The Property Ombudsman (TPO) is launching the Uk’s first Code of Practice specifically for the growing number of Buying Agents acting for consumers buying property in the UK.
The Property Ombudsman provides a free and impartial dispute resolution service for consumers and will be implementing The Buying Agent Code of Practice on 1st January 2014. The new Code has been designed to create a uniform set of standards for buying agents based in the UK to protect the interests of consumers and to promote best practice in the industry.
Property Ombudsman, Christopher Hamer, said, “the Buying Agent Code of Practice is a milestone for the industry. More than 95 percent of residential sales agents have signed up to TPO’s Sales Code of Practice and we recognised that buying agents are a growing market sector in their own right.”
“Unlike sales agents, who are instructed by home owners during a property sale, buying agents act in the interest of buyers to search for and secure the best price on a property. However, both sales agents and buying agents are subject to the same property and consumer protection laws, which is something many consumers and agents are unaware of.”
“Consumers on both sides of a property transaction deserve the same levels of protection outlined in The Estate Agents Act 1979, and should be able to use a redress service to resolve disputes if they feel they have been treated unfairly.”
As the largest property ombudsman scheme in the UK, more than 22,000 sales and letting agents have registered with TPO.
Property commentator and professional buying agent, Henry Pryor, was one of several agents TPO consulted with to create the new Code of Practice.
Henry said, “there may be no record as yet of a formal complaint being made against a buying agent but it’s important that all those involved in the buying and selling, letting and renting process have access to a credible redress service. Members of the public who sensibly ask for help when buying what is often their most expensive single purchase can now see exactly what they can expect from their buying agent.”
The Code of practice covers contracts, fees, terms of business, advising clients, duty of care, conflicts of interest and transmitting offers among others. It has been written to cover every area of the process and to provide a comprehensive set of standards for Buying Agents.