Buyers and home owners conduct real property surveys to reach a right assumption about the placement of the boundary lines, improvement locations, and compliance with municipal requirements, and anything else that will make the legal description of the property accurate. The survey report is crucial for real estate business and is considered the legal document that clearly indicates the location of all significant visible improvements relative to property’s boundaries. It allows realtors to present solid evidence before prospective buyers.
A real property survey report typically includes an illustration of all physical features of the property as well as a written report with the opinions of the surveyor. Typically, a report would contain the following details
- Legal description of the property including the dimensions and locations of the property boundaries
- The street address
- The location of buildings relative to the property’s boundaries and adjacent properties
- The location and description of all improvements
- The type and location of encumbrances such as easements or covenants
The report would include all these details and benefits property purchasers, property sellers and realtors – the main entities in real estate business – in the following ways
- If legal complications related to property boundaries and improvements arise after the property is sold, the real property report protects the seller from potential legal liabilities
- The survey report provides information about the boundary, improvement locations and encumbrances (if any) on the property, which offers a clear view about the property before the purchase
- They can know whether there are any title or boundary disputes with the neighbors from the report
- The report allows realtors to provide their clients a visual representation of the property for sale
- It allows realtors to easily find property that meet the client requirements
- Early preparation of real property report during the sales process can speed up the selling process significantly as it provide critical information to complete the transaction
Chartered surveyors and estate agents dictate survey reports when performing home and property inspections. The dictations are recorded on a quality digital recorder and professionally transcribed. Dictating is much easier than making out a written report as they move from one area to another or one room to the next. The real estate agent can include all the important aspects related to the property when it is dictated. Real estate transcription services also come in useful when dealing with the bank as an accurate description of the property is necessary to determine the credit score of the buyer.