The government has announced that it is seeking views on how new guidance can support estate agents with their legal responsibility to provide potential buyers with relevant information (material information) during residential property transactions.
According to the Ministry of Housing, Communities and Local Government (MHCLG), the home buying and selling process is often “long, complicated and frustrating for both consumers and property professionals”. It believes that a key reason for these inefficiencies is that both consumers and professionals often struggle to access the right information at the right time. Significant problems which might affect a buyer’s decision only emerge after their offer has been accepted.
MHCLG stated: “We recognise that obtaining, interpreting and publishing material information can be challenging in the context of property sales. We therefore intend to produce new guidance that indicates what is likely to be considered material information, helps professionals meet their legal responsibilities and results in a better quality service for consumers.
”This is a public consultation and we welcome views from anyone who has an interest in home buying and selling.
Views are especially invited from:
+ estate agents
+ other property professionals involved in home buying and selling
+ members of the public who have experienced the process as either a buyer or seller
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