It may be risky for purchasers to pay deposits directly to vendors – especially in the transaction of properties involving undischarged mortgages.
Estate agents should warn the purchaser of the risks involved, and advise the client to stakehold the deposits by a firm of solicitors before arranging for the parties to sign the provisional agreement for sale and purchase.
BUYING properties involving a deed of gift or assignment at nil consideration may involve risks – such as difficulties in obtaining a sufficient mortgage from a bank. Estate agents handling related property transactions should inform purchasers to seek legal advice. Otherwise, they may be subject to disciplinary action by the Estate Agents Authority.
INDIVIDUAL estate agents should make a declaration of submission of registrations of intent in the sale of firsthand residential properties – otherwise, they may be subject to disciplinary action by the Estate Agents Authority.
ESTATE agents should maintain good order in first-sale sites when carrying out promotional activities, including not committing behavior that may endanger the safety of drivers and other road users. Otherwise, they may be subject to disciplinary action by the Estate Agents Authority. Authority staff discovered a salesman standing on the road when they drove to […]
Estate agents should keep themselves informed of any laws and government regulations relevant to their work in order to be in a position to advise their clients in a responsible manner. An estate agent acted for both the vendors and purchasers as dual agent in a property transaction. The purchasers were a mother and her […]
A salesman introduced a village house with a garden to a prospective purchaser. The purchaser asked if ownership of the garden was included in the sale. The salesman told the purchaser that the garden was sold together with the property. After the second inspection of the property the salesman then arranged for the purchaser to […]
A prospective purchaser appointed an estate agent to buy a property, and arrangements were made to have him view the property twice. During both inspections, the agent told the prospective purchaser that the age of the property was 15 years. The agent presented a copy of the land title search, pointing out a Deed of […]
ANY WRONG pointers about a mortgage that is given by an estate agent to a client can lead to trouble. One estate agent showed a first-hand serviced apartment to a prospective purchaser and said she could definitely obtain a mortgage of 85 percent of the purchase price from the lending institution appointed by the developer. […]
LICENSEES should disclose their own personal interests to their clients in relation to the properties they handle. Otherwise, they may be subject to disciplinary action by the Estate Agents Authority. An estate agent arranged for a tenant to enter into a tenancy agreement in a leasing transaction. Throughout the transaction, the tenant had never met […]
WHEN SOMEONE claims to represent an absent contracting party in a property transaction then estate agents must ensure that such a person has obtained a power of attorney before the parties enter into a sale or purchase deal or a tenancy agreement. A failure to do so can lead to disputes and an agent facing […]