Estate agents and bidding

Registered and impartial

Estate agents must be registered with the Estate Agents Inspectorate (chapter 2, section 1), which supervises them. The agent must do the job with care and follow good estate agency practice, look after both seller's and buyer's interests and, within that, pay particular regard to the client's financial interests (chapter 3, section 1).

What the agent must do

Give buyers and sellers the advice and information they need, say in advance how the seller intends to sell, encourage the seller to disclose what matters and tell the buyer in writing about the duty to inspect (section 12).

Check who may sell and which mortgages, easements and other rights burden the property (section 13), give a written property description (sections 14 and 15) and offer a written estimate of the housing costs (section 16).

From the law

«Fastighetsmäklaren ska ta tillvara både säljarens och köparens intresse. Inom ramen för de krav som god fastighetsmäklarsed ställer ska mäklaren särskilt beakta uppdragsgivarens ekonomiska intressen.»

The bid list

The agent must keep a list of the bids: the bidder's name, contact details, the amount, the time and the conditions. It is given to the seller when the assignment is done and, if a sale happens, also to the buyer (section 18).

No bid is binding

A property purchase is valid only once the deed is signed by both (Land Code, chapter 4, section 1), and the same goes for a tenant-owned flat (Tenant-Owner Act, chapter 6, section 4). So a bid binds no one: the bidder may withdraw it, and the seller may choose another buyer – or none – even after accepting a bid verbally.