What Is A Property Report?
A property report is a document that provides detailed information about a specific property, such as its address, history, and estimated value.
The amount of information you need to make an informed decision when you want to buy a property is numerous. Generally, a property report helps provide buyers with some of that necessary information.
It is a document that comprehensively details certain information about a property. The exact information provided in a report varies depending on the property and the source. However, in general, you are likely to find the following sections:
- Property details: This includes its address, listing photos and physical descriptions of the property, including its layout, boundaries, and design.
- Estimated value: This is an estimate of how much the property is valued. The report may present the estimate as a range of low and high. Typically, the estimate is derived from how much similar homes in the neighborhood are sold.
- Suburb information: This is general information regarding the neighborhood where the property is located. It may contain information such as the demographics of the people living there, what schools are nearby, and how property values in the area have changed over time.
These documents are prepared by land surveyors is known as a “real property” report. It defines the boundary lines of the property, accurate locations of structures, and the rights-of-way. This report can help resolve boundary disputes and is essential for someone building a new home or adding a structure to an existing home.
Property Report Example
Generally, a property report provides almost all the information a buyer needs to make an informed decision when considering whether to purchase a house or not. If a potential buyer still has questions after going through the report, they may request additional information.
James likes a property he saw in an advert. Since he was looking to buy a new home, he contacted the real estate agent for specific details regarding the home. The real estate agent sends him the property report of the house, which answers all of James’ questions and more that he didn’t think to ask. After going through the document, James decides to close the deal.« Back to Glossary Index