An Increased Duty to Declare All

How far are you willing to go in marketing your home in order to see it sold?

Since the repeal of the Property Misdescription Act on 1st October 2013 and its replacement with the Consumer Protection from Unfair Trading Regulations 2008 (CPR) and the Business Protection from Misleading Marketing Regulations 2008 (BPR), selling your home brings with it an increased duty to declare its faults.

What is notable is that this duty to disclose is not only to complete the property questionnaire in the home report, but also any other matter which may deter the reasonable seller, for instance a long-standing neighbour dispute.

Under the new regulations sellers are obliged to disclose any material facts about their property that would lead the average consumer to refuse to buy.

Consumer Protection

So would you pay the fine?

While a seller undoubtedly risks a fine for hiding pertinent information about the property, how is this fine viewed? Could it be seen as small fodder in comparison to the lost sale of a property?

Hopefully not – the new regulations provide consumer protection from unfair practices and are there for the benefit of all. However, in a competitive economic environment how much is a seller really willing to disclose beyond the usual home report information and marketing message?

For information on how to comply with the Consumer Protection from Unfair Trading Regulations 2008 (CPR) and the Business Protection from Misleading Marketing Regulations 2008 (BPR), see the Office of Fair Trading (OFT) Guidance on Property Sales.

Johnson Legal Solicitors are here to help with your property buying and selling needs. Call us today on 0131 622 9222.