Consumer watchdog calls for new laws compelling home sellers to disclose more information
the Government
to introduce new laws that would require home sellers to provide additional pre-sale information to buyers to avoid delays and possible sales falling through.
The call is contained within a new report from the
Competition and Consumer Protection Commission
(CCPC), which highlights significant information gaps for home buyers.
The watchdog said there are two critical stages where consumers are at risk due to inadequate information: the presale agreed stage and the conveyancing stage.
'In the early stage,
buyers
can waste time on unnecessary viewings and researching unsuitable properties due to unclear or exaggerated advertisements,' the report said.
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'A lack of accurate information can also lead to consumers overestimating property values.
'During the conveyancing stage, delays are the most significant issue. These can often stem from issues that could have been identified or disclosed earlier, such as problems with deeds or ongoing probate.'
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In the Republic, the sale of residential properties by a consumer follows the principle of 'buyer beware', meaning it is the buyer's responsibility to investigate a property's condition and legal status before making the purchase.
The CCPC said this has led to 'widespread consumer detriment', including financial loss, stress, and time wastage, particularly during the early and conveyancing stages of property transactions.
The new laws it has called for would mean no property would be permitted to go to market without certain details being confirmed, such as whether the property is tax compliant, whether the seller has the title deeds, and if the property is undergoing probate.
'In addition, the seller or estate agent should make readily available any public information on environmental risks which could be associated with the property, such as flood, noise and radiation maps,' the CCPC said.
The report also calls on the Government to create a new conveyancing profession to enhance the efficiency of the legal process.
'The role of conveyancing is set to become even more crucial as the volume of property transactions continue to rise,' it said.
'With the increasing demand for transparency and efficiency in the homebuying process, the need for skilled conveyancers who can navigate the legal intricacies and ensure smooth transactions is more urgent than ever.'
As part of its research, the CCPC established that just 16 per cent of consumers believe the current system is transparent for buyers.
Almost 80 per cent believe that if one potential buyer asks a question about a property, the estate agent should be obliged to identify and disclose the information to other buyers.
Despite going through an in-depth conveyancing process, almost 30 per cent of homeowners discovered something after the sale that they wished they had known about the property, its contents, or the surrounding area before buying their home.
More than half (57 per cent) of those who made such a discovery said they would have lowered their offer or withdrawn completely if they had known about the issue before the sale closed.
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