed decisions regarding eligibility.
If you would like assistance with verifying your identity in your Bōde account, please reach out to the Bōde Team at help@bodecanada.com
