The RICS introduced the Homebuyers Report. It is a method of minimising risk for purchasers. It provides buyers with enough information to make a reasoned and informed decision on whether to proceed with their purchase.
The report is quite lengthy, usually in the region of 25 pages, it is divided into sections as follows:-
- Introduction to the report
- About the inspection
- Overall opinion and summary of the condition ratings
- About the property
- Outside the property
- Inside the property
- Grounds (including shared areas for flats)
- Issues for your legal advisers
- Surveyor’s declaration
Property related risks are also identified in the report. In addition the report contains both a current market value and the cost of re-instatement for insurance purposes.