The code is designed to create a uniform set of standards among buying agents, who negotiate on behalf of house hunters. It follows on from the TPO’s Sales Code of Practice for sales agents.
Property Ombudsman Christopher Hamer said buying agents are a growing market sector: “Both sales agents and buying agents are subject to the same property and consumer protection laws – something many consumers and agents are unaware of.
“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.”
From January 2014, buying agents becoming members of TPO will be expected to follow the code of conduct. Failure to do so could result in expulsion from the organisation. The TPO also offers a dispute resolution service for consumers.
Buying agents act in the interest of buyers to search for and secure the best price on a property.
Buying agent Henry Pryor said: “There may be no record as yet of a formal complaint being made against a buying agent but it’s important that all those involved in the buying and selling, letting and renting process have access to a credible redress service.
“Members of the public who sensibly ask for help when buying what is often their most expensive single purchase can now see exactly what they can expect from their buying agent.”
