'Closer Regulation of Estate Agents Required'

 

The Bank Guarantees in Spain Action Group has welcomed the recent statement by the British Embassy in Spain, urging property buyers to take the appropriate advice before making any purchase.

However, the group has suggested that the EU should also investigate unscrupulous Estate Agents and Developers who are still allowed to operate in Spain, calling for the industry to be regulated by means of a similar body to the NAEA in the UK, and with all such businesses being fully licenced and insured.

Keith Rule, on behalf of the Group, said how such Agents are often the first link in the purchase chain and hold the most influencel when it comes to purchasers parting with their money to buy off-plan or resale property. If such agents were regulated they would take a stricter approach to promoting 'illegal' re-sale properties and off-plan developments with no Bank Guarantees, amongst other problems.

Mr Rule also called for Lawyers who offer conveyancing services to become more closely regulated and trained by their Bar Associations as well as stricter supervision for the Banking Industry as a whole.