The Property Services (Regulation) Act 2011 has been signed into law and awaits the making of the necessary commencement orders.
The purpose of the Act is to give effect to recommendations set out in the Report of the Auctioneering/Estate Agency Review Group. The existing District Court based licensing system for auctioneers and house agents will be transferred to the Property Services Regulatory Authority. Licensing requirements will be extended to cover property management agents. The new Authority will also be given comprehensive investigative and enforcement functions and will be responsible for establishing and administering the new Property Services Compensation Fund.
The Authority will also be given power to enforce standards in relation to the provision of property services. This will include the terms of building contracts, the contents of advertisements for the sale or letting of land and the standards for the measurement of land offered for sale or letting.
The Act includes provisions for a number of databases which will provide information on property sales prices and values.
Under the new provisions, the Property Services Regulatory Authority is to establish a database which will be available free of charge and which will set out details of residential property sales prices including the address of the property, the price at which the property was sold and the date of sale of the property.
The Authority is also required to establish a Commercial Leases Database. The database will be accessible on payment of a fee and will disclose the address and description of the commercial property, the date of lease of the property, the term of the lease, the rent payable and details disclosed by tenants under such leases to the authority.
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