WHAT IS A HIP?
HIP is an acronym for Home Information Pack.
A HIP is a set of documents that provides the buyer with key information on the property and must be provided by the seller or the seller's agent. It is a legal requirement to have a HIP and a property cannot be marketed without it.
The HIP lets buyers see important information about the property at the start of the process. This means there is less chance of buyers becoming aware of any surprises at the end of the process. The HIP can help reduce delays and extra expense to the buyer and seller.
Since 14 December 2007 every home marketed for sale in England and Wales, no matter what size, requires a HIP to have been ordered. The HIP regulations changed on first day marketing from 6 April 2009 to ensure prospective buyers have comprehensive information about a property as it comes onto the market, and that sellers get to see the product they are paying for.
- WHAT IS A HIP?
- WHY HAVE HIPS BEEN
INTRODUCED? - WHAT’S THE LAW?
- WHAT WILL HIPS CONTAIN?
- WHAT IS AN ENERGY PERFORMANCE CERTIFICATE?
- WHAT IS A HOME CONDITION REPORT?
- WHOSE DUTY IS IT TO PRODUCE THE HIP?
- WHO OWNS THE HIP?
- WHEN DON’T YOU NEED A HIP?
- HOW SOON CAN A PROPERTY BE MARKETED?
- ARE THERE PENALTIES FOR NOT PRODUCING A HIP?
- ESTATE AGENTS REDRESS SCHEME