Legislation

• Consumer Protection Act 2008 


  must give consumers accurate information about our business, services and properties. must not mislead information about a property
• health and safety at work act 1974

  ensuring businesses keep staff and customers safe. ensure we do risk assessments at the office and the property when showing buyers around
• GDPR act 2018 


  everyone responsible for using personal data must follow strict rules
• money laundering 2017 


  businesses must check the validity of cash transactions for more than 10,000 euros.

  from seller - id, proof of address, proof of ownership

  from buyer - id, proof of address, proof of funds
• estate agency act 1979


  make sure estate agents act in the best interest of their clients. that both buyers and sellers are treated fairly. agents that don't comply with this could be banned
• stamp duty

  • only applies to properties above a certain value
  • a legal fee and percentage fee are paid on completion to the government by the buyers
• define polices

  the rules set by a company to control how the business and everyone involved in it work and behave
• define procedures

  the ways of working set out by a company for its staff to follow
• what are the 3 institutes that overlook the estate agency industry?

  • NAEA Propertymark
  • the property ombudsman and redress scheme
  • national trading standards