Here’s an introduction to new laws that would require home sellers to provide additional pre-sale details to buyers, based on the provided text:
New Laws Proposed to Enhance Transparency and Efficiency in Home Sales
A recent report from the Competition and Consumer Protection Commission (CCPC) has highlighted meaningful information gaps in the home-buying process, leading to delays and potential sales falling through. The CCPC is calling for new laws that would mandate home sellers to provide a greater level of pre-sale information to prospective buyers. This initiative aims to address critical issues identified at both the initial viewing stage and during the subsequent conveyancing process, ultimately protecting consumers from financial loss, stress, and wasted time.
currently,the principle of “buyer beware” in the Republic of Ireland places the onus on the buyer to investigate a property’s condition and legal standing. However, the CCPC’s findings indicate that this approach has resulted in “widespread consumer detriment.” To combat this, the proposed legislation would require that no property be put on the market without essential details being confirmed. This includes verifying tax compliance, ensuring the seller possesses the title deeds, and confirming whether the property is undergoing probate. Furthermore, sellers and estate agents would be obligated to readily disclose any publicly available information regarding environmental risks associated with the property, such as flood, noise, or radiation maps.
The report also advocates for the creation of a new conveyancing profession to streamline the legal aspects of property transactions. with property transactions on the rise, the CCPC emphasizes the growing importance of skilled conveyancers to navigate legal complexities and ensure smooth sales. The CCPC’s research underscores the public’s desire for a more transparent system, with a significant majority believing that information shared with one buyer should be disclosed to others. This push for greater transparency and proactive disclosure aims to create a more equitable and efficient market for all involved in buying a home.