Guide to Property Transactions What a consumer may expect of his/her Estate Agent Your Estate Agent should : hold valid licence for conducting estate agency work. observe and comply with the Estate Agents Ordinance (Cap 511) and its subsidiary legislation as well as the Code of Ethics and the Practice Directions issued by the EAA. The EAA will handle and investigate all cases of contravention and non-compliance. promptly inform you of any offer. He/she should not misrepresent any offer or counter-offer. if you require market price or rental information, provide recent transacted prices or rentals of similar properties within the same locality for your reference. deposit any money received from or held on your behalf in a separate trust account with a bank in Hong Kong. make use of your money on your instruction and keep a proper record of all money kept on your behalf. maintain confidentiality of all your personal data. Where it is necessary to obtain copies of your identification document, the provisions of the Personal Data (Privacy) Ordinance (Cap.486) have to be observed and the purpose of such collection should be stated. Observe and comply with the Estate Agents Practice (General Duties and Hong Kong Residential Properties) Regulations prescribed by the EAA. Use the following Standard Documents prescribed by the EAA: Estate Agency Agreement - to be signed separately with the vendor and the purchaser, or the landlord and the tenant. The Agreement lists out the duties of Agent; the commission to be paid by the client and the time of payment. Agent should declare his/her interest, if any, in the property and the transaction, including the fact that he/she is representing both the vendor and the purchaser or the landlord and the tenant; Property Information Form - obtain the prescribed property information from sources prescribed by the EAA and provide the same to you ; and Vendor's Statement - to be filled in by the vendor with the assistance of Agent. No Vendor's Statement is required in the case of a tenancy. Explain clearly to your clients the different types of agency appointment and the terms and conditions of the Estate Agency Agreement.   Back to Index