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Question Title: Terms of Business
| Question: 164 |
| As well as managing my own properties, I also act as the agent for another landlord who lives abroad, managing his 3 properties for him. Do I need to have a proper written agreement with the landlord?
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| Answer: |
| Although there is no strict legal requirement, the RICS code of Practice for rented property recommends that anyone who acts as an agent on behalf of another private landlord, agrees in writing the terms and authority under which they manage the other person's property - this is called the agency agreement or terms of business. Also, if the agent is a member of one of the main professional bodies (e.g. RICS, NAEA, ARLA etc.), there is normally be a requirement under the association's membership rules that the agent has proper written authority for each client before undertaking any letting or management.
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References:
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Pages:
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Hyperlinks:
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Letting Handbook |
Chapter 17 |
letting-handbook-and-factsheets.html
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For more information, discuss on the Forum
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