If the ultimate owner of a newly-built property is changed pursuant to an assignment, what are the real estate developers client identification obligations?
The developers obligation extends to knowing their own client. They must keep a client information record in respect of each party that enters into an agreement of purchase and sale with them on a new property. Should the owner of the property change prior to closing but subsequent to the developers involvement in the transaction, they are not required to be aware of or retain that information. There is a responsibility, however, for the developer to inquire when completing the client information record whether their client is acting on behalf of a third party.
Related Questions
- If the ultimate owner of a newly-built property is changed pursuant to an assignment, what are the real estate developers client identification obligations?
- What are the ramifications of the real estate manager’s role as an agent of -- and therefore fiduciary responsibility to -- the property owner?
- IS IT NECCESSARY TO PAY REAL ESTATE TAX IF A PROPERTY OWNER IS EXCHANGING REAL ESTATE WITH ANOTHER OWNER?
