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Review property information

Step 5 - Review property information

When viewing properties, try to find out as much information as possible. Below are some items you should inquire about.

Property Inspection Report - Ask the sellers if they have had their property pre-inspected and review the inspection report in its entirety. Look for major issues of concern. If problems exist, try to determine the expense involved to correct the problems. If the property has a well and septic, make sure they have been properly tested. Check the property for dampness, mold, radon, and pests. A thorough inspection will include a review of the electrical, plumbing, appliances, roofing and more! Review a sample inspection report.

Seller Property Condition Disclosure - Some states require a seller to fill out a property disclosure statement. The purpose of this form requires sellers to disclose any known property defects. The disclosure covers many areas of the home and should be reviewed in conjunction with an inspection report. Review a sample seller property condition disclosure and ask the sellers for their completed version.

Survey - Ask the seller if his or her property has been surveyed. If the land has been surveyed, review the survey and determine if there are any right-of-ways, encroachments or easements across the property. Determine the amount of acreage and frontage being sold.

Taxes, Tax Rates and Assessments - Review the seller’s tax bills and determine if the current assessment and tax rates are properly represented. Check to see if the seller is receiving any special reductions in assessments. Determine if there are any temporary bonds issued for sewer, water, sidewalks and curb repairs.

Zoning and Deed Restrictions - Verify zoning laws and deed restrictions to make sure the property is suited for your intended use. Review all Condominium or Association bylaws and fees.

Blueprints, Builder Warranties & Certificates of Occupancy - Check with the owner to see if any property blueprints, building warranties or a certificate of occupancy exists.

Appraisals and Comparable Market Analysis - Ask to review the seller’s appraisal or market analysis. Study the comparables carefully to see if they are similar to the subject property. Look at the dates when the properties were sold, the length of time on market, the selling price, square footage, etc. Use our comparable market analysis form to help you perform your market analysis.

Seller Improvements - Review any property upgrades or improvements recently made by the seller. Ask the seller for a complete list of seller improvements.

View our sample reports and forms to help you know what to look for in a property.
Sample Inspection Report | Seller Property Condition Disclosure | Comparable Market Analysis Form | Seller Property Improvement Form

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