The Ombudsman For Estate Agents guidelines

When choosing an estate agent or property specialist to sell or buy your house, check they are members of the 'The Ombudsman For Estate Agents', being a member gives you a lot more security, and it make ssure your chosen estate agent has to stick to strict guidelines in regards to buying or selling a property.

The OEA Code of Practice requires members to meet all their legal obligations when acting as estate agents, but it goes above and beyond that - it requires Member Agents to adopt and follow 'best practice'.

This includes: -

Members of The Ombudsman For Estate Agents

1. Duty of care An estate agent must always work in the best interests of the client, that is to say the person who is paying for the estate agency services (usually the seller). But the Member Agent must also always treat fairly, and with courtesy, all those involved in the proposed sale or purchase. If the Member Agent or one of its staff has any personal or business interest in the property, you must be told.
2. - Impartial advice. A Member Agent must make sure that no sellers or buyers are disadvantaged because they are unfamiliar with any aspect of the home buying and selling process. A Member Agent will offer appropriate advice, explanations and assistance to all - regardless of age, experience, language, or physical ability.
3. - Recommended asking prices. The figure given by the Member Agent must not misrepresent the value of the property but reflect current market conditions. The Member Agent must be able to support any figure given - and, wherever possible, it must be based on comparisons with similar properties in a similar location.
4. - Terms of business. All estate agents must give you written Terms of Business. The Member Agent must also explain all fees and charges - including any liability to pay two fees - if you have instructed another agent to sell the property or will do so in the future. The Member Agent must also tell you if any fee will be payable if you withdraw your instructions to sell the property.
5. - Fees and charges. The Member Agent must show these as an actual amount plus VAT, if chargable. Unless the fee is a fixed price, the amount shown will be an illustration, based on the asking price of the property - and, should the selling price be higher or lower than the asking price of the property, then it must be made clear that the fee payable will vary accordingly.
6. - Marketing your property. The Member Agent must send the draft Sales and Particulars describing the property to the seller to check their accuracy. The Member Agent must also ask if the seller wants a 'For Sale' board to be displayed.
7. - Access. If the Member Agent holds the keys, staff from the agency must accompany those who are viewing and anyone else requiring access on behalf of the buyer - unless the seller gives authorisation to the contrary.
8. - Viewings. The Member Agent must follow the seller's instructions on how viewings should be conducted. He will record and pass on to the seller any feedback from viewings.
9. - Offers. The Member Agent must record all offers received and pass a written copy of the offer to both the seller and the buyer. When an offer has been accepted 'subject to contract', the Member Agent must ask the seller if marketing should continue or if the property should be withdrawn from the market. If marketing is to continue, the Member Agent must advise the prospective buyer in writing. The Member Agent will do everything he reasonably can to tell all prospective buyers, who have recently made offers, of the existence of other offers submitted to the seller.
10. - Financial assessment of buyers. When an offer is accepted, the Member Agent must find out and inform the seller how the buyer will fund the purchase - including whether the buyer must sell a property, obtain a mortgage, or is a cash buyer. Between acceptance of the offer and exchange of contracts, the Member Agent will monitor and report to the seller on the buyer's progress in obtaining the money needed.
11. - Help between acceptance and exchange. The Member Agent has no responsibility for the mortgage lending process or the conveyancing process - and cannot set the dates for exchange or completion. But he will help where possible - by monitoring progress, keeping in touch with both buyer and seller and their solicitors, and reporting information likely to help the transaction.
12. The OEA's website is - www.OEA.co.uk