Home condition report for property sales is one of the optional report documents that a seller should provide along with the Home Information Packs. The Home Information Pack is also known as the HIP and is compulsory for most homes on the market in England and Wales.
It is compulsory for the seller or the seller's agent to provide HIP to the buyer. The home condition report document intends to help buyer informed choice on the purchase of the property in question.
The HIP or sellers pack lets buyers see important information about the property at the start of the process, free of charge. 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.
Home condition reports contains information about the physical condition of a selling property, which sellers, buyers and lenders will be able to rely on legally as an accurate report. It is similar to a Homebuyer Survey and can let the seller and buyer be aware of any works or repairs that are needed to the property.
The home condition report must be carried out by a certified home inspector, and must be written in plain English and not include technical jargon. Home condition reports are beneficial for both the buyers and sellers. They benefit sellers in a sense that they can project true value of their property so that the buyers do not pull of at the last minute.
Home condition reports are beneficial for buyers in a sense that they can have the clear idea of what the property contains and what still needs to be done, thereby removing any chances of surprises at the end of the process.
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Hope you can understand what is Home Condition Report? and why Home Condition Reports are important for property sales?
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