I was intrigued to read the news of a new initiative from The Buying and Selling Group which has created a definitive list of information that can be provided to potential property purchasers, up front, to help provide transparency and avoid duplication.
The Buying and Selling Property Information form, or BASPI, is an interesting proposal that is designed to bring forward the collection of information that is needed to progress a property transaction. In principle, I think this would be a positive step forward.
Every week, I seem to be reading the latest research suggesting that the time it takes for a property sale to take place is growing and while there are many reasons for this occurrence, the single most obvious one to resolve is the provision of information at the point of listing, rather than waiting until a buyer is found.
If a seller can collate the necessary information (a) quickly and (b) comprehensively, then not only would their lawyer be in a position to issue contracts upon the sale being agreed, but the ensuing additional enquiries process could be all-but eliminated too.
I truly believe that if the industry adopted this approach as the “new norm”, we would see a significant reduction in transaction times as a result. I will be interested in seeing how the BASPI progresses over the coming months.
Read the full article here.