If you have any experience with property development, you will know why a thorough read of it is essential. But, for those of you who are looking to have a home built on a property development, here is a guide to the type of information you will find in the property report.
A property report is intended to provide you with all the information you need about the property and its development. It should inform you about the kinds of amenities that will be available once the development has been completed. It also gives information about utilities, like what you can expect to pay for services such as water and sewer, both now as well as in the future. It should also tell you how far the nearest recreational facilities and local communities, etc. are from the development.
As well as amenities, the property report contains other types of information which are very important for you to know like whether or not the property has pre-existing liens or mortgages on it, and if there are certain issues with the building lot that might cause delays or hinder construction. It should also let you know at what point you would acquire the title for the property.
This is just a sample of the type of information contained in the property report and it’s something that you should go through very thoroughly before signing a contract. Be aware that property reports are put together by the developer so make sure that everything promised in the report is confirmed by them.