The Property Services Regulatory Authority (the Authority) operates under the Property Services (Regulation) Act 2011 (the Act) and related regulations.
Under Section 61 of the Act, a Property Services Provider (PSP) must retain a record, for a period of not less than 6 years, of all offers received by the PSP, including conditional acceptances, in respect of properties for sale by private treaty. The Authority has developed a template for recording bids, available on its website www.psr.ie. The information to be collected by PSPs is as follows:
• Name and contact details of prospective purchasers
• Method of offer and person who received the offer
• Date and time of offer
• Offer
• Conditions (if any)
• Date and time offer was notified to client and by whom
• Name of client notified where more than one client
• Reaction to offer
Under Regulation 15 of the Property Services (Regulation) Act 2011 (Minimum Standards) Regulations 2020, in relation to properties for sale by private treaty, a PSP:
Shall disclose to their client, by the means and within the timeframe agreed with their client, all offers including any conditions attaching to the offers, and all recorded price offers in writing;
Shall provide written confirmation to each offeror on receipt of his or her offer;
Shall not express or imply to any person including their client that an offer has been received unless that offer has been received by the PSP;
When disclosing an offer to their client, shall notify the client in writing that the offeror is a PSP, a principal officer of a PSP, an employee of a PSP, the employer of the PSP, an employee of the PSP’s employer, or a connected relative of any of the above, where the PSP knows or has reasonable grounds to believe that this is the case.
More recently, a number of PSPs also facilitate prospective purchasers in placing their bid online, and this facility allows all prospective purchasers to have sight of the offers on the property, providing transparency on offers made on the property.
