Stricter codes for estate agents
Homebuyers and sellers are to be given more information by estate agents under a stricter code of conduct.
The Ombudsman for Estate Agents (OEA) - which represents around two-thirds of agents in England and Wales - will launch the strengthened code on October 1.
Estate agents will now have to tell anyone viewing a property if an offer has already been accepted on it. And, if a buyer has made an offer, they will also have to confirm in writing that their approach has been passed to the seller.
To make charges more transparent, agents whose fees are based on a percentage of the selling price must express the sum as an actual amount. If the selling price is higher or lower than the asking price, they must outline the corresponding change in fees.
Comments
That's assuming anyone can buy/sell their house for a decent price by then.
Posted by: Marcus Hill | June 17, 2008 11:10 AM