Property Services (Regulation) Act 2011
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Disclosure requirements applicable to vendor and licensee in relation to sale of residential property. |
59.— (1) Subject to subsection (2), a licensee shall not provide information, advice or assistance, whether by means of a brochure, advertisement (in whatever media) or otherwise, to a purchaser of residential property in respect of the possible availability of a loan from a lender in respect of the purchase of the property unless— | |
(a) the vendor of the property has advised the licensee, in writing, whether or not the lender has provided or indicated the lender’s willingness to provide a loan (whether in whole or in part) for the development or construction (whether in whole or in part) of the property, and | ||
(b) the licensee informs the purchaser of whether or not the lender has provided or indicated the lender’s willingness to provide a loan (whether in whole or in part) for the development or construction (whether in whole or in part) of the property (which may be done, in the case of a brochure or advertisement, by including the information concerned in the brochure or advertisement, as the case may be). | ||
(2) Subsection (1) shall not apply in any case where the vendor of the residential property concerned is, in his or her capacity as such vendor— | ||
(a) an individual acting outside his or her business, or | ||
(b) a person, or a person who falls within a class of persons, prescribed under section 96 for the purposes of this paragraph. | ||
(3) In this section “lender” includes a holding company and a subsidiary (within the meaning of section 155 of the Companies Act 1963 ) of the lender. |