Clause 1 - Meaning of ``residential property'' and other expressions
Homes Bill
5:45 pm
Mr Nick Raynsford (Minister of State, Department of the Environment, Transport and the Regions; Greenwich and Woolwich, Labour)
The hon. Gentleman is absolutely right that the property would still be on the market, because the advertisement seeking to attract potential buyers would still be in place. Two points should be made. First, there will be no problem if the marketing is being conducted properly with a seller's pack, because the seller's pack would continue to be available to cover that period. Secondly, we are obviously interested in getting expeditious responses to instructions to cease marketing, and we want estate agents to act as quickly as possible in order to avoid confusing the public. It is far more sensible to link the two, rather than to say that no obligation exists once the seller has sent instructions cancelling the sale. In the latter case, there would be no incentive for the estate agent to remove the sign because there would be no liability. Although I accept that it will happen, it is a good thing to have an incentive for the agent to remove the sign expeditiously after instructions have been withdrawn.
Amendment No. 50 would restrict the seller's pack obligations.