News
Get your head around your HIP
Home sellers are being reminded by the Ombudsman for Estate Agents to make sure they understand any agreements they sign covering the provision of Home Information Packs (HIPs).
In his report for the third quarter of 2008, Ombudsman Christopher Hamer said it is obvious to him there is a lack of understanding among people selling residential properties about when they have to pay for the HIP that is compulsory when a home is being marketed.
He said: “In particular it appears that sellers see the charge for the HIP as simply a fee for selling their property and of course if it doesn’t sell, they do not expect to pay.
“In drawing a client’s attention to the terms of the HIP agreement agents should emphasise that it is a legal requirement under the Housing Act 2004 for a Pack to be produced; and if the relationship between seller and agent ends, the payment of the fee means that the seller gains ownership of the HIP,” Mr Hamer added.
Mr. Hamer outlines cases in his report where sellers disputed the need to pay for a HIP but makes it clear that in each case the estate agent’s terms made it obvious that payment would be required for the HIP whether or not the property was sold through them.
Post a Comment on this News Article.
