Property Services (Regulation) Act 2011

SCHEDULE 2

Information to be Contained in Property Services Agreements

PART 1

Property Services Agreements — general

1. A property services agreement in respect of the provision of a property service shall include—

( a) the name, registration number, business address and other business contact details of the licensee,

( b) any business name of the licensee,

( c) details of the property services to be provided by the licensee,

( d) particulars of the subject matter of the agreement (including the folio number of the land, if appropriate),

( e) the amount or the rate, as the case may be, of any commission or other fee payable by the client under the agreement and the circumstances under which the commission or fee, as the case may be, becomes payable,

( f) particulars of the rate of value added tax payable,

( g) the period during which the rights or obligations of the client or licensee are to have effect under the agreement,

( h) the length of notice to be given in the event of the termination of the agreement by the client or licensee, and the consequences,

( i) a statement of the obligation (if any) on the licensee, pursuant to sections 42 and 43 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, to report, to the Garda Síochána and the Revenue Commissioners, suspicious transactions and transactions involving places designated under section 32 of that Act,

( j) affirmation that no conflict of interest exists which would prevent the licensee providing the property service,

( k) details of the professional indemnity insurance of the licensee,

( l) details of the records to be kept by the licensee in respect of the provision of the property service,

( m) the name and address of the bank in which the licensee’s client accounts are kept,

( n) details on the deposit of moneys paid to the licensee by the client and the application of any interest earned thereon, and

( o) complaints and redress procedures put in place by the licensee.

PART 2

Property Services Agreements for Sale of Land

2. Without prejudice to the generality of Part 1, a property services agreement for the sale of land shall also include—

( a) the advised market value of the land,

( b) a description of the agency model (sole agency, joint agency or multiple agency),

( c) in the case of a fee or commission expressed as a percentage of the advised market value of the land—

(i) if paragraph (a) of the definition of “advised market value” in section 2(1) is applicable, the estimated total amount payable,

(ii) if paragraph (b) of the definition of “advised market value” in section 2(1) is applicable, the estimated range within which the total amount payable would fall,

( d) the terms on or subject to which the client agrees to advertising the land and the amount of advertising outlay,

( e) the obligations (if any) which will apply to the client should he or she dispose of any part of the land otherwise than through the licensee concerned, and

( f) if applicable, a statement of intent by the licensee to offer to provide financial services to purchasers (including any case where there is any intent to offer to provide financial services to purchasers through a subsidiary or associated body of the licensee).

PART 3

Property Services Agreements for Letting of Land

3. Without prejudice to the generality of Part 1, a property services agreement for the letting of land shall also include—

( a) the proposed duration of the letting and the advised letting value of the land,

( b) a description of the agency model (sole agency, joint agency or multiple agency),

( c) in the case of a fee or commission expressed as a percentage of the advised letting value of the land—

(i) if paragraph (a) of the definition of “advised letting value” in section 2(1) is applicable, the estimated total amount payable,

(ii) if paragraph (b) of the definition of “advised letting value” in section 2(1) is applicable, the estimated range within which the total amount payable would fall,

( d) the terms on or subject to which the client agrees to advertising the land and the amount of advertising outlay,

( e) the obligations (if any) which will apply to the client should he or she let any part of the land otherwise than through the licensee concerned, and

( f) a schedule of contents and fixtures and fittings to be included in the letting, if applicable.

PART 4

Property Services Agreements for Provision of Property Management Services

4. Without prejudice to the generality of Part 1, a property services agreement for the provision of property management services shall also include—

( a) a timetable for delivery of the services,

( b) the notice required to be given by the client to the licensee for the delivery of individual services by the licensee,

( c) particulars of any out-of-office hours services for emergencies, and

( d) the reporting obligations of the licensee to the client.