Teal Legal, the technology company behind the Home Owner’s Passport (HOP), says it has launched a new take that will help agents comply with new material information rules announced by the Realtors Team and leasing National Trade Standards this week.
The announcement that new mandatory information, designed to help movers make informed decisions about a property, must be included in all listings has been widely welcomed by the real estate industry.
A property’s council tax bracket or rate and property price and tenure information – for sales – must be included on all property listings by the end of May 2022 and these data fields will begin appearing on portals in the coming weeks.
These changes represent the first phase of a project by the National Property and Rental Trading Standards Agency team in partnership with industry leaders and major UK property portals, to define what constitutes important information for real estate advertisements.
Developed in response to requests from real estate and letting agents for clarity on what information should be disclosed as standard when marketing a property, Part A of this three-phase project includes information considered important for all properties . Two more phases are being developed which will incorporate other important information such as covenants, flood risk and other specific factors that may impact certain properties.
Teal Legal says it wants to make sure meeting these new requirements isn’t onerous. He points out that gathering advance information, even for complex cases, has been made easier in part because of the work that has been done across the industry over the past few years to make transfer of ownership data available. in line.
Teal says that before the pandemic, much of the documentation required by material information rules was not easy to remember, with much of it buried in carrier paper files.
Despite the difficulties, many agents still gathered this information, uploading title deeds or obtaining documents directly from suppliers; but it hasn’t necessarily been a particularly quick or cheap exercise.
Sally Holdway, Director of Teal, said: “We have been involved in various task forces and task forces over the past two years, looking specifically at the challenge of getting our hands on digital transmission data earlier in the process. , and the dial really did move quite a bit in our opinion.
“Projects such as the Home Buying and Selling Group’s Technology Task Force, HM Land Registry’s LLC1 program and the Law Society’s TA6 Part 1 are all moving in the same direction, to facilitate instant data interoperability so that ‘they are becoming the norm.
“And that translates into direct use cases. The new trade standards registration requirements are a prime example. There are software tools available that can collect the required information from a variety of sources, such as the UK Land Registry, and neatly package it for officers without causing significant registration delays or costs, eliminating headaches.
“But it also means we can go further than that. In our own material information software, we also triage the transaction to see if it is likely to be complex and provide interactive reports to buyers.
“Additionally, the data sources for material information will also facilitate the generation of real estate packs, which, if forwarded by agents to attorneys, will save weeks in transaction times.”
It is this interoperability of conveyancing data that means other stakeholders such as lawyers, brokers and surveyors will also benefit, further reducing duplication and reducing lead times and scrap rates, according to Teal.
New rules on material information are a major step towards mandatory disclosure in quotes