What are „Sleevies“?
You may not have heard of a „sleevie“, but it is one of the names given to a property that an owner wants to sell, but doesn’t want to list on the market at the moment – nothing to do with a shirt!
Owners often provide licensees with potential listings by telling them that they have a property for sale, but that if the licensee has a buyer to give him a call, take them through the property and if they get him a deal, then he will sign a listing (Agency Agreement).
Introducing people to properties without a signed authority.
The Real Estate Agents Authority answer to the question of whether a licensee (a licensed salesperson) can take a purchaser through a vendor’s home without first having a signed agency agreement in place was that a licensee must not – offer or market any land or business unless authorised by a client through an agency agreement – that means it must be listed.
Rigid application of this rule means that licensees have been advised to avoid these circumstances or, at least, have a signed agency agreement effective on a temporary basis. This authority in writing from a vendor would be needed in a defense of any disciplinary proceedings resulting from such introduction at any time in the future.
So the days of what was known as „sleevie“ listings, and a vendor saying – „Bring buyers through and when you get a deal I will sign up!“ – have gone!
Licensees are also required to provide a Duty of Care.
All licensees now have a Duty of Care to the Client (Vendor) and the Customer (Purchaser) which now means:
1. Known defects about a property must be disclosed.
2. Suspected defects must also be disclosed, or the vendor provides written confirmation of no defects.
3. When a client is aware of a problem and does not give permission for it to be disclosed, the licensee cannot continue to work for that client.
The use of Pre-sale Inspection Reports would be one way of providing the necessary disclosures.
If a vendor is aware of all the maintenance and building issues associated with his property, the vendor could provide this information and data themselves.
Another way is to obtain a clause from your lawyer to insert into the agreement confirming to buyers‘ their acknowledgement of certain defects.
Whatever the situation, this is one area where the assistance and knowledge of your solicitor will be invaluable.Immobilienmakler Heidelberg Makler Heidelberg
Source by Ian North