Each standard day, there is a considerable number of trades that occur between different parties and these trades usually incorporate the exchange of property for a particular measure of money. In numerous states, exchanges of any sort are governed by specific laws which were defined to shield buyers and sellers from any deceitful exchanges and these laws ought to be followed to the letter or generally the parties involved with the exchange may face legitimate 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 companies, through their estate agents can either sell a house to a willing house buyer or buy a house from an individual on behalf of their real estate company so it can be remodeled and sold again.
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 so as to abstain from pitching a house to an illicit resident who is utilizing a false identity to buy a house and is similarly utilizing cash that was laundered to purchase the house. Purchasers of houses then again additionally need to ensure that they are offered the right and unique title deeds of the houses they purchase which will be utilized as evidence of ownership for the house when recognizable proof 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 companies can also use electronic identification means to make the identity verification process much faster and more efficient as the identification details provided by the buyer will be cross checked with the list of identity thieves and some of the people already sanctioned for such transactions before.
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 ought to additionally ensure that the electronic identification system you use is efficient and reliable.