RICS has introduced a new product, the RICS Condition Report. This is an alternative to their Home Buyer Report of the building survey for the residential property market. It will offer a clear and concise picture of the state of a property using a ‘traffic light,’ rating system and the report, written in plain English, is said to be very accessible for buyers. It combines information regarding whether there are any defects in the property with any legal advice or considerations.
The report is prepared for the buyer and provides independent advice for the buyer; it is not prepared for the lender. It will be useful to both landlords and sellers also because it will unveil any defects that may impact on a future sale or investment. It is the most affordable of the RICS surveys, providing an alternative route of commissioning an independent report, in addition to a lender’s mortgage valuation, without having to spend the necessary length of time and money on a complicated traditional survey.
The RICS Condition Report does not offer a price valuation but instead is designed to work alongside a mortgage valuation providing important additional information regarding the state of the property. This means that it is not necessary to be registered with the RICS Valuer Registration scheme to conduct a report therefore this has provided the opportunity for a new market within the survey industry. David Dalby, the spokesperson for RICS has said,
"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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