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New Buying Agent Code of Practice to take effect from New Year
The Property Ombudsman (“TPO”) has announced a new code of practice for buying agents that will take effect from the New Year. The free and impartial dispute resolution service said that the code, which caters for agents acting for consumers buying homes, will come into force on the 1st January 2014.
"The Buying Agent Code of Practice is a milestone for the industry. More than 95% of residential sales agents have signed up to TPO's Sales Code of Practice and we recognised that buying agents are a growing market sector in their own right," said Property Ombudsman Christopher Hamer.
"Consumers on both sides of a property transaction deserve the same levels of protection outlined in The Estate Agents Act 1979, and should be able to use a redress service to resolve disputes if they feel they have been treated unfairly."
Although there is no record as yet of a formal complaint being made against a buying agent, it's important that all those involved in the buying and selling, letting and renting process have access to a credible redress service.
As such London Prime whole heartedly supports the new code of practice.