The property report
is a profile of a select piece of a property. This will provide current
ownership information and the date of acquisition by those current owners. The
property report is a mere sketch of the information that a detail property
report provides. Buyers of the detail property report are looking for a depth
of historical content such as the original first mortgage of record, assessment
and the resulting property taxes as well as information about the neighborhood.
A comparison with the basic report shows that property descriptions are almost
identical. The information
that appears on the property report comes from public real estate records. The
essentials that describe the property characteristics and ownership are very
skimpy at best. The basic report serves the online community searching for the
most affordable real property reports available. Basic real property reports
are available for residential properties as well as commercial, industrial,
agricultural, raw land, time-share property and any other type that seekers
consider real property. Buyers of this basic property report will learn who
owns the property, location, characteristics of the property. Also, it may
include the last sale price and date of transfer may also be available.
The Property
Report will discuss about:
- Legal
description of property and municipal address
- Dimensions
and directions of all property boundaries
- Designation
of adjacent properties, roads, lanes and others
- Location
and description of all relevant improvements situated on the property
together with dimensions and distances from the property boundaries; for a
list of the improvements which must be shown
- Other
significant property improvements
- Right-of-way
or easements as noted on the title to the property at the date of the
survey
- Location
and dimension of any visible encroachments onto, or off of, the property
- A
duly signed certification and opinion by a land surveyor
- Copyright
- Permit
Stamp
- A
municipality may request additional information.
Buying a property may be the largest
financial investment you would ever make. With a Melbourne property report, owners are
aware of any boundary problems. They know whether their new home is too close
to the property line, or part of their garage is on the neighbor’s land, or
vice versa. A property report is essential to determine compliance with
municipal bylaws. A municipality reviews which endorses the property report indicates
if the improvements meet the requirements of the local bylaws. The property
owner can then resolve any outstanding issues identified by the municipality.
Early preparation of property report significantly speeds up the process of
selling a property. Basically, the information in the
basic property report is enough to satisfy the curiosity of any researcher.
Additionally, to the data already mentioned, a build date for the structure,
its square footage for living area and a description of landforms, lot size and
land use approval. The only information and documents that you can buy are a
last ownership transfer document and the last market sale or mortgage
documents.
It is extremely important to have a
current, compliant property report when you sell your home and to make sure
that you have remedied any property report deficiencies before engaging any
selling matters at your place.
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