A new company is aiming to cut transaction times, reduce fall-throughs, and give buyers relevant information about a property before they make an offer.
PIP Vault is the brainchild of David Sandeman, who founded The Essential Information Group (EIG); estate agent, Tim Main; and solicitor, Steven Foden. The trio say that there’s been endless talk about getting documents ready before a sale, but no one in the Private Treaty market has ever produced somewhere to store them – until now.
“In auctions, a catalogue comes out and a property sells under the hammer 20 days later. We are trying to replicate that,” says Sandeman.
The system lets an estate agency create an online PIP Vault for documents about a property coming on the market to be stored.
The agent, seller, and conveyancer can all file documents in the vault – such as the SPIF, EPC, planning consents, guarantees, etc. When a buyer registers their interest in the property they can be given access to these documents – and, says Pip, make informed decisions and offers.
PIP Vaults will be free until 01 April 2021. After that date the pricing will be £25 per property – only invoiced on a successful exchange of contracts.
PIP Ltd are participants in the Home Buying and Selling Group and are founding members of the Residential Logbook Association (RLBA).
Three cheers, well done chaps. It sounds like an excellent plan and I sincerely hope it takes off. For decades it has been an embarrassment that the English property conveyancing system is probably the slowest and most clumsy in the world! I eagerly look forward to the success of this venture
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Lots of people talk about pre sale documents but at last here’s somewhere sensible and free to actually store and see them.
If you put a link to a vault on your listing you can see who’s looking at the data room without them having to contact you. About time……
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