Simple answer no.
Money that is taken as a deposit in a real estate transaction is a show of good faith to the Seller, and it is also held by a stakeholder by a party to the transaction. Traditionally the deposit is held by the Buyers agent’s real estate office in a pooled trust account that is audited by the Canadian real Estate association.
When the deposit is taken, it can be in the form of a certified check or a bank draft or as a wire transfer from one banking institution to another. When I take the deposit as a Buyers agent, I need to know that check will clear through my trust account and you are giving me certified funds.
I work under the same laws as the banking industry when it comes to taking money from my clients. I must prove under the laws of FINTRAC that the money I am receiving is not coming from the proceeds of money laundering or terrorist activities.
Visa cards work like credit, and are never really guaranteed funds until the visa bill is paid for. So even though you want the points, you still can’t pay with your visa card.
As an aside, never make the bank draft or check payable to your agent personally! I don’t take the money and hold it in my personal account! Make it payable to your agent’s office in trust. That way you are specifying where the money is going and it is to be held “in trust”
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