A property report provides all the
information contained in a building information. Purchasing a property may be
the largest financial investment you ever make. With a 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. Since legal complications may occur if a sold property fails to
meet requirements, a property report protects the seller. A property report is
a legal document that clearly illustrates the location of significant visible
improvements relative to property boundaries. It takes the form of a plan or
illustration of the various physical features of the property, including a
written statement detailing the surveyor’s opinions or concerns. It can be
relied upon by the buyer, the seller, the lender and the municipality as an
accurate representation of the improvements on your property. A property report Melbourne
is necessary to determine compliance with municipal bylaws. A municipality
reviews and endorses the Real Property Report and 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 a
property report significantly speeds up the process of selling a property.
What a
property report includes the following details such as:
·
The aerial photograph of
the property
·
The public and private
drainage plans
·
The computer details about
the property
·
The summarized relevant
residential rules from the District Plan
·
The details of building
permits and consent records
·
The rates information
·
The summarized
encroachment details
The property report is prepared using
limited computer record information only. The amount of work to prepare a
property report varies between properties. Lot size and shape, number of
buildings, natural features, age and availability of the property boundary information
all affect the cost. A property report is only a small portion of your total
property investment and may help you avoid costly problems in the future. A
property report Melbourne does not include replacement of any property corner posts.
Arrangements can be made to have property boundaries visibly marked on the
ground. It is most economical to have this additional service performed at the
time of the survey. Neighboring landowners occasionally share the cost because
of the mutual benefit of the Real Property Report and marking of boundaries.
Benefits of acquiring
a property report:
·
Problems are identified
and can be resolved before a sale is finalized,
·
Owners know accurate
locations and dimensions of buildings, improvements, rights-of-way and
encroachments relative to boundaries of their property,
·
Purchasers know the
physical dimensions of the property,
·
Financing usually require
verified survey information,
·
Property transactions are
simplified, and
·
Development and building
permits require boundary information.
Typically, if you get the confirmation
letter back, they would aim to carry out the inspection within the next few
days, depending on access arrangements. The Quantity Surveyor would then
prepare the report which could take another 7 days or more.
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