Various fair play norms for estate agents to deal with clients
According to the Office of Fair Trading, an estate agent must say he has an offer unless it is true. The OFT suggests prospective buyers may even ask for evidence if they have doubts. This can be rather difficult in practice, particularly if you wish to remain on good terms with the agent.
You may want to know whether you can make the seller or estate agent take the house off the property market, or stop advertising, after you have had your offer accepted. The answer is no. You cannot make a seller or estate agent take the property off the market, or stop advertising just because you do not want to lose your dream home. You probably fear being ‘gazumped’. But the agent is serving the interests of the seller, trying to secure the best price for the latter.
Can an estate agent seek a deposit? Yes, in England, Wales & Northern Ireland, but he shouldn’t hold a deposit or any other money unless covered by adequate insurance. And all money should be held in a separate building society account or bank, as stipulated in the Estate Agents (Accounts) Regulations. Importantly, receipts for deposits should be provided.