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WHAT IS A HOME REPORT?
A home report is a report card that highlights features essential to buyers and sellers of a house. There are firms which provide free home reports and there are instances where you need to pay to have one done.
At Homula, we provide you with a home report that is free of cost. Anyone buying or selling a home should have a clear idea as to what such a report pertains to. Almost MLS listing has received a home report.
Many real estate firms have suffered a lawsuit as they were not providing proper home reports. Sales of homes were not being finalized because the reports were missing critical information about the property.
IS A HOME REPORT ALWAYS REQUIRED?
There are also instances where a report is not required. New housing or newly converted premises does not require a home report. This is because the property has to be built or remodelled according to building codes and regulations. For example, a new house cannot have out of date ventilation piping or heating and cooling equipment that does not meet energy standards.
A home report is one of the most trustworthy pieces of documentation during a real estate transaction. There are severe penalties if it comes to light that any information on a report was falsified, during the marketing process. A transaction cannot be completed without a proper, methodical and calculative home report, and our experts know can assist you with this today.
HOW LONG IS A HOME REPORT?
There is no specific time period that such a report is valid for, but if the property has been on the market for an extended period of time, the buyer has the right to ask for a new report to be constructed. If a prospective buyer does ask for a report, you or your agent must provide them a copy of the report within 10 days.
WHAT IS INCLUDED IN A HOME REPORT?
A home report must include a single survey by a certified survey provider on the condition and value of a house. This comes with an in-depth energy report. The energy report includes an energy efficiency rating and an energy performance certificate. This entails a clear outline of gas and electricity bills and potential areas of the home where updates or alterations have to be made to increase energy efficiency.
Lastly, the report contains a property questionnaire which includes a list of all the changes made to the property and factoring costs.
CAN YOU REFUSE A PROPOSAL FOR A HOME REPORT?
You can refuse the proposal, but you must provide adequate information as to why you are making the refusal. You can refuse it based on the grounds that you believe the buyer does not have the financial means to purchase the home or if you feel the buyer is not a serious player and you have other options available to you. Under no circumstance is a seller allowed to refuse a home report based on discriminatory factors. There are instances however, that if you are marketing your own home, you can generate your own home report. In such an instance, the report has a validity period and the buyer can chose to refuse your estimates. The buyer is allowed to make the demand that the report be prepared by a certified professional.