Real Estate identity theft is a real threat.  With so much personal and sensitive information being swapped it’s very important to keep an open eye to all the transactions that are taking place.  With identity theft being so pervasive these days you might be surprised by how few Real Estate agents take the proper precautions to protect their clients personal and financial information.

With over two decades of experience Real Estate Broker Renee S. Stengel has compiled these tips to keep your client out of harm’s way. 

There are a few steps you as a broker or agent must take to ensure your clients safety:

Lock it up:

During any sale there is an incredibly large number of paperwork being moved about.  In the heat of the moment you might forget how much sensitive information these documents hold.  With any sensitive information make sure to encrypt it, lock it up or password-protect it.

Exchanging information:

At some point during the sale information will have to be handed over.  This should happen only after a professional relationship has been established between the buyer and seller.  When handing over a SSN it is ideal to do it in person and only at the appropriate time such as during a credit check.

Closing procedures:

At the closing make sure that your client has received Real Estate Settlement Procedures Act or RESPA for short as well as the Housing and urban Development documents (HUD)  Under no circumstances should the RESPA documents contain a SSN. 

Get rid of all unnecessary evidence:

During the procedures make sure to shred any unnecessary documents.  Make sure that any firm involved in the transaction such as real estate firms, title firms, mortgage firms, etc., shred their outdated documents as well. 

Communicate your concern:

At any given point if you feel your client is to free with their personal information speak up. Remember you are the expert and if you notice your client handing over sensitive information just because they were asked without even knowing why say something.  You are there to protect them.