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CFP-1.3.2

Crowdfunding platform operators that allow real estate crowdfunding on their platforms must undertake the following due-diligence prior to hosting a real estate crowdfunding offer:

(a) Confirm that the offer is for an income producing property and not a new development or construction project;
(b) Confirm the identity of the seller, including, if it is a body corporate, details of its incorporation and business registration;
(c) Ensure that the seller holds valid legal title to the property; and
(d) This Subparagraph was deleted in July 2022;
(e) Obtain a valuation report from the crowdfunding borrower/issuer provided by an independent, professional and reputable valuer.
Amended: July 2022
Added: April 2022