Before a bidder can submit a clicktopurchase® offer, they must first be verified to accord with identity and financial requirements.
Identity Clearance
A bidder will complete an online verification form. This will send an email to the solicitor acting on behalf of the Buyer.
Figure: The email showing that a verification form has been completed
Figure: The Money Laundering Certificate sent to the solicitor
The Money Laundering Certificate sent to the solicitor.
When you receive the signed Money Laundering Certificate, we recommend that you also check that the solicitor is listed at the Law Society website. When you are satisfied, you confirm in the administration area that the bidder on behalf of the Buyer has passed money laundering checks and the bidder will see this in their My Account page.
When clearing the bidder you will be asked to do Two Factor Authentication.
You will be aware that it is your responsibility to meet the money laundering obligations provided in The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. We draw your attention to the Government’s Guidance Note for Estate Agency Businesses.
If you select for an additional form, specific to a property or a client, to form part of the verification process, you can upload this form as you publish a property and it will then automatically be distributed to parties seeking verification.
For detailed information regarding the UK money laundering and verification process, please refer to the "The New UK Money Laundering and Verification Process" guide in the Information Centre.
For detailed information regarding the functions of the administration area in relation to this process, please refer to "The Bidder Verification Dashboard Area Explained" in the Information Centre.
The process is:
- Bidder submits verification form for a property
- The agent receives the information
- The solicitor receives the Money Laundering Certificate
- The agent receives the completed Money Laundering Certificate (and any further specific form required by the seller) and any additional information if the agent requires
- The agent
- A: verifies by selecting the Verified action or
- B: optionally requests a Bidder’s Initial Deposit (see Financial Clearance below)*
- C: optionally requests identity and authority to act information on the Bidder
- The bidder on behalf of the Buyer is verified
- They are cleared to make an offer
Figure: The verification form to be filled in by the bidder
Figure: The verification pending identity status as visible to the Bidder
Figure: Showing Bidder and their verified status
Financial Clearance
You may choose to undertake appropriate financial checks on the proposed Buyer. This could involve obtaining accounts, references or requesting bank statements. The choice is yours and we provide an area to save this information within your administration area should you wish.
Initial Deposit Option
clicktopurchase® provides you with the option to ask a particular Buyer for an “Initial Deposit” before you clear them to be able to submit an offer. This is a payment to demonstrate commitment which you may decide is required. It will count towards the purchase price should that Buyer be successful, or be returned in the event that the property is sold to another party. You make this selection during the verification process and you determine the amount.
Clicking “Initial Deposit” option will prompt you to enter a bank account and an amount to request from the Buyer. The additional steps to this process:
-
Bidder receives an email instruction to make a payment
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Bidder makes the payment
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The agent marks the payment as received
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The bidder is now verified
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They are cleared to make an offer
Figure: Requesting the Bidder’s Initial Deposit
Figure: Showing what the bidder sees when an Initial Deposit is requested!
During the process, the bidder is easily able to see the status of their verification. When you are satisfied with the verification process as described, you move the status of the bidder to “Verified” which enables them to make offers. If they modify information regarding their verification data, example their address, the status will revert to not verified. You may then proceed with checks and verify them again. This is to avoid data manipulation and offer security.
When completed, the bidder will see that they are cleared to make offers. They will also receive an email stating they are cleared to make an offer.
Figure: Email showing the cleared to make offer status
