Agent wants to see my ID

florence4

Just as a matter of curiosity, is there any reason why a buyer shouldn't show ID and/or AIP to a vendor's EA?

megadishu

Actually the agent should be asking to see both buyer and sellers I'd. It is not being nosey but complying with money laundering act.

It should be expected with these huge sums of money, time etc in buying a property that the agent, who is paid for by the vendor, acts in the vendors interest. I have never had a problem with anybody refusing to produce id or proof of funding. Once you explain the process the clients actually feel you are doing a good job which will also give the buyer faith that they are following not only regulations but good practice.

It would be most annoying when you came to sell your property that you have bought that the person was not who they said they were, nor had the money.

I HAVE experienced numerous occasions where the buyer actually had not sorted out their finances and could actually not buy the property. The vendor is quite pleased to know this type of information before taking the property off the market and losing potentially a financially viable other buyer.

Agents are not being nosey, it is their business if they are doing a good job and looking after sellers and buyers. Property buying and selling is huge, nothing wrong with ensuring the first hurdles are overcome.

It is a lazy agent who does not bother with such details and I would sell or buy through one like that as who knows what else they don't bother with.

ValHaller

megadishu wrote: »

Actually the agent should be asking to see both buyer and sellers I'd. It is not being nosey but complying with money laundering act.

While the agent may have grounds to see the vendor's ID, he has no grounds to see the buyer's ID. This is not required under the money laundering legislation because there is no financial transaction between the buyer and the agent. None whatsoever

megadishu wrote: »

I have never had a problem with anybody refusing to produce id or proof of funding. Once you explain the process the clients actually feel you are doing a good job which will also give the buyer faith that they are following not only regulations but good practice.

As buyer, if you pressed this on me, I would know that you were making yourself out to be more than you really are. You would actually get up my nose unless you were prepared to accept validation via my solicitor.

As seller, if I discovered you were doing this and not prepared to accept buyer's ID and proof of funds being validated via solicitors, I would conclude that you were a potential obstruction to my sale.

I do not disagree that validation of funds is an essential part of the role of the agent. But respect for the buyer requires that you do it via the buyer's solicitor if that is what the buyer is happy with.

k0sh

The seller is the Estate Agents client, not the buyer. The buyer is the solicitor's client.

So only the seller needs to provide the EA with ID.
http://www.oft.gov.uk/shared_oft/business_leaflets/general/estate-agents.pdf
http://www.tpos.co.uk/consumer_guide_sales.htm

ValHaller

florence4 wrote: »

Just as a matter of curiosity, is there any reason why a buyer shouldn't show ID and/or AIP to a vendor's EA?

The agent works for the seller. The buyer should avoid disclosing financial information to the seller's agent because this facilitates the agent taking the buyer for all the money he is good for.

robatwork

megadishu wrote: »

Actually the agent should be asking to see both buyer and sellers I'd. It is not being nosey but complying with money laundering act.

Although you appear to be trolling a bit tonight, I will bite.

Please show us all the relevant bit of the act you cite that shows where that is part of the agent's role.

florence4

Thanks VanHaller. Point taken!

DRP

megadishu wrote: »

Actually the agent should be asking to see both buyer and sellers I'd. It is not being nosey but complying with money laundering act.

//snip.

Clearly EA will try this on in order to get more security for their vendor's sale and there's nothing wrong with that particularly, but i'd love to know the precise basis in law you think there is for insisting on it. I doubt there is one...

mrsmchapman

Our EA also asked for id from us and our buyers, our house as sold and we have brought from them. It's all part of money laundering regulations.

ValHaller

mrsmchapman wrote: »

Our EA also asked for id from us and our buyers, our house as sold and we have brought from them. It's all part of money laundering regulations.

How many times? Estate Agents asking for Buyers' ID is NOT part of money laundering regulations.