Contents
1. General
2. Instructions
3. Published Material
4. Offers
5. Clients’ Money
6. Conflicts of Interest
7. Interpretation and Definitions
8. Complaints and Disputes between Members
This Code of Practice has been adopted under the Terms of Agreement for membership of Asia-Properties MLS. The Code would be mandatory on principals, partners and directors who have applied for membership of the Asia-Properties MLS.
1. General
a) This Code applies to estate agency services (provided by a person or organization that has agreed or is required to comply with it) for the selling and buying of Property - all references hereafter in this Code to ‘property’ mean residential property as so defined below in section 7) and related services.
This Code aims to promote the highest standards of service.
b) You must offer equality of professional service to any person, regardless of their race, creed, sex or nationality. You must not be involved in any plan or arrangement to discriminate against a person or people because of their race, creed, sex, disability or nationality.
c) You must always act both within the law and in the best interests of the client. (see 7b) below). You must offer suitable advice to meet the client’s aims and needs. However, this duty does not excuse you from considering fairly all those involved in the proposed sale or purchase. You must not release without your client’s permission or misuse confidential information given by your client during the process of selling or buying a property.
d) You must make sure that you and all members of your staff keep to this Code and have a good working knowledge of the law of agency, the law of contract, and all relevant estate agency legislation.
2. Instructions
a) At all times a member or associate or connected person should make clear the terms of any agency agreement that the member wishes to enter into with any prospective purchaser or seller.
b) Before listing a property on the association Multiple Listing System, a member shall obtain agreement from the owner or owners of the property as set out under the Terms and Conditions of the exclusive listing agreement.
c) Should an owner wish to terminate this agency agreement, he/she/they should do so in writing.
d) If an owner wishes to terminate the MLS agency agreement with a member in favour of another member, proof of termination of agency must be provided before a new listing may be posted on the MLS system.
Except for any previously agreed expenses and fees, fees will only become due if a purchaser enters into a contract, through you, to buy the property, or as stated otherwise in your agency agreement.
e) When you give advice to someone hoping to sell his property, any figure you advise either as a recommended asking price or as a possible selling price must be given in good faith reflecting current market conditions. You must never deliberately misrepresent the value of a property in order to gain an instruction.
f) You must not directly or indirectly harass (see 7e) below) any person in order to gain instructions. Also, you must not repeatedly try to gain instructions in a way likely to cause offence.
g) You must not put any client’s property on the market for sale without permission from that client or the client’s properly appointed representative.
3. Published Material
a) You must take all reasonable steps to make sure that all statements, whether oral or written, made about a property are accurate.
b) All advertisements must be fair, decent and honest.
4. Offers
a) You must tell clients as soon as is reasonably possible about all offers that you receive at any time until contracts have been signed unless the offer is an amount or type which the client has specifically instructed you, in writing, not to pass on.
b) You must not discriminate, or threaten to discriminate against a prospective purchaser of your client’s property because that person refuses to agree that you will (directly or indirectly) provide services to them. Discrimination includes the following:
• Failing to tell the client of an offer to buy the property.
• Telling the client of an offer less quickly than other offers you have received.
• Making it a condition that the person wanting to buy the property must use any other service provided by you or anyone else.
c) You must take reasonable steps to find out from the prospective purchaser his source and availability of the funds for buying the property and pass this information to the client.
d) When an offer has been accepted subject to contract, you must consult and take your client’s instructions as to whether the property should be withdrawn from the market, or continue to be marketed. In the latter case, you must so advise the prospective purchaser. You must not misrepresent the existence of, or any details of, any other offer allegedly made, or the status of any other person who has made an offer. If you have received a note of interest (either orally or in writing) from someone intending to make an offer, you must do the following:
• Immediately tell your client about the note of interest
• Do everything reasonably possible to tell the person intending to make an offer about any formal closing date for offers.
5. Clients’ Money
a) You must not hold a deposit or any other money belonging to a client, unless you are covered by adequate insurance.
b) All clients’ money must be held in a separate client bank account or accounts.
You must be able to account immediately for all money you are holding on behalf of a client.
6. Conflict of Interest.
You must make every attempt to avoid any conflict of interest which might not be in the best interest of the client.
7. Interpretation and Definitions
In this Code, references to the masculine include the feminine, the plural and organizations.
The following interpretations and definitions also apply:
a) Residential property - property (land with buildings) used, last used, or to be used for residential purposes to be sold or purchased with vacant possession.
b) Client - a person who has instructed you to sell or, for a fee, to buy a property on his or her behalf, in Spain
c) Immediately - as soon as is reasonably practicable in the circumstances.
d) Connected Person - “connected persons” include:
1) your employer or principal;
2) your employee or agent;
e) Harass - means act in a threatening or oppressive manner likely to cause alarm, annoyance and/or distress.
8) Complaints and disputes between members
In order to ascertain whether these guidelines have been complied with following a complaint or dispute between members, the Association may require a member to produce for the inspection of a person appointed by the Association, his MLS agency agreements and other relevant documents, to give him such information and explanations as he may require. The member shall comply with any such requirements at the time and place specified.
