Material Information: What Sellers Need to Know
Before you list your home, be prepared for your estate agent to go on a fact-finding mission.
They’ll ask you lots of questions about your property because they’re following industry best practice by compiling what’s known as ‘material information’.
This is defined as “information which the average consumer needs, according to the context, to make an informed transactional decision”.*
In other words, material information saves everyone time by letting buyers know as much as possible about a property from the outset.
It helps prevent a buyer from getting cold feet and pulling out of a sale because new information has come to light. It also helps build trust between buyer and seller.
Where to find material information
You’ll find material information included in a property’s online listing. Agents also often provide an information sheet containing this information before a viewing.
Trading Standards states that material information must be accurate and not set out to pull the wool over a buyer’s eyes.
If new details become available at any stage, an agent should update the material information in a timely manner.
What’s included in material information
Here’s a guide (albeit not an exhaustive list) as to what should be included in all property listings.
- Council Tax or domestic rates
- EPC rating
- Asking price
- Tenure – for example, whether the property is freehold, leasehold or shared ownership
- Property type (e.g. bungalow, semi-detached)
- Materials used in construction such as a thatched roof or timber-framed windows
- Number and type of rooms
- Information about electricity, water supply and sewerage; making reference to features such as solar panels, boreholes or cesspits
- Heating, such as a gas boiler, heat pump or wood burner. If there is a communal heating system in a block of flats, supply information about how charges apply
- Broadband
- Parking
Other relevant information
There’s another category of information that should be included, but only if it’s relevant to the property in question. This includes:
- Building safety issues such as unsafe cladding or the presence of asbestos
- Restrictions such as tree preservation orders or historic listing
- Rights and easements such as public footpaths or bridleways
- Risk of flooding or coastal erosion
- Planning permission or proposals that would affect the property. For example, if land next to a property is to be developed
- Accessibility adaptions such as ramps or lifts
Be prepared
When you decide to sell your home, it’s helpful to get together any information or documents you have that are relevant to the property, including the title deeds (so that an agent can check if you have the right to sell the property).
This will save everyone time and help your property get to market sooner.
If you’d like a free property valuation, contact us here at Sure Sales and Lettings today.
* Consumer Protection from Unfair Trading Regulations 2008