GDPR in real estate sales
The GDPR basically states that everyone has control over their own data. No one may collect another person's data without their consent. If a prospective buyer or purchaser of real estate wants their data to be deleted, then it must be deleted. In addition, everyone has the right to receive regular information about their stored personal data. This includes, among other things:
- The legal basis for data processing
- The duration of data storage
- The rights of the buyer with regard to their data
Consent to data collection
Quality brokers request consent to data processing at an early stage, for example when interested parties request a property listing. This is because brokers need the email address of the interested party. The data is also relevant for the preparation of the purchase contract. Without data such as contact details, address, and bank details, a purchase contract cannot be drawn up. In addition, the Money Laundering Act also obliges brokers to process the data of property seekers.
Data security
Personal data must be treated confidentially. Documents must not be left lying around and data on PCs must be protected against unauthorized access. Likewise, the data must not be disclosed in conversations with private or business associates.
Deletion obligation
Data from interested parties who do not purchase the property must be deleted immediately. This applies regardless of whether the interested party decides against the purchase or the seller rejects the interested party. The buyer is also entitled to have their data deleted once it has served its purpose, i.e., once the real estate transaction has been completed. However, in the case of data relating to the purchase contract that is important for taxation purposes, for example, the broker is obliged to store this data for a limited period of time.
Quality brokers take great care to ensure that customer data is secure. They know what is important when it comes to data protection and how to implement it. They regularly consult legal and IT experts on how best to protect data so that every real estate transaction is legally compliant.
Are you looking for a real estate professional who will take care of the legally compliant sale of your property? Contact us! We will be happy to advise you.
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Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific case.
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