Page 153 - IOM Law Society Rules Book

Note

(i) Seller for the purposes of paragraph 7(2) (ii) includes if the seller is an

individual, the spouse, associate (whether partner business or otherwise), or

joint venturer(s) with the seller and if the seller is a body corporate the

holding, subsidiary or any other company within the group of companies of

which the seller is a member and any associate company by way of joint

venture or otherwise.

(c) When an Advocate acts for the seller and acts for the buyer, the following additional

conditions must be met:

(i) different persons must conduct the work for the seller and the work for the

buyer and if either of the persons conducting the work is not an Advocate, he

or she must be appropriately supervised by a different Advocate; and

(ii) the Advocate must inform the seller, in writing, before accepting the

instructions to deal with the Property selling, of any services which might be

offered to the buyer, whether through the same practice or any practice

associated with it; and

(iii) the Advocate must explain to the buyer, in writing, before the buyer gives

consent to the arrangement:

(a) the implications of a conflict of interest arising; and

(b) the Advocate's financial interest in the sale going through.

Notes

(i) If a Builder or Developer acquires a property in part exchange, and sells it on

without development, he or she is not, for the purpose of this Rule, selling ''as a

Builder or Developer