Homebuyers get more protection from Sunday
People buying or selling a house must be offered clearer information by estate agents from this weekend as a strengthened code of conduct is introduced for the industry.
The new rules are being brought in by the Ombudsman for Estate Agents this Sunday. As well as requiring agents to disclose more information to potential buyers, they must now be more open about the fees they charge.
The OEA has 2380 member firms who could now be charged up to £25,000 compensation for breaking the code. Member agents display the OEA logo so potential homebuyers can recognise their status.
However less than 50% of estate agents belong to the OEA scheme and consumer groups have called for membership to be mandatory. Ongoing talks with other estate agents’ bodies NAEA and RICS expect to introduce a single code of conduct for the whole industry.
Under the changes, estate agents will be forced to confirm in writing to buyers who have made an offer that their approach has been passed to the seller. They must also inform anyone viewing a property if an offer has already been made.
Estate agents who charge a percentage of the selling price must now illustrate this as an actual amount and explain that this will change if the price changes.
People buying or selling a house must be offered clearer information by estate agents from this weekend as a strengthened code of conduct is introduced for the industry.
The new rules are being brought in by the Ombudsman for Estate Agents this Sunday. As well as requiring agents to disclose more information to potential buyers, they must now be more open about the fees they charge.
The OEA has 2380 member firms who could now be charged up to £25,000 compensation for breaking the code. Member agents display the OEA logo so potential homebuyers can recognise their status.
However less than 50% of estate agents belong to the OEA scheme and consumer groups have called for membership to be mandatory. Ongoing talks with other estate agents’ bodies NAEA and RICS expect to introduce a single code of conduct for the whole industry.
Under the changes, estate agents will be forced to confirm in writing to buyers who have made an offer that their approach has been passed to the seller. They must also inform anyone viewing a property if an offer has already been made.
Estate agents who charge a percentage of the selling price must now illustrate this as an actual amount and explain that this will change if the price changes.
posted by tony at 10:45 PM
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