HIPs or Home Information Packs clarified

Home Information Pack (HIP), also referred to as the 'Seller's Pack', is a set of documents conveying information about any property owned by an individual in England and Wales.

This means that, if any owner intends to sell the property, then he/she has to produce the set of HIP documents relating to the property. Sale Statements, The Energy Performance Certificate, Local authority Searches, title documents, etc., are some of the most important HIP documents.

To ensure a more transparent and viable transaction between the property seller and the buyer, the HIP documents were introduced. This curbed the rampant growth of manipulations, gazumping and mismanagements in this domain.

The property seller and the buyer confronted many difficulties, due to lack of adequate information. The buyers lacked the right information and the seller could not reach at a realistic price for the property. However, with HIP documents the unwanted problems could be curtailed.

Since, it has become inevitable for the property owners to produce HIP documents according to the provisions of the Housing Act 2004, therefore the whole transaction process has gained more transparency and authenticity. This has satisfied both the sellers and the buyers on all accounts.

The information rendered by Home Information Packs can be segmented into two parts - required and authorized. The ‘required’ or mandatory information includes Index, Energy Performance Certificate, Local Authority and Drainage Searches, Sale Statement/Terms of Sale and the title documents.

If you are contemplating to sell your property in England and Wales make sure that you have submitted all necessary document that comes under the purview of ‘required’ information. The owner of the home has to procure those necessary documents three months prior before advertising the property.

In case if the property is on leasehold, the Home Information Packs must include additional documents besides "required" information. Copy of the lease, building insurance policy, contact details for the property owner/management and legal details, recent service charge receipts and accounts as well as all applicable regulations comprises the additional information of the Home Information Packs.

The Home Information Packs may include some other authorized documents like Home Condition Report, Legal Summary & Other Search Reports (mining search reports in particular cases), two seller’s questionnaire forms – the Home Use Form and Home Contents Form.

Find local Domestic Energy Assessors to supply an Energy Performance Certificate for your Home Information Pack at our Directory of DEA's at http://www.dealocal.co.uk