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Do you have to prove you have the funds to purchase a property (to the estate agent) before they will put an offer in?

Do you have to prove to the estate agent that you have the funds to purchase the property before they make the offer? Or are they legally obliged to make the offer regardless?

Asked on Oct 11 2012, General in Peterborough | Report content

Answers (1)

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  • Verification of the purchaser’s ability to proceed is not specifically prescribed within the Estate Agents Act. It is a principle of both The Ombudsman for Estate Agents, The National Association for Estate Agents and RISC. You must take reasonable steps to find out from the Prospective Purchaser his source and availability of funds for buying the property and to pass this information to the client, always having regard to the Data Protection Act.

    Answered on Oct 17 2012, Report content

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