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CPRs: an opportunity estate agents must not miss out on

9th September 2016

Agents must advise their vendors of the risks associated with the failure to provide important information about their property up front.

Under the Consumer Protection from Unfair Trading Regulations 2008 (CPRs) house sellers are liable for the information they provide to potential buyers. Failure to provide information which at a later date causes the fall through of a transaction leaves them open to fines and compensation claims.

Importantly, CPRs extend to agents as well who are held similarly liable for failure to pass on information which could have an impact on a buying decision.

These wide reaching regulations replaced the now repealed Property Misdescriptions Act 1991 in October 2013; since then there has been a significant change in emphasis from buyer beware to ensuring as much information as is reasonably practicable to ascertain is provided up front; and this is key.

There is no expectation on vendors or agents to undertake costly and intrusive investigations into property prior to going to market. However, should a sale fall through because of, for example, an issue highlighted on a survey this needs to be updated in the particulars and communicated to future interested parties.

The silver lining to the CPR cloud is that this presents a real opportunity for agents. The vast majority of vendors will be entirely unaware of the application of CPRs in the property sector or the implications. Agents looking to ways to differentiate themselves can educate their clients on the regulations, impressing on them the importance and value of providing more information up front and reassuring vendors of their expertise.

More information means better informed buyers, higher quality viewings and ultimately fewer fall throughs. A win-win for both the client, who sells their property faster, and the agent who gets paid faster.

 

Compliance in a Box is the industry recognised compliance solution for Estate and Lettings Agents developed with industry stakeholders including the NAEA and adopted by Relocation Agent Network, Auction House UK, The Guild of Property Professionals and Fine & Country. The suite helps agents deal with the implications of the Consumer Protection and Money Laundering regulations providing access to expert training, regular industry updates and our Compliance Hotline in addition to Compliance Packs. For more information contact Samantha Peacock (speacock@etsos.co.uk) on 01524 220013 or register your interest below.

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