Each single day, there are hundreds if not a great many exchanges that happen between various people and these exchanges ordinarily include the trading of property for a specific measure of cash. In many states, transactions of any kind are governed by certain laws which were formulated to protect buyers and sellers from any fraudulent transactions and these laws should be followed to the letter or otherwise the parties involved in the transaction might face legal charges. The real estate business is definitely one of the most profitable business ventures as it involves the buying and selling of houses which is a basic need for us humans. These real estate organizations, through their estate agents can either pitch a house to a willing house purchaser or purchase a house from a person in the interest of their real estate company so it can be redesigned and sold once more.
Since the real estate business is very profitable, it has become one of the most targeted business sectors by fraudsters and many estates agents have unknowingly being involved in illegal transactions by clients with money that was laundered. There are certain rules and regulations that real estate agents must comply with to ensure they are not dealing with any person using illegal money to purchase a house and a mandatory law was passed that required all real estate company agents to do identity verification on their clients before agreeing to sell their houses. This is in order to avoid selling a house to an illegal citizen who is using a false identity to purchase a house and is likewise using money that was laundered to buy the house. Buyers of houses on the other hand also need to guarantee that they are offered the correct and original title deeds of the houses they buy which will be used as proof of ownership of the house when identification is required.
In compliance with these rules and regulations, real estate agencies are required to register themselves with the HM Revenue and Customs which will help reduce the number of fraudulent transactions by buyers. Real estate associations can in like manner use electronic identification confirmation means to verify the identity details provided by clients extensively speedier and more efficient as the ID details given by the buyer will be cross checked with the summary of identity thieves and a bit of the all inclusive community formally approved for such trades.
A segment of the laws governing the real estate business also require the estate agents to guarantee that the money being used to purchase a house was genuinely acquired and the electronic identity verification system can help do this. You should also guarantee that the electronic identification proof framework you utilize is productive and reliable.