SURVEYS Flashcards
What responsibility does the Caveat Emptor place on the buyer?
The buyer must himself discover any physical faults in the property agreed to be sold
What is the main purpose of conducting a survey?
To discover physical defects not readily apparent upon inspection
What does ‘The Valuation Made by the Lender’ establish?
Whether the property being purchased will be adequate security for the amount of the loan
What does a ‘Condition Report’ provide?
A snapshot of the condition of the property on the date of inspection
What kind of visual representation does a Condition Report provide?
A traffic light colour coded system
What is the most appropriate type of survey to be conducted on a Residential Property?
A Home Buyer’s Valuation and Survey Report
Which survery provides a detailed commentary on the condition of a buildings structure?
A Full Structural Survey
What is the purpose of a Drainage Survey?
To assess whether the property has the benefit of mains drainage
What Survey is used for properties at high risk of contamination?
An Environmental Survey
