SRA Handbook

Transactions in which you have a personal interest

Back to version 21

Version 7 of the Handbook was published on 01/04/2013. For more information, please click 'History' Above

Rule 5: Transactions in which you have a personal interest

5.1

When selling property you must comply with the following requirements:

(a)

If you have, or, to your knowledge, any connected person has, or is seeking to acquire, a beneficial interest in the property or in the proceeds of sale of any interest in the property, you must promptly inform your client in writing.

(b)

If you have, or to your knowledge any connected person has, a beneficial interest in a property or in the proceeds of sale of any interest in it, you must promptly inform in writing any person negotiating to acquire or dispose of any interest in that property. You must make this disclosure before entering into any negotiations with that person, whether or not you are negotiating on your own behalf or on that of a client.

Note

(i)

The requirements in rule 5 are in addition to the need to comply with the requirements in the SRA Code of Conduct in Chapter 3 about conflicts. The requirements in rule 5 are similar to those imposed on estate agents by the Estate Agents (Undesirable Practices) (No.2) Order 1991 (SI 1991/1032).