There’s A New Sheriff In Town!
Although the new sheriff (and depending on when you read this, it’s deputy too!), may not be strapped with a pistol, it is definitely carrying requirements that are intimidating to some home-buyers.
Once upon a time, prospective buyers could book showing appointments, browse the market, and dream, dream, and dream some more about becoming a property owner with little to no questions asked.
Times have indeed changed.
Over the past few years, more regulations and requirements have been implemented which step on the toes of those desiring to spend their weekends viewing homes freely.
Well; a new sheriff is in town and they are called AML. A few new deputies tag along, too – KYC and CTF.
A bonus deputy has been added to the group,as well – Covid-19!
AML – Anti-Money Laundering focuses on preventing criminals from disguising their illegally obtained money as legitimate.
KYC – Know Your Customer is focused on service providers knowing more than the name of those customers seeking out their services.
CTF – Counter-Terrorism Financing is focused on preventing persons, knowingly and unknowingly, from being involved with financial transactions used to help fund terrorist acts.
You may be thinking that you do not fall into these categories as you live a ‘legal, simple’ life and do not associate with such people. However, in some cases, such funds have a way of reaching legal avenues with recipients not knowing how or when.
These global regulations help to track, curb, and thwart, the flow of illegal financial activity.
Because of these latest focuses within the financial services industry – real estate included -, more information is being requested of people seeking to transfer/move sums of funds, financial assets.
Couple these requirements with Covid-19 precautions, and you have a list of things you need to do, some before you are able to view a property.
Also, please note that these requirements may be requested of you up to three times – by your real estate agent, mortgage officer, and by your property attorney.
Why, you may ask, do you need to supply the same information multiple times?
Although each of these persons work together during a sales/purchase transaction, each of them are regulated by different governing bodies.
Here is a list of some documents/requests you should have copies of on hand that may be requested of you when you book a day/time to view a property or desire to place an offer to purchase:
UTILITY BILL (with your residential address listed)
PROOF/SOURCE OF INCOME
KYC/NEW CUSTOMER FORM (fyi: for rentals, a rental application may be requested)
PRE-APPROVAL FINANCING LETTER
COVID-19 DECLARATION FORM
WEARING OF A MASK, GLOVES, USE OF HAND SANITIZER, AND/OR HAVE YOUR TEMPERATURE TAKEN
It may seem like a lot to provide/do, especially if you are in the phase of ‘just looking, dreaming’.
You may even feel agitated that such personal, private information is being asked of you.
But, don’t be deterred.
If you are serious about entering the real estate market, connect with a real estate agent who is knowledgeable, experienced, and is willing to assist you with preparing to meet these requirements and help get you on your way to becoming a member of the family of Real Estate Owners!
We, at Platinum Realty, are equipped to do just that!
We bring 20+ years of experience in real estate and the financial services sectors to each transaction.
What does this mean for you as a prospective buyer?
It means that you get to work with a real estate agent who is focused on you, helping you to fulfill your dreams versus just banking a commission check.
Do you need help navigating the new regulations and requirements to shop around for property?
Let’s strategize your way to becoming a homeowner with as little to no stress as possible!
REAL ESTATE AGENTS WHO EDUCATE.
That’s us! That’s Platinum Realty!
We hope this post helps you to understand the new home-buying process.
Feel free to SHARE this post with others seeking to purchase real estate.
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