Transactions involving property or land is a risky business nowadays. Because the amount of money involved in these deals are tremendous. There is great value for lands and structures which is climbing on an ever growing slope. Since there is a limited amount of land available, the prices are always increasing. Hence, before getting involved in any related process, it is necessary to check the authenticity and appropriateness of the property. This validation can be acquired by a proper property inspection report.
The need of this report
The basic intention of the report is to maintain a proper record of the current status and condition of the property, so as to avoid any disputes later. There are several sections under which, there are numerous different properties mentioned. A typical involvement of a property report is during the renting transactions, where these properties are mentioned and accepted by the tenant and the landlord. This is a big help for solving the damage and deposit issues. Once this report is finalized, it can be used as a legal document in related cases. There is however no standard format or template which can be filled for such a report because the structure of the report depends heavily on the type of property. There are different norms which are used while creating a report of land and different terms in case of building structure. Discussed here, are few standard terms which must be present in a property inspection report.
- A brief Overview – A small introductory paragraph which states the prominent and loud features of the property. It should mention the pros and cons of the place and the report maker’s view on the worthiness of the property against its cost.
- Detailed information about the structure – This part must contain detailed information about the actual state of the structure. Every single portion of the building, like walls, windows, etc. has to be covered. The review should be clear and concise. Both positive and negative side is to be mentioned. The information about every room of the structure and surrounding area is summed up in this section.
- Weather conditions – Many reports do add this section in the overview section, but there might be need of special mention in case of plain land. This information can be used to decide the way of utilizing this land.
- The issues – This section addresses all the issues occurring with the structure. It must contain the clarification about the strength of the building, which is an important issue. In addition to the major issues, the report must not miss out the minor problems, which might not be agreeable for the concerned.
If this report is to be made for renting purposes, it is a good practice to mention the condition and provide ability for landlord and tenant to comment on the reaction. This will ensure proper agreement of both the parties. These reports must be evaluated before confirming any transaction.