The Buying and Selling Property Information (“BASPI”) is intended to reduce the complexity and duplication in the current process, providing an improved consumer experience for the seller and the buyer. The BASPI also helps estate agents comply with their obligations under the consumer regulations and property lawyers ensure that they and their buyer and lender client have received the material facts about the property.
Because the BASPI collates the relevant information upfront and will be available to the stakeholders involved in the process, we plan to test whether this will result in a significant reduction in the timescales in the moving process and the number of transactions which fail.
The HBSG have agreed standard wording for the pilot of the BASPI and the Royal Institute of Chartered Surveyors have identified the questions which their valuers and surveyors would need when risk rating a property.
We have created a BASPI Schema to ensure that any augmented intelligence is applied appropriately and the Royal Institute of Chartered Surveyors Data Model has been applied to the schema that the provenance of the data can be established.
The HBSG will aim to run a pilot in 2020 and several businesses and technology companies in the industry have already developed versions of the BASPI.
You can access the BASPI and BASPI Schema for free subject to the licencing terms and conditions.