Introduction
By registering as a sourcing agent (
Sourcing Agent) you are joining an extensive network of expert sourcing
agents from across the United Kingdom. In order to ensure that investors have access to high quality
investments, we expect all sourcing agents to adhere to this Code of Conduct (
Code). The Code applies to
your use of www.sourcinginvestments.co.uk and applies in conjunction with the sourcer terms of use, privacy
policy and any other agreement between you and Sourcing Investments Limited (together referred to as
Our
Terms). In the event of any conflict between the Code and Our Terms, Our Terms shall apply.
Sourcing Agent Code of Conduct
1. A Sourcing Agent may be any sole trader or a limited company, in any event it must be an independent
business solely engaged in sourcing/finding properties.
2. Legacy Education Alliance International Ltd (
Legacy) are an educational training business, and key trading
partner of Sourcing Investments Limited and does not engage in property investment, nor does it give any
investment advice.A Legacy or domestic mentor (
Mentor) or anyone associated with Legacy (such as
speakers, crew etc) must not be a director or shareholder of any Sourcing Agent, and additionally a
Sourcing Agent may not introduce their own property to a Sourcing Agent or be party to a joint venture
with an Investor. Such introduction would be considered a conflict of interest and would result in a breach
of our Terms which may result in other parties being notified and the service being terminated immediately.
3. To assist the Investor, a local power team will be introduced by the Sourcing Agent to enable the purchase
of a property. The local power team must be approved by Sourcing Investments and will include:
3.1. a chartered surveyor and valuer;
3.2. letting and managing agent (recognised by a professional body and having client account insurance);and
3.3. where appropriate, a project manager.
To further assist the Investor, the Sourcing Agent will need access to trades-persons including builders, plumbers and electricians that are competent and fully qualified and hold appropriate insurances.
4. The Sourcing Agent must:
4.1. Carry valid professional indemnity insurance (details of which must be supplied to Sourcing Investments on demand);
4.2. be registered with The Property Ombudsman (
TPO);
4.3. be registered with the Information Commissioners Office;
4.4. Register with HMRC to comply with the Money Laundering Regulations 2007. ID (Refer to the following Consumer Guide:
www.tpos.co.uk/consumer_guide_sales.htm);
4.5. comply with the Estate Agents Act 1979 (have a copy of the Act in the office); and
4.6. have a documented complaints procedure.
5. The Sourcing Agent should upload all their properties each week and maintain their live properties available to investors via their Sourcing Investments sourcer area. Sourcing Agents should take due skill and care in preparing their live property data and ensure it is accurate.
6. Sourcing Agents should amend property details where it becomes apparent that information is incorrect or requires updating. Photographs should be clear, well presented and sufficient to provide a good overview of the property.
7. Sourcing Agents must use the Standard Sourcing Agent Investor Contract also known as the Sourcer Terms of Business (
https://sourcinginvestments.co.uk/sourcingagenttermsofbusiness/) when entering into a property transaction with an investor. No other contractual terms should be used. If the Sourcer Terms of Business are not signed by both the Sourcing Agent and Investor then there is no contract between the parties and no entitlement to payment should a property deal be completed.
8. The Sourcing Agent will determine the amount of the sourcing fee (Sourcing Fee) and provide full details to the investor as to scope of work included in the Sourcing Fee. If the Investor requests to see the property and visit an area, then the Sourcing Agent may wish to charge an additional fee.
9. It would be contrary to TPO rules and considered a conflict of interest if a Sourcing Agent introduced to the Investor a property in which they have an interest directly or indirectly or to enter into a joint venture with any Investor.
10. Sourcing Investments encourages Sourcing Agents to foster a good relationship with Investors and use the Sourcing Investments Business Conversation Area for all communications. Where communications of any form take place outside of the Business Conversation Area (e.g. skype) then a recording of any such communication should be recorded in the Business Conversation Area – Sourcing Agents are reminded that the Business Conversation Area provides protection to both the Sourcer and investor by having an entire record of the property deal, which will prove invaluable in the event of dispute.
11. There is no assumption as to exclusivity as the Investor must be free to consider other routes to invest.
12. It is a requirement that a Sourcing Agent set aside 30 minutes for a weekly Skype call to present their live properties on Sourcing Investments to potential investors at the Sourcing Investments presentation . The presentation occurs every week on Wednesday morning and arrangements to present should be confirmed with Sourcing Investments at least four weeks in advance.
13. Sourcing Investments require the Sourcing Agent to be professional, courteous, respectful and to uphold good ethics at all times when communicating and dealing with Investors. Sourcing Agents should be mindful that in most instances the Investors are investing some or all of their life savings in the contemplated transactions and the transactions are therefore highly material to the Investors – Sourcing Agent’s due skill, care, and attention is required at all times to maximise the potential for a positive outcome for investors.
E&OE. Updated 01.10.2019
