Tuesday, 30 January 2007
What is a Home Buyers Report?
A Homebuyers Report is a type of survey giving basic details of the general state of repair of the property. Usually including a valuation report, it provides only information on areas of the property which are immediately accessible or visible. This report is used by the lender and contains information which the buyer can use in deciding whether or not to purchase. This report is more detailed than a mortgage valuation report but is not as in depth as a Structural Survey Report.
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Home Buyers Report is prepared in a standard format in order to keep costs down. The main objective of the home buyers report is to:
Reassure you that you are paying a fair price for the property.
Inform you about any serious defects that may affect your decision to proceed with the purchase.
Inform you about any less serious defects which may affect the price that you are prepared to pay for the property.
A home buyers report is likely to be the most appropriate choice if the property that you are buying is:
* built after 1919
* of a traditional construction
* free from obvious structural defects.
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