Estate Agents - what you should know
Estate agents usually act on the behalf of the seller, however, they must also treat buyers fairly. This guide is for making offers and how to complain if you have been mistreated.
Working with estate agents
As estate agents enter into contracts with the sellers, they are acting in the best interest of their clients to sell their property for the best possible price. When looking for your property visit many estate agents that deal with the type of property you are looking for.
From the 6th April 2008, anyone who sells a property must provide a Home Information Pack (HIP), this must be available from the first day the property is advertised.
HIPs a buyers guide
Making an offer
Sometimes a property is sold to another buyer at a higher price once an offer has been accepted, this is called 'gazumping'.
When making an offer on a property make sure it is 'subject to contract'. This means that you can withdraw from the offer if there are any problems.
Under the Estate Agents Act an estate agent is legally bound to present an offer promptly in writing to the person selling the house. Of course, the seller may have agreed a lower limit with the estate agent, which will mean the offer will be refused.
A buyer's offer in England and Wales is not legally binding even if it is accepted. This means the estate agent must pass on any other offer up until the contracts are exchanged.
To prevent yourself being 'gazumped' you can insist that the property be taken off the market for the duration of the sale. The seller may be reluctant if you haven't already sold your own property.
Making a complaint
All estate agents must belong to redress schemes run by either the The Property Ombudsman (TPO) or the Surveyors Ombudsman Service (SOS). For more information see the how to make a complaint article below.
Estate agents - making a complaint
