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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 NTSELAT Material Information guidance
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.
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.
Communicating correctly about leasehold properties
If the Leasehold and Freehold Reform Bill becomes law, it’s expected that the sales market for leasehold properties will be reinvigorated. Leasehold is a complex area and can be intimidating for agents and consumers, so what are the fundamentals of the current situation, and how will this change if the Bill is introduced?
Clarity provided on property advertising terms
The terminology surrounding the renting and sale of properties can be confusing for some consumers and new guidance from the National Trading Standards Estate and Letting Agency Team (NTSELAT) provides definitions of commonly used terms to improve consistency and understanding for everyone involved.