Purchase & Sale

Question 1

How may a buyer discount their SDLT?

Answer 1

By buying in a special purchase vehicle such as a new company

Question 2

What are the six principles of the Estate Agents Act 1979?

Answer 2

-Honesty & accuracy
-Clarity & agreement on TofE (s.18)
-Open & transparent
-No discrimination
-Pass on all offers in writing
-Keep clients money seperate

Question 3

In regards to your case study, what comparable zone A rent would be achievable in both a secondary location and primary location?

Answer 3

Secondary £35/sq ft
Primary £45/sq ft

Question 4

When would you recommend auction?

Answer 4

When speed and certainty of sale required

Question 5

What are the penalties to an agent for not undertaking AML checks?

Answer 5

Prison up to 2 years or an unlimited fine

Question 6

When undertaking a AML check, how recent does the proof of address need to be?

Answer 6

Within the last three months