A Property Report is a thorough look at an individual property, including detailed information, history, local market statistics, listing activity, current and historical listing photos, foreclosure activity, neighbourhood demographics and additional features. Prospective buyers, sellers, lenders, real estate professionals, lawyers, and other parties rely on property reports to make decisions.
Licensed surveyors prepare real property reports, which are legal records of a property’s footprint and boundaries. There are also property reports that detail sales history and ownership, local market statistics and have listing photos. It is also a legal disclosure that a timeshare developer is obligated to provide to prospective buyers.
Specifics
A property report is meant to provide comprehensive details about a piece of land, including the name of the owner, address, a physical description of the building or site such as its layout and design, neighbourhood demographics, local market statistics, improvements to the property, its history, sales, listing and foreclosure activity. A property report may include information about nearby schools.
These reports have a school section with a summary of elementary and high school information with details like test scores, and even parent reviews, if available. This is similar to the information on school websites, but all in one report. Not all schools are available in a Property Report. The school must be associated with the property to be included.
Real estate agents and brokers can access proprietary and public data to assemble a complete picture of the property. A property report by a licensed surveyor has defined boundaries and can be utilized to clear disputes. These reports are essential for someone building a new house or adding a fence, patio, or garage to an existing home. The surveyor’s report will also detail easement rights that a utility corporation has so that they can repair and maintain water lines, sewer pipes, etc. Surveyors’ reports also cover the zoning classification of a property, presence of surface waters such as ponds or wells, and even the location of old cemeteries.
A property report may also refer to a title report, which reveals any liens or other hindrances on a property’s title. It can also have the property’s tax rate and status, and a legal brief about the property.
Timeshare developers prepare another type of property report. Whether the timeshare is finished being built or is still being developed, the contractor must give potential buyers with a statement about it. The report should detail the property’s layout, specifications, and features. It should also provide broad information about the timeshare program, fees, restrictions of use and other details.
A property report is separate from an inspection report. Home inspectors prepare reports after inspecting the plumbing, roof, foundation, electrical wiring, ventilation and other architectural features of the home or building.
If you need legal expertise to write a real property report, contact Homestead Law. We have more than 15 years of experience dealing with all aspects of real estate law. Call us today to book an appointment
