It also clearly shows the location of significant and visible improvements relative to the property boundaries. (The improvements are outlined in part D, section 8.5 of the Manual of Standard Practice.)
Physical illustration
The standards of these documents have changed over the years. It has now taken the form of a plan or illustration of the various physical features of the property. The report also includes a written statement that shows the details the opinions of the surveyor, including his concerns, if any. .
As a public document, it is relied upon by the buyer, the seller, the lender and the municipality as an accurate representation of the property, including all the improvements. The main reason for the basic document is to provide an instant online access to the most affordable real property in formation.
Types / contents
The property types covered include residential, commercial, industrial, agricultural, land, and all the other available types of real property.
The major contents of the report are the information on the property ownership, the location of the property, the characteristics of the property, site information, the last owner transfer date and the data of the last market sale.
Property data
The property ownership information is enough to get the current name of the property owner, whether individuals or business. It also includes the mailing address. The location provides the full property address.
The listed property characteristics include the year the property was built and other fundamentals. Site information provides the land use, the lot area, and the description of the site.
The last owner transfer provides the data that are related to the last ownership transaction. The last market sale information carries the last sale and recording dates. It also includes the sale price, the seller’s name, the type of deed and the document numbers.
Importance
As an authentic legal document, this represents the actual state of the property for your reference (in case you are a buyer or a lender). The document carries with it the full comprehensive report of the surveyor.
For other uses (lending, selling, taxation, etc.) the report features its full tax history, a list of possible liens on the owner and the property, and other mortgage information.
History
For those who want to rent (or buy) the property, it is logical to know the history of its ownership.
To avoid future difficulties, you need to know the legal ownership. You also need to know if the property is for sale or for rent.
As buyer or renter, your knowledge of the previous owners might just be able to protect you in the future. Know what they did and how the property was used. It is also good to find out the reasons why previous owners left or sold the property. Know the details of a Brisbane property report, if possible.
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