New Propertymark Property Information Questionnaire
The Propertymark Property Information Questionnaire (PIQ) has been updated incorporating relevant topical issues and feedback from members who participated in a pilot in 2019.
The PIQ has been a key part of the work of the Transaction Reform Group convened by NAEA Propertymark to examine possible ways to speed up the buying and selling process.
The group comprises agents, conveyancers, Land Registry, National Trading Standards Estate and Lettings Agency Team (NTSELAT), software providers and other stakeholders.
Property transaction tool
The PIQ is a vital tool both in ensuring that estate agents meet their legal obligations under the Consumer Protection from Unfair Trading Regulations 2008 and in reducing fall throughs where buyers discover information which impacts their decision to purchase. Members of NAEA Propertymark are strongly encouraged to use the new version of the PIQ as a sound basis to enable both the seller and the agent to ensure that they are disclosing any issues that would affect the transactional decision of the average consumer.
In addition to ensuring compliance and reducing fall throughs, the form is a valuable tool in revealing issues such as missing certification which can delay a sale later in the process. When issues are raised as soon as an agent is instructed and prior to marketing, it allows time for certificates to be replaced, services carried out on boilers, checks made on building work, etc. This, in turn, means that conveyancers raise fewer enquiries and the transaction proceeds rapidly and smoothly. Agents should also be using the Propertymark Memorandum of Sale (MoS) Checklist to ensure that details of the vendor and sale are correct in advance of a conveyancer drafting a contract.
Kindly shared by NAEA Propertymark