Tuesday, 27 October 2015

What is a Pre-purchase and Pre-sale Property Report

Sometimes referred to as a Pre-purchase property report, a pre–purchase property inspection report or building inspection report, it is a written account of the property’s condition. It includes any significant building defects or problems such as rising damp, cracks, safety hazards or a faulty roof. It is usually carried out before you exchange sale contracts so you can identify problems which, if left unchecked, could prove costly to repair. In most cases it is a must to be obtained before any sale or purchase takes place.

Pre-purchase Property Report
  • Why is this report needed:
Every city has their own policies and requirements for the sale or transfer of real estate. They have special requirements when it comes to buying or selling of real estate. These items can range from a simple form to be filled out, to a full housing inspection report by professionals, depending on the city. A Pre-sale and pre-purchase report is required for knowing in advance what the problems in the property are, using which buyers can negotiate a lower price for the property as they may have to pay for the repair. A Pre-sale property report also throws light on any major problems in the property and how they will affect the property over time.
  • What should the report include:
Always a suitably qualified person, such as a licensed builder, a surveyor or an architect provides a professional building inspection or Pre-sale and pre-purchase property report of the property you are thinking of buying. These professionals easily notice any cosmetic improvements, covering up faults that might otherwise be missed by an untrained eye. This reports should include the address of the property to be inspected, reason for the inspection, the date of inspection, a list of any area or item that wasn’t inspected, overall condition of the property and any major faults founds in the property and other problems that need fixing.

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