Instructions Process Flashcards
Following receiving instructions to market a property what do you do next?
Check they are entitled to sell the property - title deeds, all co-sellers permission/able to sign on behalf, PoAs etc.
Draw up terms of business in line with requirements of Estate Agents Act 1979 + The Property Ombudsman Codes of Practice + Consumer Rights Act 2015 - stating fees and charges unambiguously + inclusive of VAT etc.
Request IDs and complete ID forms + in line with company anti-money laundering policy/procedure + in accordance with Money Laundering, Terrorist Financing and Transfer of Funds
(Information on the Payer) Regulations 2017 -
+ complete our risk form, which covers understanding their reasoning for the sale, to assess whether enhanced due diligence is required for the vendor
What do you include in sales particulars?
Location Extent of property Area if land Viewing arrangements Whether land is subject to any occupation agreement Solicitor Mines and minerals Fishing and sporting rights Method of sale If auction name of auctioneer + time location and date of auction etc
What due diligence checks do you do in the process of composing sales particulars?
+ check boundaries + identify any issues covenants + overages + wayleaves/easements
Find out from the vendor which solicitors they will be using
When an offer is accepted by the vendor what do you do next?
> Request IDs for all the individuals who’s names the property would be purchased in + complete company ID forms for each of them
Compete risk form to assess whether enhanced due diligence is required which covers understanding their reasoning for the purchase
Obtain proof of funds + understand the nature & reasoning of the type
What legislation and relevant sections cover the specific format for terms of engagement?
Specific definitions in the Estate Agents (Provision of Information) Regulations 1991 Section 18 of the Estate Agents Act 1979
The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013
give consumers a 14 day cooling-off period if the agency contract is signed in the home or any place other than the estate agent’s office.
