Regulation of Estate Agents
Many people in the UK who are willing to sell their existing property will use the services for marketing an estate agency. Estate agency is an body who regulates estate agents and perform all property management work, which is defined by the Estate Agent Act 1979 as introducing or negotiating with the people who want to purchase or sell the property which may include commercial as well as agriculture and this is done in the course of a business pursuant to instruction from a client.
The real estate agents are principally regulated by the Estate Agents Act 1979, with the Consumer Protection from Unfair Trading Regulations, 2008. With addition to this from 1st October, 2008 all the estate agents in the UK who are engaged in residential estate agency work are required to belong to an approved redress scheme and deals with the complaints of buying and selling of the residential property.
The estate agents which are found across UK are regulated by National Trading Standards Estate Agency Team (NTSEAT) of Powys County Council. The team is assessed whether or not an individual or business in any part of the UK is fit to carry out the estate agency work within the terms of the Estate Agents Act 1979. It also took over the enforcement roles by which the Office of Fair Trading (OFT) on 1st April, 2014. With this commons of briefing paper which provides an outline of the current regulation of estate agents with respect to England and Wales only. In both countries there is no legal binding contract at the point when a seller willingly accepts the offer. There is only the potential for the transaction at a agreed price. This means that the exchange of contracts either side can pull the liability to the other if there is any loss.