Industry regulator the National Trading Standards & Letting Agency Team (NTSELAT) has issued a reminder to agents about their responsibilities when it comes to passing on offers.
New guidance issued yesterday said agents must pass on all offers to a vendor without delay unless instructed that certain types can be rejected.
Without written instructions to the contrary, Trading Standards said the agent is obliged by law to continue passing on offers until contracts have been exchanged or missives concluded.
Where instructions have been received that no further offers are to be accepted, “this is material information,” Trading Standards said, and should be declared in the property listing and any other advertisement.
The guidance also includes “working definitions” of how certain terms on sales and lettings listings such as sold or let subject to contract should be used.
Emma Cooke, policy and information manager at NTSELAT, said: “Agents commonly use terms like ‘new on the market’, ‘new instruction’, ‘under offer’, ‘sale/let agreed’, ‘sold/let subject to contract’ in advertisements, marketing boards and on property portal listings.
"Delays in updating a property’s listing status or use of incorrect descriptions can lead to frustration for all involved in the buying or renting process – as well as risking agents breaching industry codes and their legal obligations.
“This updated guidance is intended to provide consistency and clarity and – by providing a working definition – we hope this helps reduce unnecessary confusion for property agents, consumers, and other organisations in the property industry.”
Read the full guidance.
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