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Estate
agents (Part 3) -
The role of estate agents -
What
is the role of the estate agent ?
An
estate agent will seek out properties to market.
Their essential role involves the marketing of the property and the
showing of it to interested purchasers.
They act as an intermediary between the parties in order to
conclude a sale.
Are
they responsible for any of the contractual documents ?
Sometimes
they will take on the responsibility of drawing up the first contract (‘compromis’
or ‘sous-seing privé’) and this will include commissioning any
obligatory surveys that are required, obtaining full details from the
parties and information concerning the property.
Once the contract has been signed by the parties and the
purchaser’s seven day cooling off period has elapsed, the file is then
passed to the notaire who will commence his own role in the transaction.
If
they do not draft the first contract then it will be a notaire who will do
so and the agent will instruct him or her to this effect.
In
any event, they must be aware of the law and regulations applicable to the
property so that they can fulfill their role of advising the parties on
the transaction. In this
regard, their role is not to be assimilated with that of the notaire who
has far more extensive advisory duties.
Can
they hold clients’ money ?
They
can hold clients’ money (the deposit) provided that they have subscribed
to an additional insurance policy guaranteeing the return of deposited
funds. If they do not benefit
from this insurance then they are not able to hold clients’ money and
all sums should be sent to the notaire.
Do
they have to help with the reconnection of services and insurance ?
In
principle, once the parties have reached a preliminary agreement on the
property to be sold and the price, the estate agent’s role is concluded
(it would effectively end following the signing of the first contract if
the agent is responsible for this). The
agent is not legally obliged to help with the reconnection of services and
insurance but should at the very least remain available to assist with the
conclusion of the transaction e.g. answering questions on the property,
showing the property to the purchaser prior to completion e.t.c.
Do
they have to provide me with translations of the documents ?
As
an estate agent, it is not their role to act as a translator.
However, they should ensure that you understand the documents
properly as this is part of their role as a professional intermediary.
They should thus not object to you seeking a translation and/or
separate advice in your own language and if they pressurise you into not
doing so they are, at the very least, acting unprofessionally.
01/04/2003
- Issue of the week
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