Author : Agent – Official Publication of EAAB
IMMEDIATE RELEASE 31 MARCH 2011
ESTATE AGENTS TO MAKE USE OF A MANDATORY DISCLOSURE FORM
The Estate Agency Affairs Board (“EAAB”), mindful of the imminent coming into operation of the Consumer Protection Act, believes that it is essential that all professional estate agents should also be required to play an active role in the effective implementation of the new consumer protection regime.
The EAAB, having duly considered the matter, feels that, by making it mandatory for estate agents to use the attached disclosure form, the protection of consumers in the estate agency sphere as a whole will be significantly broadened and enhanced. Although the proposed mandatory disclosure form does not constitute a guarantee, and should not to be regarded as a substitute for due diligence by prospective purchasers, it will, nevertheless, alert prospective purchasers to any material defects that may be apparent in the property.
The EAAB, in the interests of transparency and broad consultation, proposes disseminating the envisaged mandatory disclosure form as widely as possible within the estate agency sector and to afford estate agents a period of thirty days within which to furnish any comments and inputs pertaining to this initiative to the EAAB.
The EAAB, accordingly, looks forward to a wide-ranging interaction with both estate agents and consumers and to the introduction of an innovative measure that is designed not only to protect the interests of consumers but also those of the estate agents who professionally serve them.
Attachment: Proposed mandatory disclosure form.