Are estate agents regulated in Ireland ?
Estate agents play an important role in property sale and purchase transactions. Whilst private sales are sometimes negotiated, using an estate agent is the most common method of buying or selling a property. Estate agents have valuable experience in the property industry and can identify properties that are suitable for particular individuals or businesses.
However, it is important to use a reputable estate agent. Reputable estate agents will ensure that the property they recommend to the buyer is suitable for their needs, rather than seeking to push an unsuitable property off the market. You can also entrust a reputable estate agent to ensure the process goes smoothly, which is important to both buyers and sellers alike. It is important to remember that estate agents act on behalf of the seller and are therefore acting in the seller's interests, with the implication that buyers must be extra vigilant.
Regulation of estate agents
In Ireland, estate agents are now regulated by the Property Services Regulatory Authority. The Authority is only a fairly recent body, having been established by the government on the recommendation of a review carried out on the regulation of auctioneering and estate agency by the Minister for Justice and Law Reform.
That review found the existing regulatory framework for the industry is to be inadequate, providing ineffective supervisory and disciplinary mechanisms and inadequate avenues for consumer redress. The aim of the Authority is to achieve uniformity and transparency in licensing and regulation of the industry.
One of the major outcomes is to be the establishment of a comprehensive licensing system. A complaints handling mechanism will also be established, as will a compensation fund to compensate customers who lose money as a consequence of the wrongdoing of a licensed estate agent.
A current outcome of the Authority is the introduction of a voluntary code of practice for estate agents and auctioneers. This voluntary code sets out the responsibilities of these professionals to buyers. Ask your conveyancing solicitor to explain these obligations to you. If anything goes wrong your conveyancing solicitor will be able to negotiate to resolve the issue with the estate agent on your behalf.
Contact Law is an established legal brokerage company, helping you find the right conveyancing solicitor in Ireland. Whatever your situation, call 1800 937 974 and let our dedicated case handlers match you to the best conveyancing solicitor for your needs.
Source : contactlaw.ie 2013