Practical tips about the top ten thematic topics that smart consumers should pay attention to during property transactions or appointing estate agents.
Property Information of Residential Properties
When an estate agent is appointed by a seller to sell a residential property, the agent should obtain the property information from prescribed sources under the Estate Agents Ordinance, and should complete the Property Information Form.
The agent should fill in the Form with the property information obtained from prescribed sources, including the saleable area of the property, the year of completion, the ownership and encumbrances registered in the Land Registry. The above information should be provided to the buyer together with a statement made by the seller about the property.
The agent should also provide to the buyer the most up-to-date copy of the land search immediately prior to the signing of a sale and purchase agreement.
An estate agent should urge the seller to provide any additional information about the property, including any additions or alterations made to the structure of the property. Such information should be included in the “Vendor’s Statement” section on the Property Information Form in order to avoid any disputes in the future.
As clients rely heavily on the property information provided by estate agents, estate agents should ensure that the information is accurate. Otherwise, they may be in breach of the EAA’s regulations.