Estate agents 'could be sued' under new Hip rules
Property professionals
8th April 2009
Concerns have emerged that estate agents could face legal action as a result of new regulations governing home information packs (Hips).
Under the new rules, which came into force on April 6th, the seller or seller's agent is required by law to compile a Hip before putting a property on the market.
Richard Hair, former president of the National Association of Estate Agents (NAEA), said that while private landlords are unlikely to be affected by the move, estate agents could be sued if the pack is not completed on time.
"I think there would be a level of embarrassment in various locations ... if all of a sudden private homeowners were being prosecuted for not marketing with their Hip," he remarked.
He also described the timing of the new regulations as "dangerous" for the property market.
Among the documents a Hip must contain are an Energy Performance Certificate or Predicted Energy Assessment, evidence of title and a sale statement.
For more information on how Giles can help you with your business insurance, Click here.
