April 6th - 2003

Find out how to avoid money laundering and grow houses

The real estate market is big business, and not just in the buying and selling of homes.

The real estate market is big business, and not just in the buying and selling of homes. A growing number of criminals are using real estate to make money, by using residential homes as marijuana grow houses, and by “laundering” money made in other illegal transactions. Find out how to steer clear of the problems involved in both activities by taking OREA’s new Continuing Education course, Money Laundering and Grow Houses.

Police estimate that there were 50,000 grow houses in Canada towards the end of 2002. The course will help you:

  • understand the dangers of grow houses (such as fire hazards from unsafe electrical wiring and compromised structural integrity) and the defects that can develop;
  • recognize signs that a property may have been used as a grow house (mould from high moisture levels, repair work near hydro meters, damage to the front door from police entry with a battering ram);
  • understand your potential liability if you sell a property previously used as a grow house, or rent a property to a tenant who uses it as a grow house.

While money laundering hasn’t received as much media coverage as grow houses, it is also on the rise. In Canada, an estimated $17 billion in “dirty money” is moved each year, 68 per cent of it through real estate. This course will give you a better understanding of:

  • how money launderers distance the source of their money from its ultimate destination;
  • what type of request, behaviour or transaction should trigger your suspicions (it’s not necessarily a pocketful of cash, but what you may be asked to do with a deposit);
  • what your obligations are to report such transactions, and the penalties for not doing so. Money Laundering and Grow Houses earns you three Continuing Education Credits and may be taken online or in the classroom.

For more information, visit the Continuing Education section of the OREA website at www.orea.com

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

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