Agent wants to see my ID

megadishu

Sorry not actually required for buyers but is recommended as best practice ...

It’s worth noting that while estate agents are required to undertake what the legislation refers to as ‘customer due diligence’ only for vendors when acting as their agents,! ‘best practice is to identify the purchaser in addition to the seller once an offer has been accepted’ (see the OFT Guidance, 10.8.).

Attitudes are amazing when the agent is actually trying to ensure that the buyer really does have enough deposit and also a mortgage in principal and nothing to do with being nosey ... If the buyer is a literally cash buyer it is quite useful to see they do have the money. If someone uses their solicitor that is fine but in experience 98% of buyers I have dealt with are happy to prove they have the ability to buy. One client even bringing in 8 statements showing cash in various accounts.

Whenever a small purchase in a shop is made the shop checks there is money and then takes the money. Some agents are just checking. I had a client who took months to get the paperwork having made a good offer which was accepted. But the house stayed on the market until the mortgage in principal was produced. The vendor was quite pleased that the house remained available until proof was received.

I know of plent of agents that may not follow good practice so a property comes off the market, then goes back on, off the market, back on ... I hear the stories about buyers messing around as they did not have the money or thought they would get a mortgage but could not.

neverdespairgirl

megadishu wrote: »

Sorry not actually required for buyers but is recommended as best practice ...

"Best practice" doesn't seem, to me, to include asserting that an agent has a duty to see it under money laundering regs, when that assertion is wrong.

geoffky

megadishu wrote: »

A good agent is following regulations in asking to see your identification. You can ask the solicitor to. Infirm to the gent that they have seen your identification. It is part of the money laundering act that industries have to comply with.

I also expect a good agent to ask to see proof of deposit and mortgage in principle to prove that you are in a position to buy. The agent represents and is paid by the vendor. The property should not be taken off the market until the agent representing the vendor is satisfied that you are a good buyer.

Quite reasonable when accepting a vast sum of money. You should be happy the agent is checking all of this out. If a buyer did not produce all of this and refrused plus was rude back then I would look for a more committed buyer.

Rubbish,The agent is just a jumped up suited salesman and has not got to see naff all..That is what you pay a solicitor for....
Stop trying to make out that estate agents are important they are nothing but bottom feeders who we could well manage without..:cool:

grifferz

geoffky wrote: »

Rubbish,The agent is just a jumped up suited salesman and has not got to see naff all..That is what you pay a solicitor for....
Stop trying to make out that estate agents are important they are nothing but bottom feeders who we could well manage without..:cool:

Logic dictates to me that someone who spends a large portion of their working life out and about seeing properties and talking to sellers and buyers has got to be able to bring something useful to bear on the buying and selling process that solicitors generally can't.

It's just a pity about all the lying, deception and cluelessness that can also seem to be a large part of it on occasion.