India Broadband Forum

RennySam77

Home Information Packs (HIPs) were brought in to full affect as of 14th December 2007, applying to 'all' residential property for sale. Anyone selling a residential property is now required to provide potential buyers who are Buying Real Estate in India with a pack containing many of the legal documents previously obtained once an offer was accepted and a brand new document called an Energy Performance Certificate (EPC). Failure to provide the information can land the seller or their agent with a £200 fine.The full contents of the HIP pack are divided into compulsory and optional documents.The compulsory documentation that should be found in all Home information Packs are:
• An index (i.e. a list of the contents of the Pack)
• An Energy Performance Certificate
• A sale statement (summarising terms of sale)
• Evidence of title (in the form of Land Registry documentation)
• Standard searches (i.e. local authority enquiries and a drainage and water search)
• Where appropriate, commonhold information (including a copy of the commonhold community statement)
• Where appropriate, leasehold information (at the time of writing only a copy of the lease is a compulsory document)
The optional documentation that can be included within a Home Information Pack are:
• Legal summary
• Additional information for leasehold and commonhold sales, where appropriate (for e.g. information on service charges and insurance)
• Home use/contents forms (a planned Property Information Questionnaire (P.I.Q.) is anticipated to replace this and will be a 'compulsory' document)
• Home Condition Report (HCR)
• Other documentation which can include additional searches, guarantees and warranties for work carried out
It had been planned that a Home Condition Report (HCR) would be included as a mandatory document. However, pressure from various sources resulted in the HCR element being made voluntary. The take up of HCRs in the area trials was very low and has not improved since the packs came in to force.Estate agents often in conjunction with specialist pack providers, will organise the pack on behalf of the seller. The cost can often be clawed back via increased fees. It is also likely that withdrawal clauses will be added into agency agreements making sellers responsible for the cost of the pack if they change their mind and take their property off the market. By using direct independent providers some of these dis-advantages can be negated.

just4kix

Did not understand how this applies to India.