Jun/091
Ombudsman for Estate Agents bring in New Rules
The Ombudsman for Estate Agents has brought in some new rules to make their trading fairer for consumers. The rules now state that the estate agent must now confirm in writing to the potential buyer that their offer has been made to the seller. This was in fact an old rule, but has been reiterated within the new rules.
Also, if an offer has already been accepted on the property, the estate agent must now inform any other potential buyers, rather than letting them view the property none the wiser. And any higher offer must be passed on to the seller.
Also, if the estate agents fees are based on a percentage of the selling price this must be clearly stated to the seller, the percentage must be shown as an exact amount rather than a percentage and the seller must be aware that a change will be made to the estate agents fee should there be an offer higher or lower than the asking price.
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