This content has been automatically generated from the original PDF and some formatting may have been lost. Let us know if you find any major problems.
Text in this format is not official and should not be relied upon to extract citations or propose amendments. Please see the PDF for the official version of the document.
Review Panel – Domestic Property Transactions
Date: 8th November 2016
Present | Deputy R.D. Johnson , Chairman Deputy R.J. Renouf Deputy A.D. Lewis Constable M.P.S. Le Troquer |
Apologies |
|
Absent |
|
In attendance | Mr. J Quemard, Quemard Estates and Chairman of JEAA Mr J. Crespel, Crespel Estates Ms C. Mauger, Choice Properties Ms G. Hunt, Hunt Estates Mr G. Hoare, Savills Mrs J. Hales , Scrutiny Officer |
Ref Back | Agenda matter | Action |
Item 1 17.10.16 511/2/1 | 1. Domestic Property Transactions The Panel welcomed members of the Jersey Estate Agents Association (JEAA) to a meeting to discuss its review on domestic property transactions. The members in attendance were Mr. J Quemard, Quemard Estates and Chairman of JEAA, Mr J. Crespel, Crespel Estates, Ms C. Mauger, Choice Properties, Ms G. Hunt, Hunt Estates and Mr G. Hoare, Savills. The Panel was informed that membership of the JEAA was not a compulsory requirement and, as such, about 50% of Estate Agents in the Island were members. The JEAA were asked if a date of completion being set at 4 weeks at the beginning of the transaction was reasonable. The Panel was informed that in the last 12 to 24 months, banks were running at a slower pace and the decision making process on borrowing has been removed from the Island across the board. They went on to say that depending on the level of borrowing, there could be an immediate 3 week delay between paperwork being processed by the bank and them instructing a surveyor. The JEAA did acknowledge that some agents would put a date on the bottom of an instruction letter which could cause a reaction, however an experienced agent would know that in reality, a 4 week completion would be unlikely and it was more realistic to be averaging 6 weeks. The JEAA went on to say it was not down to the agents to select a date and any date written in the introduction letter was immaterial - their job was to make the introduction and agree a sale. The JEAA did not see any evidence of gazumping or gazundering and explained that if Jersey was to go on to the 2 stage system similar to that in the UK of exchange and complete, any problems that currently existed in the Jersey system would still happen but would be prior to the exchange stage. The JEAA did admit that the Jersey system was not perfect but if comparing with other jurisdictions, functioned quite well both in terms of time taken for transactions and fees. |
|
| The JEAA was asked their opinion on Friday being the only option for property transacting. They did agree that another day in the week would be extremely useful as it could stagger the workload and would avoid the wait of another week should a late problem arise on the day of, or before completion. |
|