Home Information Packs: an introduction
From 1st June 2007, homeowners or the selling agents acting on their
behalf are required by law to provide a HIP or Home Information Pack when
marketing a property to sell. Prospective buyers, on request, are entitled
to receive a copy of this pack. Estate agents who are marketing homes
for sale will also be required to belong to an approved redress scheme.
The advantages of introducing HIPS are found in the flow of information
for buyers. Currently, problems with a property may only come to light
once an offer has been made and accepted. In this situation, or anywhere
new information about a house is revealed, complications with the transaction
can occur. The current system, according to the government, is outmoded
and doesn’t benefit either buyers or sellers. With HIPS in place,
time and expense will apparently be saved and fewer deals will collapse.
HIPS ensure that details about a house are out in the open from the
very beginning of a transaction. Electronic conveyancing, which is also
due to be implemented next year, will complement the HIPS scheme.
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