Domestic Property Transactions
Start date: 08/03/2016
Status: Report in preparation
What is the review about?
A Review Panel has been established to undertake a Review of domestic property transactions in Jersey.
Terms of reference
1. The average length of time that transactions take to progress from offer and acceptance to completion
2. The average time to complete transactions
3. Whether there is evidence of:
• a widespread problem with late failures of transactions
• transactions aborted at a late stage tended to cause one or more parties to incur significant legal and other fees, plus considerable inconvenience
• material negative impact on utility providers and other third parties arising from aborted transactions
• material legal, financial, administrative and other complications remaining unidentified until the final days of a transaction process
4. Whether there are:
• specific bottlenecks affecting the average rate of progress of transactions
• if so, specific options for alleviating such bottlenecks
5. Any other matters relating to the existing system of domestic property transactions, arising through evidence gathered.