Consumer Watchdog Urges New Laws for Home Sellers to Provide More Information

The consumer watchdog is urging the Government to implement new laws requiring home sellers to provide more information to buyers before selling a property. This is to prevent delays and potential sales falling through. The Competition and Consumer Protection Commission (CCPC) highlighted significant information gaps for home buyers in a recent report.

Buyers face risks at two critical stages: the presale agreed stage and the conveyancing stage. Inadequate information can lead to wasted time on unnecessary viewings, overestimation of property values, and delays during the conveyancing stage due to issues that could have been identified earlier.

Currently, buyers in the Republic are responsible for investigating a property's condition and legal status before purchase, leading to consumer detriment such as financial loss and stress. The proposed laws would require confirmation of certain details before a property can be listed, including tax compliance, title deeds, probate status, and environmental risks.

The CCPC also suggests creating a new conveyancing profession to improve the efficiency of the legal process, given the increasing volume of property transactions. The report reveals that many consumers find the current system non-transparent and believe that estate agents should disclose information to all potential buyers. Additionally, a significant percentage of homeowners discovered issues post-sale that they wish they had known beforehand.

According to the source: The Irish Times.