ESTATE AGENTS AND HOAs – EAAB REVISES COMPLIANCE NOTE In February this year the EAAB issued a compliance note that outlawed the practice by many HOAs in residential estates of requiring estate agents to pay accreditation fees in return for exclusive rights to market properties in the estates. On 5 September the EAAB issued a revised Compliance Note stating that marketing agreements between HOAs and estate agencies will be lawful if the fees paid constitute a reasonable recovery for services rendered by the HOA. This can, for example, include the supply of security access cards, supply/erection of advertising boards, supply of maps/directions to properties and the like. Home owners should, in addition, retain the right to appoint an agent of their choice. The EAAB warned that it will take steps against any behaviour that contravenes the ethical rules of the profession.
Posted on: Tue, 16 Sep 2014 13:40:49 +0000