Miller Homes has published its company-wide policies on disclosure and pricing in a newly drafted “Transparency in Home-buying” document.
Tim Hough, chief executive of Miller Homes, said; “We have not altered our policies, we have simply laid them out for the industry to see. Against a backdrop of a tightening economy, credit squeeze and with lenders seeking to minimise risk, we appreciate that the need for transparency is greater than ever and we want to do all we can reassure and assist lenders.”
As part of Miller Homes’ policy document, the company confirms that it will state the full terms of any transaction on buyers’ reservation forms – including all incentives. The buyers’ solicitor will receive a copy of the form in the contract pack, which will again include the gross price as well as listing any incentives and discounts before stating the net sales price.
The company pledges to notify buyers’ solicitors if any further discounts are agreed after reservation. The scope and type of incentives offered is clearly outlined and the mechanics of each fully explained. The document also states the procedures for payments to third parties – recording a promise to notify the buyer’s conveyancer and expecting a written confirmation that the lender is aware of the payment in return.
