Hip Homes With No Catch!

Many people delving into the property market looking for their first homes may be unaware what a HIP actually is

. A HIP is a Home Information Pack, and contains all the essential data and documents that a buyer would need, and is provided by whoever is organising the sale of the property. Be aware if someone doesn't have one, that it is in fact a legal requirement to provide one in order to sell a property because otherwise you wouldn't be able to market the home. The HIP makes the potential buyer fully aware if there are any problems with the home prior to purchase should they complain after buying, and it works the other way round so the owner can't sell a home that is falling apart. This makes sure that both parties are covered.

A home information pack needs to be available the very day that a home goes on the market and a potential buyer will be able to pick it up from the estate agents or company who is marketing the home. A buyer should be able to pick up a H.I.P for free, though some people do make you pay a nominal fee to cover printing costs.

As of April 2009 it became a strict law that HIP's must be ready. The person selling the home is responsible for putting the home information pack together as well as the cost, but they can pay someone like an estate agent to compile it for them. There are some companies that specialise in putting a pack together and they could be cheaper than other options so it might be wise to do a little shopping around first.

If you are buying a house the HIP will put you at ease because it must contain the right information and you won't get any scary surprises about the home unless you are already aware.

The life span of a home information pack is determined by the market but generally so long as the property isn't sold it should be fine to keep using. Also if you are selling a house there are situations you won't actually need an information pack, such as when you are selling to a member of your family, non residential properties or unsafe properties. Those are only some of the examples for when a pack isn't necessary.

All these rules are put into place to protect both buyer and the seller when it comes to the sale of properties making sure no-one is given a shoddy deal.

by: Archie Arch

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