What Information Must Vendors Tell Buyers?
26th March 2019 posted in Sellers
If you are selling your home, you want to accentuate the positives and provide buyers with as many positive reasons to consider your home. Presenting the property in a positive light is accepted, and all buyers are aware that vendors aim to paint the most positive picture of their home. Savyy buyers will expect some buyers to embellish certain features of their home while trying to downplay less appealing elements of their home.
However, under Consumer Protection Regulations, CPRs, vendors are required to disclose pertinent information regarding the property that may impact on the decision made by a prospective buyer.
Keep the vendor fully informed of critical aspects
If a previous survey has raised an issue with the property, with subsidence being a suitable example, the vendor must notify the buyer of this information. These details don't cover information that a vendor would be happy to disclose to the buyer, but if the news comes to light at a later date, the buyer will be within their rights to cancel the transaction.
It is also essential for the vendor to disclose information relating to planning permission, developments or construction if they are aware of them. This information includes applications which are pending, have been approved or declined.
Other issues that a vendor must share with a prospective buyer include:
• Whether the house is on a flight path
• Whether there is a substation or power plant near to the property
• If there are any structural issues with the property
• If there is a public right of way on the property
While there is a lot of potential information about a home that the vendor must disclose, there is also information about the neighbourhood and neighbours that vendors must share if they are aware of them.
Issues with neighbours should be disclosed
If there have been any problems with a neighbour, or if these problems are still ongoing, with neighbours, the vendor must raise the matter. Issues with neighbours can include any issues relating to boundary issues. Also, if the vendor is aware of any neighbour receiving an Anti-Social Behaviour Order, an ASBO, this must be disclosed. Hopefully, it will not apply, but if murder or suicide has been committed on the property, the prospective buyer should be informed.
It is also essential that vendors inform tenants of any issues relating to nature and wildlife. If there are any pests in the property, it is crucial to tell prospective buyers. The vendor is also required to disclose if the property is affected by Japanese knotweed.
Even though some vendors may think embellishing the truth about their home is okay if it leads to a sale, this isn’t the case. Offering misleading information or withholding relevant information could lead to criminal charges for the vendor and the estate agent.
Therefore, it is in the vendor and estate agent’s interests to provide an honest assessment of the property, while accentuating the benefits and key features. Striking the right balance is essential in selling a home and if you are looking for assistance in selling your home, contact Hunters Forest Hill. Not only do we provide a reliable level of estate agent services in Forest Hill, but we are also pleased to serve the community in areas like New Cross, Peckham, Dulwich and Brockley, so get in touch for support and guidance.