I propose to take Questions Nos. 510 and 517 together.
Property purchase transactions are subject to private contract and buyers should ensure that they have adequate legal advice and information when signing contracts. While my Department has no statutory function in relation to the content of contracts, I am anxious to promote the interests of home buyers as far as possible and with that in view, my Department engages with the industry, as appropriate, in relation to voluntary codes of practice. The Department is currently pursuing certain matters in that regard, including possible measures to address some issues relating to residential property management. There has been a positive response from the industry and I am hopeful of early progress.
The Government legislation programme provides for the publication in 2007 of a Property Services Regulatory Authority Bill, which is being developed by the Department of Justice, Equality and Law Reform based on recommendations in this area by the Auctioneering/ Estate Agency Review Group and the Law Reform Commission. I understand that it is proposed to include provision in this legislation for the licensing of auctioneers, estate agents and property managing agents and that there is also likely be provision for regulations relating to advertising, deposits and certain other matters relating to property sale and contracts.