WHO can buy property searches? WHEN should they do so? WHY would they want to?
No exchange of contracts will take place until the buyer’s solicitor has inspected the searches. Buying searches early on in the process prevents delays and fall throughs.
Searches can be purchased at any stage of the sale process by any party.
Searches are protected by the COPSO (major trade association for the property search industry) agreement which means that anyone relying on them is protected.
Searches generally are valid for 6 months from their purchase.
WHO can buy property searches?
Anyone can buy a property search - buyers, sellers or property professionals. Traditionally this has been the job of the buyer’s solicitor, but with the average search pack being ordered in week 8 after the sale has been agreed (Twenty Ci), and “awaiting searches” often being given as a reason for delay.
WHEN is it beneficial to buy searches?
A seller can buy searches for their property at any time.
To comply with the current Material Information legislation, searches should be available for all properties being marketed.
A buyer can buy a search pack for a property as soon as a purchase is agreed.
WHY buy searches earlier in the traditional process?
When a seller buys the searches prior or during the marketing phase:
- A buyer can see them prior to offering
- Some can be sold to the buyer at the point of sale
- They are readily available to the buyer and their solicitor removing a possible delay
- The more information provided a greater trust builds with the buyer
When a buyer purchases a search pack at the point of sale:
- They are often cheaper
- It saves their solicitor time
- It means searches can not cause a delay in the purchase
Why selling Searches to buyers makes so much sense
200 buyers were asked to pay for searches when the sale was agreed
Those who did not pay, took 120 days to completion, on average, with 42% fall-throughs
Those who did pay, took 79 days to completion, on average, with ZERO fall-throughs
Research completed by 4Corners Property Ltd
Result
Better qualified buyers
Generate an income for yourselves
No additional cost to anyone in the process
Committed buyers AND sellers
You CAN justifiably tell the seller to stop showing - even happier buyers
Looking to buy searches or learn more about them?
Working with Property Search Direct to provide searches easily and efficiently
Click here https://www.propertysearchesdirect.co.uk/product-page/pip-residential-pack
