For sale by owner not sold through brokers each year (as of 2004). MSN Money suggests that 30% of homes are sold without using a real estate agent. More than half of the homes sold in Quebec are sold without an agent. In the UK, the average commission rate is significantly lower than in Canada or the US. Properties for sale by owner are less common. By law, all sales of property have to be supervised and handled by an independent solicitor who acts as a mediator and holds the buyer's money until the purchase process is finished. In Australia, the FSBO is still
Estate agent warnings right through to more severe penalties of up to £5,000 for each rule breached, and a maximum penalty of €5 million for breaches of the specific Anti Money Laundering rules. Some estate agents are members of the Royal Institution of Chartered Surveyors (RICS), the principal body for UK property professionals, dealing with both residential, commercial and agricultural property. Members, known as "Chartered Surveyors", are elected based on examination and are required to adhere to a code of conduct, which includes regulations about looking after their clients' money and professional indemnity insurance in case of error or negligence. The "Ombudsman