Property Services (Regulation) Act 2011

59.

Disclosure requirements applicable to vendor and licensee in relation to sale of residential property.

59.— (1) Subject to subsection (2), a licensee shall not provide information, advice or assistance, whether by means of a brochure, advertisement (in whatever media) or otherwise, to a purchaser of residential property in respect of the possible availability of a loan from a lender in respect of the purchase of the property unless—

(a) the vendor of the property has advised the licensee, in writing, whether or not the lender has provided or indicated the lender’s willingness to provide a loan (whether in whole or in part) for the development or construction (whether in whole or in part) of the property, and

(b) the licensee informs the purchaser of whether or not the lender has provided or indicated the lender’s willingness to provide a loan (whether in whole or in part) for the development or construction (whether in whole or in part) of the property (which may be done, in the case of a brochure or advertisement, by including the information concerned in the brochure or advertisement, as the case may be).

(2) Subsection (1) shall not apply in any case where the vendor of the residential property concerned is, in his or her capacity as such vendor—

(a) an individual acting outside his or her business, or

(b) a person, or a person who falls within a class of persons, prescribed under section 96 for the purposes of this paragraph.

(3) In this section “lender” includes a holding company and a subsidiary (within the meaning of section 155 of the Companies Act 1963) of the lender.