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Property Information Questionnaire (PIQ) for sales
Having contributed members views to the NTSELAT working group developing guidance on Material Information, Propertymark’s Property Information Questionnaire (PIQ) is a credible structure to underpin the work property agents do with their clients to gather information.
Memorandum of Sale Checklist
Stakeholders from across the sector formed the Transaction Reform Group to find ways of speeding up the buying and selling process. A Memorandum of Sale is sent to all parties as soon as a sale is agreed in principle.
Declaration of offer form
Have the buyer complete a written declaration of offer rather than accepting it verbally so that you have clarification of their financial position and circumstances of selling so that this can then be shared with all parties, excluding confidential information, making everything transparent.
News articles
Full Material Information guidance published
The National Trading Standards Estate and Letting Agency Team (NTSELAT) has released comprehensive new guidelines covering all three phases of the programme, which aims to improve and standardise disclosures in property listings, helping agents to meet their legal obligations.
Court case brings to light the importance of Sales Protocol Toolkit
A case where a surveyor failed to identify serious remedial issues has highlighted the importance of using Propertymark’s Sales Protocol Toolkit to help minimise potential misconduct when selling a property. The dispute came from a RICS homebuyer inspection and report, which was undertaken in November 2011 by an experienced surveyor.
NTSELAT flesh out expectations on Material Information Part A
NTSELAT has released 19 pages of guidance around Part A of Material Information required for residential property, sales and lettings listings. With the scale of investment involved in property transactions and the unique nature of each property let or sold, NTSELAT’s work around Material Information aims to combat agents who try to manipulate buyer activity.
Dispute on material information accuracy leads to court case
Agents must be aware of the need to conduct due diligence checks on material information, as vendors from Oxfordshire are being sued for damages after claims they failed to disclose accurate information to their buyers. The buyers withdrew from the sale after the exchange of contracts when information of a planned nearby hotel development came to light.