New regulatory environment

We understand that the Minister for Justice will be announcing the new Code of Practice for Property Services Providers tomorrow. We hunted around a bit online and discovered that the NPSRA has their website live: www.npsra.ie

You can download the new code here: CLICK TO DOWNLOAD >>>

The new regulatory environment.

The new legislation shall apply to the regulation of property services providers. These are persons involved either as corporate bodies, partnerships, sole traders or employees in:

• The purchase or sale, by whatever means, of any estate or interest in land (including buildings) wherever situated;
• The auction of private property other than land;
• The letting of any estate or interest in land wherever situated;
• The provision of property management services.

Thus Auctioneers, Estate Agents, Letting Agents and Property Management Agents will be regulated by the Authority. This will apply not only to property located in the Republic of Ireland, but also to transactions in Ireland which relate to property located abroad.

Regulation not only includes a licensing requirement, but also scrutiny by the Authority during the course of complaint investigations, audits or general inspections. The Authority will have power to sanction a licensee up to and including the suspension or revocation of a licence. Where it considers it necessary, the Authority may bring a prosecution against a licensee which may result in either a large fine or imprisonment or both. Where a person suffers a loss due to the dishonesty of a licensee the Authority may award compensation from the “Compensation Fund” which it will be required by law to maintain. All licensees will be required to pay into the Compensation Fund.