A property report is a legal document that
clearly illustrates the location of significant visible improvements relative
to property boundaries. The property report report will provide meaningful
property information on the subject property as well as the nearby sales.
Median and average sales prices for the area are provided to help in gauging
the sales price behavior in the marketplace. 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.
When buying off-market properties, people
need to have the assurance that the person who is selling the property and has
the legal right to sell the property. So ensuring the legal authority to
transfer title is one of the reasons we need to have a reliable property
profile. Other considerations are outstanding loans and liens on the
property. We need to be assured that all loans and liens have been
accounted for. This has the biggest effect on the investor when they are
negotiating for pre-foreclosure or foreclosure properties.
A property report Melbourne by a licensed surveyor
defines property boundaries and can be used to clear up disputes. These
property reports are important for someone building a new house or adding a
patio, garage or fence to an existing home. The surveyor’s report also
describes easement rights that a utility company may have so it can maintain
and repair water lines, sewer pipes, etc.
Surveyors’ reports also include the zoning classification of a property,
the presence of surface waters such as ponds or wells even the location of old cemeteries that may
be on a plat. A property report is different from an inspection report. Home
inspectors prepare reports after inspecting the roof, plumbing, electrical wiring,
foundation, ventilation and other structural features of a home or building.
What a
property report includes following details:
·
Aerial photograph of the
property
·
Public and private
drainage plans
·
Computer details about the
property
·
Summarised relevant
residential rules from the District Plan
·
Building permits and
consents
·
Rates information
·
Summarised encroachment
details
The property report is prepared using
limited computer record information only.
If any building location problems are
discovered, most lawyers would appreciate being notified at an early stage even
without a contract in existence to enable them to assess the risk and
assist in the remediation of the problem. If you have any questions
or concerns respecting the requirement for a new or updated property
report or any potential building location issue, consulting with your
client’s lawyer early will help to minimize your liability risk.
Property reports are charged per unit
requested. A property report takes up to 3 working days to process, excluding
public holidays. Purchasing a property may be the largest financial investment
you ever make. With 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.
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