Credas Technologies, the identity verification checks provider, has announced the launch of its material information function, helping estate agents “to get ahead of the latest rule changes announced by Trading Standards at the end of last year.”
The Parts B and C of The National Trading Standards Estate and Letting Agency Team (NTSELAT) information rules “were released at the end of November.”
The latest information follows the release of Part A which “covered requirements on council tax bands and rates, property price or rent, and tenure information for sales.”
Part B focuses on information that “should be covered for all homes, such as building materials, utilities information and parking, while Part C is only required for homes with restrictive covenants.”
The NTSELAT has stated it will “be monitoring take up on the portals over the next 12 months, however, in anticipation, Credas Technologies has already designed its latest technology offering to help the property sector get ahead of the game.”
The firm’s MI function can “be accessed by a seller via the Credas mobile app or browser.”
Upon doing so, sellers can utilize smart data completion with standardized options based on best practice, “providing them with a streamlined experience when it comes to providing upfront information.”
Sellers will also be able to “provide this information at the same time as completing their ID verification.”
Estate agents utilizing the Credas platform will be “able to get a copy of property title deeds, as well accessing a complete seller compliance pack with information including MI, IDV, AML and Land Registry, all from the same platform, all in a single click.”
These customizable seller compliance packs can then “be shared with potential buyers, providing a wealth of information to help them make a more informed decision when it comes to purchasing a specific property.”
Estate agents can better “demonstrate that the sellers on their books are motivated to move, further helping to entice motivated buyers, while reducing the potential of property fall throughs in the process.”
Tim Barnett, CEO of Credas Technologies, said:
“The industry has met the latest announcement on material information with a mixture of excitement and apprehension. Estate agents are already stretched thin when it comes to the sheer volume of paperwork they are required to complete and many will view these latest requirements as yet more red tape to negotiate. Of course, the flipside is that the better provision of material information is beneficial for all involved and so regardless of how long-winded the latest regulatory advice may seem, it’s better to address the issue sooner rather than later.”
As noted in the update:
“In anticipation of this latest evolutionary step within the home selling process, we’ve been hard at work developing our newest product offering. Our material information function is the latest addition to our industry leading AML offering and is designed to be a low-cost solution that takes the burden of material information off both sellers and estate agents alike.”
As mentioned in the announcement, Credas says that it “provides a simple, quick, and secure set of digital tools to gather the data required to verify someone’s identity using biometric facial recognition and run due diligence checks in real-time.”