National Association of Estate Agents. (NAEA)
Following a successful application, we have been admitted as Members of the NAEA since October 2007, when the Federation of Overseas Property Developers, Agents and Consultants (FOPDAC) merged with the larger trade association. (For your information, we have retained the written principles of FOPDAC below.)
The NAEA believes that the public should be more aware of the importance and benefits of choosing a qualified estate agent. It is striving to establish minimum, or expected, standards of competence for the profession by insisting that all members adhere to the Rules of Conduct and Code of Practice, which require a proper and ethical conduct of business. The NAEA offers professional training, continuing professional development and has disciplinary procedures for infringements of its rules.
Find out more at www.naea.co.uk
Federation of Overseas Property Developers Agents and Consultants (FOPDAC)
The Federation of Overseas Property Developers, Agents and Consultants was established in 1973 to unite those agents, developers and specialist consultants active in the international property markets whose common aim is to conduct their activities in a manner which seeks to protect the interests of those who have decided to purchase, or sell, a property overseas.
Membership of the Federation is restricted to companies or individuals whose probity is beyond reasonable question. The individual principals must have the experience and professional expertise to meet the strict criteria set in the Federation's Code of Ethics. The Committee of the Federation and its members provide a valuable reservoir of many cumulative years of experience in international property.
Buying property abroad?
Many thousands of Britons have bought and own property in many parts of Europe and further afield. Even so, it is a big step to take and you need to ensure that you have the best advice available. As there is no statutory control over who can set up in the overseas property business it remains risky simply choosing one of the many advertisers from the pages of newspapers and magazines. You can reduce the risks substantially by dealing only with a company which is a member of FOPDAC.
Selling property abroad?
The importance of accurate valuation and knowledge of the market cannot be overstated if you wish to succeed in finding a buyer. All too often a vendor can lose out either by failing to sell because the price is too high or by failing to achieve the best price through asking too little. Today's buyers are more sophisticated and better informed than they used to be and it takes considerable negotiating skills to achieve sales. FOPDAC members are experts in their chosen fields and can advise you on matters relating to the sale of your property and will offer a comprehensive service to attract potential buyers.
The standards demanded
A summary of FOPDAC's Code of Ethics will best convey what is demanded of all members:
- Members shall make honesty and integrity the standard in all their dealings with clients and customers. They shall avoid misleading property descriptions, concealment of pertinent information and exaggerations in advertising. They shall not market property for specific purposes if that property is not accessible and usable for such purposes.
- Members shall comply with all financial and legal obligations relating to their transactions, their clients or customers.
- Members shall use their best endeavours to encourage developments with due consideration for open space and proper environmental controls.
- Where Federation members accept clients' monies for payment for land or property, they must maintain a legally separate Clients Account which must be properly conducted.
- Members shall report in writing any violation of these bylaws, whether their own or of others, whether members or not, to the Committee.
- Should the Federation receive a complaint that a member has not acted in accordance with the Code of Ethics then the Committee should decide that a member is in default and he subsequently fails to rectify the matter as directed, then the member would be liable to immediate expulsion.
- All agents must recommend to a prospective purchaser that they seek independent legal advice in order to effect their purchase. Such recommendation will be given before any legally binding contract is entered into. If the prospective purchaser asks the agent for the name of a person to provide independent legal advice the agent should provide a choice of names.
