The government has introduced many measures which will make your conveyancing process more legitimate and safe. There are many factors that you should check up while buying or selling a property. This will help you increase the credibility of the property you are planning to live in.
What is a property survey report?
Among different surveys and searches, property survey report is very important. This is one of the most essential steps in conveyancing. In simple terms, a property survey report is a document including the illustration of the land and property along with all the major details regarding the property. This legal document is considered an authentic document, for the buyer, seller and even the municipality. The surveyor will also mention his concerns about the property in the report.
Features of a survey report
The property survey report will generally include the detailed description of the property with all dimension of the boundaries explained. It will also have details about any permanent structures within the property and the distance and dimensions from the boundaries. The surveyor will also check for any easements such as road or ponds within the property. They will also check and mention the distance from a road or lane nearby to the property. A rough data about the neighbouring properties will also be mentioned in the report. Any other information will be surveyed and marked in the report on request.
The property survey report will explain about the physical structure of the property. The surveyor will check for the occurrences of any kind of easements within the property. They will also find if there is any dispute regarding the boundary .The report will mention if the boundary of the property has been overlapped with the neighbourhood property.
Significance of a survey report
As mentioned above, the property survey report is beneficial for the buyers, sellers and the local authorities. For the seller or the owner, this report will help learn more about the status of their property. They can also check whether their property satisfies all the requirements kept forward by the local authority. This is highly beneficial for the buyers. They will get a complete idea about the property.
Most reports will have different images of the physical structure of the property also. Apart from this, the buyer can ensure that there are no issues regarding the boundary of the property. The municipality or local authority can also use this as authentic document while planning for further development. In addition to this, most mortgagers and insurers will ask for the property survey report before allowing a mortgager that specific property.
Validity of the survey report
The validly of a property survey report cannot be permanent, as many changes may occur on the property. Any new addition or demolition of structures in the property will affect the validity of the completed report. Hence a property survey should be conducted immediately before the sale of the property. It is always better to update an existing report, as it won’t cost you as much as conducting a new survey. However, generally a survey report is processed at least six months before it is considered to be valid.
Photo courtesy: George Rex
