Why does the Real Estate Agent ask for my ID?
Transparency is important to us. We therefore happily explain to you, why we ask for your ID card and any other information that is important for a real estate transaction.
We are as real estate agents obliged by law to identify our clients. In order to obtain the required information, we will at a certain point of time ask for a passport or identity card to verify your details.
If you haven't encountered a similar situation before, it may be the case that other real estate agents do not take it too serious with the real estate business and the governing laws.
We are as a real estate agent obliged to identify you as our valued client for any kind of contract we conclude with you. We would like to show you below, what the legislator requires us to conduct and which information we are obliged to obtain.
- Our clients have to be identified
(Know your customer - know-your-customer principle) - This is done by presenting the identity card -
for companies or legal entities by presenting an extract of the commercial register
Name, place and date of birth, nationality, address, Identity card number and issuing authority shall be note. - For companies, the corporate name, legal form, Registration number, address and registered office or principal place of Head office and the name of the legal noted representative
- A copy of the identity card or certificate of registration is sufficient in any case,
- We have to obtain information on the business purpose of the real estate transaction
- It is to clarify whether the client is acting for himself or for a third party
- Documents (identity card copy, etc.) must be kept for five years by the real estate agent
- The relationship itself and the activities carried out in the course of transactions (especially cash flows) shall be monitored continuously by the real estate agent
Beside us - the real estate agent - also the notary will again conduct a review of your information and your person, as this obligation is imposed on a real estate transaction on each party involved in the transaction.
If you have any questions, do not hesitate to contact us. We will be happy to further explain our duties.