A new initiative fronted by the Institute of Professional Auctioneers & Valuers (IPAV) is being geared towards reducing the time taken to complete a property sale
The Institute of Professional Auctioneers & Valuers (IPAV), the trade body for property sales professionals, is spearheading a new initiative which will significantly reduce the time taken to complete a property sale.
Over the course of the past month, the organisation has reached out to a number of key property stakeholders to elicit their support for the introduction of a Seller’s Legal Pack.
The Banking & Payments Federation of Ireland, the Construction Industry Federation among a host of other bodies and companies are all backing the proposal.
If successful, the Seller’s Legal Pack will be provided to aspirant purchasers when a property is placed on the market for sale.
This will front load the current practice which sometimes can take in excess of four months to complete.
The Pack contains a collection of documents which includes but is not limited to the following: Law Society conditions, copy of file and file plan, certificate of compliance with building regulations and planning permissions, receipts for financial conditions and a BER Cert.
IPAV’s Chief Executive, Pat Davitt, said “We recently conducted a comprehensive survey of our membership to better understand the blockages in the property sales process and we were astounded to learn of the delays encountered by our membership when trying to conclude the sale of a property.
In total, 79pc of auctioneers said they are experiencing delays with the average time from when a property is deemed ‘sale agreed’ to when contracts are signed taking ten weeks. A further six weeks of delays are incurred from the signing of the sales contracts to the date on which the sale closes,” he says.
Mr Davitt says IPAV has now begun a process which he hopes will “revolutionise the way we sell property in this country and bring some speed and certainty to the process”.
He continued “The current sales process is unaligned, rife with uncertainty and presents legal risks to the vendor so the overarching benefits are clear to us.
"By bringing forward the requirement that vendors produce this documentation up front, before marketing a property, ensures that aspiring purchasers, solicitors and auctioneers have a clearly defined conveyancing timeline while giving certainty thereby eradicating some of the unnecessary delays that have burdened the system for years.
“Our next step is to start engaging with Government and their relevant officials and the Law Society to try and effect real and meaningful change for the industry. As a representative body responsible for driving standards for the property sales industry, we have no doubt, the Seller’s Legal Pack will deliver tangible benefits for all property professionals.
“Our ultimate objective is to influence the development of a sustainable property market where people can buy, sell or rent properties in a cost-effective and efficient manner,” he concluded.