The level of regulation in property transactions varies from country to country. In the UK there is a strong regulatory framework whereas in some countries there is virtually no regulation at all. The Lighthouse Code of Ethics, provides property transaction regulation in unregulated markets, over and above any local regulation that may exist.

The Lighthouse network of overseas estate agents commit to a set of 23 rules that fall within four main areas:

Transparency and Honesty - ensuring you will not be misled or misrepresented at any stage of the process

• Lighthouse Network agents guarantee that they will transact business with honesty and transparency to all parties.
• Lighthouse Network agents will not mislead or misrepresent clients through exaggeration or suppression of key facts regarding a property or transaction. Agents will state any faults with a property that they have knowledge of.
• Lighthouse Network agents shall ensure that clients are made aware of predicted and estimated costs of a transaction in a clear, honest and accurate manner.
• All agents shall offer properties for sale at the agreed and listed price from the vendor.
• Lighthouse Network agents will ensure, to the best of their abilities, that properties listed for sale are free of charges and encumbrances and meet the requirements for sale by law.
• All agents shall confirm full details of expenses to which buyers and vendors may be liable, prior to agreements being signed.
• Lighthouse Network agents shall provide an honest, accurate, complete and comprehensive description of a property for sale as provided by the vendor. All appropriate paperwork will be completed and confirmed with the vendor. It is the buyer's (and their legal representative's) responsibility to ensure that these details are correct.
• Lighthouse Network agents must not make any false, misleading or exaggerated claims whether oral or written regarding the sales price, investment return or rent. Agents shall present a true and accurate picture of a property in their representations to clients and the public.

• Lighthouse Network agents shall deal with all other parties in a considerate, polite and professional manner in order to provide an outstanding service to their clients.
• All agents agree to keep Lighthouse Network clients informed to the best of their knowledge, of the latest status of the properties the client is interested in and communicate all offers without delay.
• Lighthouse Network agents shall introduce buyers to a qualified surveyor capable of conducting a full structural survey on a property if requested to do so by the client.
• If Lighthouse Network or its agents introduce a client to an additional service provider, every effort shall be made to ensure that they act within this Code as well as acting within the laws covering that service.

• Lighthouse Network agents give an undertaking to protect the interests of the buyer or vendor they are representing.
• Lighthouse Network Agents shall handle all information given to them for all parties with complete confidentiality and in accordance with current data protection laws. This obligation continues after termination of any business relationships.
• Lighthouse Network agents shall not - at any point in time:
  - reveal confidential information of clients
  - use confidential information to the disadvantage of clients
  - reveal confidential information to third parties without the client's consent, unless required to do so by a court order.

• The Agent shall keep their knowledge of relevant legislation up to date and shall not bring disrepute to themselves or to the profession.
• All transactions made on behalf of the client shall be made from a separate client account held in a suitable financial institution.
• The Agent is required to act at all times in the interest of their clients and applicants. They shall use their best endeavors to avoid conflicts of interest and to disclose any personal interest.
• Agents shall ensure that all agreements shall be in writing (copied to each party) and be written in a clear and comprehensible language and shall clearly state the terms, conditions and responsibilities of all parties.
• Lighthouse Network and its agents shall support all parties to seek independent legal and financial representation and will recommend independent agents, able to provide a professional and suitable service. Lighthouse Network and its agents do not accept responsibility for any independently obtained lawyer/financial advisor.
• Lighthouse Network agents shall act promptly to all enquiries and present all offers in a timely manner.
• All agents shall not deny equal professional services to any person for reasons of race, colour, religion, sex, handicap or national origin.
• All business of Lighthouse Network agents shall be undertaken in accordance with statutory and regulatory requirements.

We recommend UK customers looking at buying a property overseas read the NAEA International Code of Practice guidelines, which can be downloaded at http://www.naea.co.uk/the_naea/general_public/code_practice.asp