Licensing for Estate Agents & Consumer Protection - Mod Note in post #1

snowcat

MOD NOTE

Split from an earlier thread to continue the discussion of licensing requirements, and bonds/compensation schemes.

This is not a thread for "All EAs are *****" or "a friend-of-a-friend" anecdotes. Keep it civil please folks.

END MOD NOTE

Dolbhad wrote: »

Sorry to hear that. Is it worth checking with your solicitor? When my sister sold her house auctioneer transferred the balance to the solicitor who transferred it to her. Solicitor did a cash account and gave a copy of auctioneers bill.

Never pay more than the auctioneers bill as a deposit. Pay the balance to the vendors solicitor. Preferably pay the vendors solicitor and get them to pay the EA. Never trust an EA. They have a max liability of 15k that they pay as a bond. That is not per client..that is in total.

fluffingtons

snowcat wrote: »

Never pay more than the auctioneers bill as a deposit. Pay the balance to the vendors solicitor. Preferably pay the vendors solicitor and get them to pay the EA. Never trust an EA. They have a max liability of 15k that they pay as a bond.

eek. I wish we had known that a few months ago.... this is scary to hear! in our situation

q85dw7osi4lebg

snowcat wrote: »

Never pay more than the auctioneers bill as a deposit. Pay the balance to the vendors solicitor. Preferably pay the vendors solicitor and get them to pay the EA. Never trust an EA. They have a max liability of 15k that they pay as a bond. That is not per client..that is in total.

Good luck buying a house if you aren't prepared to pay the deposit

The buyer pays the deposit not the vendor.

That 15k is from over a decade ago.

http://www.psr.ie/en/psra/pages/compensation_fund

Graham

snowcat wrote: »

Never pay more than the auctioneers bill as a deposit. Pay the balance to the vendors solicitor. Preferably pay the vendors solicitor and get them to pay the EA. Never trust an EA. They have a max liability of 15k that they pay as a bond. That is not per client..that is in total.

Is the bond still a requirement.

WOuldn't protection be under the "Property Services Compensation Fund" anyway?

snowcat

Graham wrote: »

Is the bond still a requirement.

WOuldn't protection be under the "Property Services Compensation Fund" anyway?

It certainly would but an individual 'Property Services Provider' with the relevant qualifications could technically set up an EA company and take 10's if not 100's of thousands of euros with a bond of about 13k paid in advance in the morning and walk away with the balance.

Graham

snowcat wrote: »

It certainly would but an individual 'Property Services Provider' with the relevant qualifications could technically set up an EA company and take 10's if not 100's of thousands of euros with a bond of about 13k paid in advance in the morning and walk away with the balance.

As is the case in many industries.

None of which suggests that a client would be left high and dry which was the implication in your post.

snowcat

Graham wrote: »

As is the case in many industries.

None of which suggests that a client would be left high and dry which was the implication in your post.

Absolutely not. As long as you know your deposit is really covered by a bond of 13k. Realistically anyone in the property business taking multiple deposits should have insurance of 500k not 13k. Again pay the solicitor not the EA.

Graham

snowcat wrote: »

Absolutely not. As long as you know your deposit is really covered by a bond of 13k. Realistically anyone in the property business taking multiple deposits should have insurance of 500k not 13k.

Why wouldn't your deposit be covered by the compensation fund (that EAs pay in to)?

snowcat

Graham wrote: »

Why wouldn't your deposit be covered by the compensation fund (that EAs pay in to)?

Why do they pay a paltry 13k at all? So that they rely on the compensation fund?

And where is the proof any of these EA's pay and how much into the fund.

q85dw7osi4lebg

snowcat wrote: »

Absolutely not. As long as you know your deposit is really covered by a bond of 13k. Realistically anyone in the property business taking multiple deposits should have insurance of 500k not 13k. Again pay the solicitor not the EA.

There is no bond, you have no idea what you are talking about.

q85dw7osi4lebg

snowcat wrote: »

Absolutely not. As long as you know your deposit is really covered by a bond of 13k. Realistically anyone in the property business taking multiple deposits should have insurance of 500k not 13k. Again pay the solicitor not the EA.

There's also this thing called PI insurance.

Graham

I don't think the bond exists anymore.

The compensation fund is in place and has no limit of 13k.

To suggest consumer protection is capped at 13k is disingenuous at best, certainly misleading/inaccurate.

snowcat

Daniel Quick Diner wrote: »

There is no bond, you have no idea what you are talking about.

Will you go to bed

"ash deposit in the sum of €12,700-again granted not more than 28 days before the application;
A cheque for excise duty for €250;
A tax clearance certificate."

snowcat

Graham wrote: »

I don't think the bond exists anymore.

The compensation fund is in place and has no limit of 13k.

To suggest consumer protection is capped at 13k is disingenuous at best, certainly misleading/inaccurate.

It has not changed in 20 years

If you can show me the misleading/inaccurate please do

Graham

Is that from back in the day when licenses were issued via the courts before the Property Services (Regulation) Act 2011?

snowcat

Graham wrote: »

Is that from back in the day when licenses were issued via the courts before the Property Services (Regulation) Act 2011?

Yes. Has not changed as far as i know

Graham

snowcat wrote: »

Yes. Has not changed as far as i know

It has.

snowcat

Graham wrote: »

It has.

Enlightening..Im looking for a licence as I want to change the system here with a completely new way of selling property. Hence i have had the joys of dealing with the PRA here so I have a small bit of research done on the market already. Possibly a bit more than your average boards.ie contributor

q85dw7osi4lebg

snowcat wrote: »

Enlightening..

Agents no longer pay a bond.

snowcat

Daniel Quick Diner wrote: »

Agents no longer pay a bond.

Excellent. Im delighted. Can i quote you? Or maybe do you have a link

Graham

snowcat wrote: »

Enlightening..Im looking for a licence as I want to change the system here with a completely new way of selling property. Hence i have had the joys of dealing with the PRA here so I have a small bit of research done on the market already. Possibly a bit more than your average boards.ie contributor

I'm surprised you weren't already aware of the new legislation, academic requirements, professional experience with a license holder requirements and the new compensation fund.

Graham

snowcat wrote: »

Excellent. Im delighted. Can i quote you? Or maybe do you have a link

Here you go.

https://www.ipav.ie/sites/default/files/2016_auctioneering_real_estate_regulation_eu_submission.pdf

q85dw7osi4lebg

snowcat wrote: »

Excellent. Im delighted. Can i quote you? Or maybe do you have a link

Feel free to phone the property services regulatory authority. They oversee the compensation fund and regulate all agents in the country.

Phone: 046-9033800

I have found them very helpful in the past.

Askthe EA

*Eating popcorn Meme

Dolbhad

I thought it was PI insurance for auctioneers like it is for engineers or auctioneers. To be honest unless your in the 500k bracket of buying a house most auctioneers deposits are 5-10k anyway

Askthe EA

Our PI is in the millions not thousands.