RICS Introduces Condition Report
RICS has introduced the RICS Condition Report, a new type of survey for the residential property market.
The RICS Condition Report, which forms part of the RICS Home Surveys family, gives buyers of conventional properties and newer homes a clear, concise picture of the state of a property. The report does not provide an additional price valuation, but instead is designed to complement a mortgage valuation.
An alternative to the RICS HomeBuyer Report or a building survey, the Condition Report is principally aimed at buyers who would otherwise rely purely on a lender’s mortgage valuation, rather than face the expense and complication of a traditional survey. Other types of clients benefiting from the report will be landlords wanting to assess the condition of their investments and sellers looking to highlight any problems that may potentially impact on a future sale.
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As it does not contain a valuation, both RICS valuers and those not registered with the RICS Valuer Registration Scheme will be able to conduct condition reports, opening up a new market for the industry.
The most affordable of the RICS surveys, the Condition Report is backed by the full authority of RICS and written in plain English, using the easy to follow ‘traffic lights’ ratings system. The report also offers details of urgent defects and a section offering advice for legal advisors.
Commenting, RICS housing spokesperson, David Dalby, said:
“The RICS Condition Report is a new approach to surveys, ensuring that no matter what type of property a client is buying, there is a suitable survey available. It’s also good news for the industry. If you’re not a registered valuer it gives you the opportunity to provide home reports to a significant sector of the property market, while registered valuers are now able to offer a number of survey options to homebuyers.”
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