A Croydon estate agent who stood to make a secret profit of £65,000 has been banned from estate agency work after she failed to disclose a personal interest in the sale of a property.
The Office of Fair Trading has issued a prohibition order for Marcia Whyte who ran Executive Estates in Brighton Road, South Croydon.
She failed to disclose to a potential vendor, promptly and in writing, that she was seeking to acquire his property.
An adjudicator found she also failed to disclose her personal interest to a potential purchaser to whom she intended to re-sell the property.
If the transaction had proceeded Miss Whyte stood to make a secret profit of £65,000.
She also received a deposit from the potential purchaser, even although this is unlawful where an agent has a personal interest in the property.
Mike Haley, OFT Director of Consumer Protection said: “Estate Agents must immediately disclose to prospective vendors and purchasers that they have a personal interest in the sale of a property they are marketing.
“This is specifically to prevent them from making a secret profit, as Marcia Whyte would have done in this case.
“We take seriously any complaints of an estate agent potentially misleading consumers by failing to disclose a personal interest.”
• What do you think? Let us know in the comments section below.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel