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03/09/2008
New RICS Regulations To 'Protect New Build Market'
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Regulations that will ensure property developers disclose the true value of new-build properties have been introduced.
The Royal Institution of Chartered Surveyors (RICS) has made changes to the 'Red Book’' - which comprises the rules used by chartered surveyors when making asset valuations - will mean surveyors are required to ask the seller, developer, builder or selling agents for a copy of any 'disclosure of incentives' for the property.
According to the RICS, some developers have "deliberately" hidden incentives from surveyors. These include offering to pay buyers’ deposits, legal and moving fees or even cash back.
The new measures - which took effect on Monday - will come in the form of 12 questions, including one which asks whether any third party has a financial interest in the deal.
The questions will also disclose full details of all financial and non-financial incentives.
RICS spokesperson Barry Hall said: "This change to the 'Red Book' will protect the new build market from fraudulent activity. Buyer, lenders and valuers have all been victims of the non-disclosure of incentives by developers with many buyers left with a mortgage worth more than the property's real value.
"All parts of the property industry are in agreement that standard must be maintained and that the consumer must be protected from any disingenuous practice."
(JM)
The Royal Institution of Chartered Surveyors (RICS) has made changes to the 'Red Book’' - which comprises the rules used by chartered surveyors when making asset valuations - will mean surveyors are required to ask the seller, developer, builder or selling agents for a copy of any 'disclosure of incentives' for the property.
According to the RICS, some developers have "deliberately" hidden incentives from surveyors. These include offering to pay buyers’ deposits, legal and moving fees or even cash back.
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The new measures - which took effect on Monday - will come in the form of 12 questions, including one which asks whether any third party has a financial interest in the deal.
The questions will also disclose full details of all financial and non-financial incentives.
RICS spokesperson Barry Hall said: "This change to the 'Red Book' will protect the new build market from fraudulent activity. Buyer, lenders and valuers have all been victims of the non-disclosure of incentives by developers with many buyers left with a mortgage worth more than the property's real value.
"All parts of the property industry are in agreement that standard must be maintained and that the consumer must be protected from any disingenuous practice."
(JM)
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