Estate agents and making an offer (UK)
Whether buying or selling you will probably use the services of an estate agent. Although they don't need to be registered to set up in business, many do belong to the National Association of Estate Agents (NAEA) and the Ombudsman for Estate Agents (OEA).
Choosing and working with an estate agent
You may want to choose an estate agent that is registered with the NAEA or the Ombudsman, as this will mean they have to abide by a code of practice. You can find one in the area in which you are interested by searching on the NAEA website. All estate agents are bound by the Estate Agents Act, whether or not they are registered with a governing body.
If you have a complaint about the conduct of an estate agent you can contact the Ombudsman for Estate Agents. The OEA provides an independent service for dealing with disputes between estate agents who are members of the Ombudsman Scheme, and consumers who are actual or potential buyers or sellers of residential property in the UK.
The OEA will advise on alternative routes to take if the estate agent you wish to complain about is not a member. You can also contact the trading standards department of your local council.
The Office of Fair Trading (OFT): Using an estate agent to buy or sell your home (UK)
National Association of Estate Agents (UK)
Ombudsman for Estate Agents (UK)
Making an offer
If you make an offer on a property make sure that it is 'subject to contract', this means you can pull out of the deal if there are any problems. Under the Estate Agents Act, an estate agent is legally bound to present any offer to the vendor.
Unlike in Scotland, a buyer's offer is not legally binding in England and Wales, even if accepted by the seller.
Once your offer is accepted, ask for the property to be taken straight off the market for the duration of the sale. The seller may be reluctant to do this if you haven't already sold your property. It is not in an estate agent's best interest to allow gazumping to occur as they rely on their reputation, however a determined buyer may go straight to the seller with their offer.
Property prices (UK)
News date: 09 November 2005 - 14:55
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