A good working relationship between your property lawyer and estate agent is a crucial part of a successful sale.
It may not occur to a house buyer or seller that, if their lawyer and the agent handling the sale work closely, this will assist greatly in ensuring that a property transaction runs smoothly and achieves the agreed deadline. After all, we share the same goal - to ensure a successful completion of the transaction.
The first stumbling block can be an unrealistic completion date. If the lawyer does not have enough time to complete their researches, disappointment for the transacting parties can result. Therefore it is important that the lawyer and agent liaise from the outset. Once a good working relationship has been established the agent will know the time frame a lawyer is likely to need, or will be comfortable to simply make contact and talk the transaction through. The agent is also likely to have information about the achievable time frames and specific requirements of both the seller and purchaser, for example, how far along is a buyer with their mortgage application and survey or valuation?
If a problem is identified during the course of legal researches all parties should be kept informed and the estate agent can assist with any renegotiation that may be required between the two parties. Further, if the transaction is part of a chain the agent will be key in ensuring that parties further up or down the chain understand the reasons behind any possible delays and can assist in keeping that chain held together.
The Jersey Estate Agents Association (JEAA) was established some 50 years ago and continues to serve to raise standards of professionalism amongst its members. John Quemard is the President, and Andy Truscott the Regional Executive for Jersey. The JEAA sits alongside the National Association of Estate Agents (NAEA) which is headed up by Martyn Baum (President) and Mark Hayward (Managing Director), who recently visited the Island. The two organisations work closely together to improve standards and foster good working relationships within the property industry.
Assisting estate agents in understanding the basics of the legal process will undoubtedly contribute greatly towards everyone being able to work together in a constructive and efficient way. Ogier’s Property Law Team values the benefits that close working relationships bring and regularly meet with agents for presentations, seminars, social events and informal discussions and liaise closely during transactions.
Ogier’s Property Law Team will be working with the JEAA, NAEA and its members over the next few months to hold clinics to further our understanding of each other’s roles and how we can continue to improve our working relationship. We firmly believe
that professional and ethical agents working with approachable and efficient lawyers will achieve the best results for all concerned and that ultimately will benefit buyers and sellers alike.