New Property Regulatory Authority in business since July 6th!

variety

They (as in, EAs) have kept this very quiet!

From 6th July, ALL persons involved in the provision of property services (called Property Service Providers, or PSPs) are now Regulated by the Property Services Regulatory Authority (www.npsra.ie) as required by the Property Services (Regulation) Act (2011).
http://www.irishstatutebook.ie/2011/en/act/pub/0040/index.html

Briefly, anyone selling, letting, managing or auctioning property (including land, except for auctions) are required to be licenced by the PSRA (providing property services without a licence can result in a huge fine or imprisonment, or both).

-The PSRA will also investigate complaints against a PSP and can revoke licences and impose fines up to a quarter of a million euro.
-A Compensation Fund is also set up for persons who have “suffered a loss due to the dishonesty of a PSP”.


What do you think? Will this increase your trust in an EA/MC?
I think it will be a good thing because it will force the imcompetent EAs and MCs to either buck up or close shop.

But, having had a (very brief!) scan of the legislation, it doesn’t appear to allow for individuals to sell or rent their own properties/land privately. Surely that can’t be right?
Does this Act force people to go through EAs? :eek:



From http://www.npsra.ie/website/npsra/npsraweb.nsf/page/whatwedo-en:
“The new legislation [..] will apply to Property Services Providers (PSPs). These are persons involved either as corporate bodies, partnerships, sole traders or employees in:
1. The purchase or sale, by whatever means, of any estate or interest in land (including buildings) wherever situated;
2. The auction of private property other than land;
3. The letting of any estate or interest in land wherever situated;
4. The provision of property management services.
Thus Auctioneers, Estate Agents, Letting Agents and Property Management Agents will be regulated by the Authority. This will apply to property located in the Republic of Ireland and to transactions in Ireland which relate to property located abroad

The new regulatory environment provides for:
· a comprehensive licensing system covering all PSPs
· the investigation and adjudication of complaints made against PSPs
· the audit/inspection of PSPs operations
· the establishment of minimum qualification standards

The Authority will have power to sanction a licensee up to and including the revocation of a licence and may also impose fines of up to €250,000 where a PSP if found to have engaged in "improper conduct".

The Authority may bring a prosecution against a PSP for failing to comply with his or her statutory obligations or against any person providing a property service without a licence which may result in either a large fine or imprisonment or both.

Under the new regulatory regime all PSPs are required to contribute to the "Property Services Compensation Fund". Where a person suffers a loss due to the dishonesty of a PSP the Authority may award compensation from the "Fund”.”

goingsolo

Already know of 3-4 EA talking of closing as a result of this. Looking forward to it, as it will weed out the cowboys!
I know most people see EA's as the scourge of the country but this will hopefully tighten things up.
Basically, each will have to go on refresher courses similar to accountants and other professions to keep their license.

Should improve things as long as long as the courses aren't there for the sake of it...

Costs are reasonably high per company and each employee within the company as Well as other requirement so fingers crossed it will clear a few cowboys!

The_Conductor

There have been advertisements on the radio and in the national press about this- it hasn't been hidden.....?

L1011

smccarrick wrote: »

There have been advertisements on the radio and in the national press about this- it hasn't been hidden.....?

I certainly hadn't heard of it - and I listen to Radio 1 and read both of the broadsheets often enough.

tony peters3

i knew id read a thread on here last year!
castle estate agents are being investigated for this now.there was an article in the mail on sunday:eek:

The_Morrigan

tony peters3 wrote: »

i knew id read a thread on here last year!
castle estate agents are being investigated for this now.there was an article in the mail on sunday:eek:

Please do not drag up zombie threads. You are already discussing the daily mail article on another thread, there is no need for you to restart this one.