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Starting Date: 09-11-07
Closing Date: 01-02-08
The estate agents consultation issued in November 2007 sought views on the implementation of powers in the Consumers, Estate Agents and Redress Act 2007 to define the scope of estate agents redress schemes, set the penalty charge payable by estate agents for non membership of redress schemes and prescribe estate agents record keeping requirements.
The consultation also sought views on changes to estate agents secondary legislation in relation to reducing the fee paid by banned estate agents when applying to have prohibition orders revoked or varied, requiring estate agents to forward to sellers details of all offers received from prospective buyers, and alternative versions of the statutory terms used in estate agents’ contracts.
The part 1 response provides a summary of the main issues raised in the consultation in respect of redress schemes, penalty charges and application fees, and sets out the Government’s decisions on these matters. An order requiring all estate agents in the UK engaged in residential estate agency work to join an approved redress scheme was introduced on 1 October 2008.
The part 2 response deals with the record keeping, offer letters and statutory terms parts of the consultation, and sets out the Government’s decisions on these matters.
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