For anyone who has not yet come across the term HIPS, it is used in the UK housing market, and stands for Home Information Packs. The original idea was that home buyers could obtain a certain level of information about a house they were interested in, due to the seller being required to supply the information. In the past, the onus was on the seller to check out with local authorities if there was a problem with extensions not having planning permission etc.
Unfortunately, things have not progressed smoothly. Check out the link for a little more information.