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Estate & Managing Agents - Re-marketing after a property has been taken off the market

The current regulations provide that, where marketing is continuous there is no duty to update the HIP: it is for the market to decide whether the documents in the pack remain valid. 

In addition, where marketing has stopped because the seller has accepted an offer or the property has been withdrawn from the market for some other reason, the rules provide that there is no duty to renew the pack, provided that the property is remarketed within 28 days of the withdrawal date or the date on which the transaction failed. 

However, if a property is taken off the market for any reason within the first few months and remains off the market for longer than 28 days a new HIP may be required and this could potentially create an additional unnecessary burden on the seller. It became clear following representations by stakeholders that this could present an additional and unnecessary burden for these sellers. To correct this it is proposed that the duty to refresh time sensitive parts of the HIP will not arise where the property is remarketed by the same seller within one year of the original marketing date. 

Again, it will be up to the market to determine whether any documents in the HIP require updating and at what intervals. 

The Government will continue to keep this under review following 1 June 2007.