Property Redress Scheme guide to sales
This section provides Property Redress Scheme advice on what agents need to consider when selling a property.
The practice of taking a deposit from prospective buyers for the purpose of demonstrating ‘serious intent’ is becoming more common. This section provides guidelines for taking such deposits. It also considers property misdescription, and what estate agents should know and do to avoid breaching misdescription legislation.
This section originates from the Property Redress Scheme and constitutes its opinion based on its work as a government-approved redress provider. The Property Redress Scheme is a consumer redress (ombudsman) scheme for property agents and professionals. There are 3 schemes. Each has its own approach. The sections below are the Property Redress Scheme approach. This material provides generic advice to help RICS members exercise their professional judgment in particular circumstances.
RICS standards and guidance: UK residential real estate agency
RICS standards and guidance: Real estate agency and brokerage