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What is the code:

 

The is the “House Buyer Code” from the property ombudsman website and as a voluntary member it’s very clear as a buyer what we “can” and “cannot” do. In terms of signing before the survey – essentially a property seller would only sign a standard sale contract prepared for you by your chosen solicitor at the agreed price. National Property Trade will have made an offer based on two estate agent valuations. This is what we base the final offer on. Following the final offer and at the same time as we instruct solicitors, we will instruct our RICs survey. The survey is not targeting the value of your property although it can affect price. The RICS survey, carried out by and independent and qualified RICs surveyor, is more about the structure of the house and any major work issues the agents won’t see such as damp, roof issues and structural movement. Typically if there were issues we would have some idea and make you aware of it beforehand but ultimately if, for one of these reasons, we had to review the price then you can simply reject the offer and walk away with absolutely no fees to pay. Any reduction under the code must be justified by a survey and done in a timely fashion – otherwise we are in breach of the code.

 

http://www.tpos.co.uk/downloads/TPOE2%20Code%20of%20Practice%20for%20Residential%20Buying%20Agents.PDF

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