Dáil Éireann Debate, Wednesday - 1 June 2022
180. Deputy Cian O'Callaghan asked the Minister for Justice if he will consider outlawing price on application property advertisements to ensure that perspective purchasers pay the actual price rather than the maximum of their mortgage approval; and if she will make a statement on the matter. [28234/22]
Amharc ar fhreagraThe Property Services (Regulation) Act 2011 provides for the licensing and regulation of property services providers (auctioneers, estate agents, letting agents and property management agents) by the Property Services Regulatory Authority (PSRA).
There are a number of provisions in the Act relating to the sale of land (including buildings) and the keeping of records by licensees aimed at providing protections for potential purchasers. However, it is important to note that the licensee is contracted by the vendor and has no contractual relationship with potential buyers/bidders.
The licensee is selling the property for the vendor, is acting in the vendor’s best interests, and takes instructions from the vendor. Ultimately, it is the vendor's decision on the price he/she wishes to sell the property and to whom.
It is also a matter for the vendor to decide whether or not to indicate the price at which he/she is willing to sell the property (subject to the provisions in the Act in relation to the advised market value) in any advertisements for the sale of the property or to provide that the price will be provided on application by a potential purchaser.
Advertisement of property with price on application (POA) forming part of the advertisement is not improper conduct under the Act and licensees are not in breach of the legislation or regulations in doing so. Furthermore, I am advised by the PSRA that it has received no complaints, nor have any concerns been raised with the Authority, in relation to this issue.
While my Department keeps all legislation under continuous review, there are no plans to amend the Property Services (Regulation) Act 2011 in this manner at this time.
