Law Society warns on the true cost of HIPS
He has warned that some Estate Agents are receiving secret payments from HIP companies for the provision of the HIP. He explained that "Because of these hidden referral fees the estate agent is overchrging the seller and making a secret profit". This he believes can be as much as £100. He, however, failed to make the distinction, that some Estate Agents buy their HIPs at wholesale prices based on volume purchase from their HIP Provider. As ever, there is enough competition in the market to ensure consumers are getting the best deal for themselves.
The Law Society has also expressed concern that there is the potential for conflict between Seller and Buyer if the Property Information Form, the PIQ, is completed incorrectly.
As always if you are in any doubt, it is better to consult your Solicitor at the earliest stage so that you can be properly advised from the beginning.
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