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Croydon estate agent banned for failings
Wednesday 29th April 2009The Office of Fair Trading (OFT) has issued a prohibition order banning a Croydon estate agent from estate agency work after she failed to disclose a personal interest in the sale of a property.
Marcia Whyte who ran Executive Estates in South Croydon, failed to disclose to a potential vendor, promptly and in writing, that she was seeking to acquire his property.
An adjudicator found she also failed to disclose her personal interest to a potential purchaser to whom she intended to re-sell the property.
If the transaction had proceeded Ms Whyte stood to make a secret profit of £65,000.
In addition, the estate agent received a deposit from the potential purchaser, even though doing so is unlawful where an agent has a personal interest in the property – even when that interest has been duly disclosed.
Mike Haley, OFT Director of Consumer Protection said: “Estate Agents must immediately disclose to prospective vendors and purchasers that they have a personal interest in the sale of a property they are marketing. This is specifically to prevent them from making a secret profit, as Marcia Whyte would have done in this case. We take seriously any complaints of an estate agent potentially misleading consumers by failing to disclose a personal interest.”
In addition, the estate agent received a deposit from the potential purchaser, even though doing so is unlawful where an agent has a personal interest in the property – even when that interest has been duly disclosed.
Mike Haley, OFT Director of Consumer Protection said: “Estate Agents must immediately disclose to prospective vendors and purchasers that they have a personal interest in the sale of a property they are marketing. This is specifically to prevent them from making a secret profit, as Marcia Whyte would have done in this case. We take seriously any complaints of an estate agent potentially misleading consumers by failing to disclose a personal interest.”
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