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5 Essential Sections of a Property Report

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A property report is a comprehensive report of a property’s history. Sections will include owner information, property details, mortgage history, tax assessments, comparable houses, assessors map, foreclosure activity in the area, demographics, public and private school rankings, crime reports, and depending on the area, a copy of the deed.

Verifying property records- Owner information

In order to verify that someone owns the property he claims to own, your best resource is the office where the deeds are filed. You can also learn what liens are on the property and whether he has paid off his mortgage.

If you’d rather not make a personal trip, call the office and see whether they offer online access to property information. If not, ask about other ways to check property records. Note that each recorder’s office is different, so it’s a good idea to call before you go.

Lien and mortgage information

The importance because of lien information is it protects you from any interest that a creditor has in another’s property, therefore you’ll not be moving forward with the deal

This means an entity or a person wasn’t paid and has imposed a lien for the property.

You can protect yourself contractually by negotiating protections in the purchase and agreement, your first — and often best — a line of defense is appropriate due diligence. For liens, this means searching public records.

Common Liens you may see:

  • Mechanics liens- unpaid contractors for specific home improvement.
  • Property Tax liens- This lien takes priority over all other mortgages or liens on the house.
  • Judgment liens- This might be judgments by credit card companies, unpaid medical bills, and personal loans.

Mortgage information validates the true owner of the home and the history of the lien holder for the property.

Foreclosure activities

As a buyer, purchasing a foreclosed home could be a bargain but it may need some work to get it to your standards.

Getting to know the foreclosure activity in a said subdivision gives you an idea if properties in the area are depreciating or appreciating.

Appraisal is key to know if you can benefit from buying this home. Read your inspection and appraisal results and decide whether you’re okay with buying a home as-is.

Get your mortgage lender to finalize your loan if you have the money or skills to make any needed renovations. Your real estate agent will help you submit your offer and prepare you for closing.   

Public and private school rankings

The Academic Performance Index (API) is the basis for these rankings. It details the academic performance and growth of the school in a period of years.

The API report is a numeric scale that ranges from 200 to 1000. A school’s score or position on the API indicates the level of a school’s performance.  

Schools in the list will be within a five mile radius of the subject property.

Crime Stats

These are collected yearly for public access by the FBI and compiles in a database.

Counties with smaller area will be a compilation from the local law enforcement or sheriff’s office.

Crime Statistics will include reports of arrests, arson, assault, burglary, robbery, shooting, theft, vandalism and more.

Property report gathers it all together

Your research can save you money in the long run. The property report is detailed and complex but it’s worth it to give you peace of mind in the long run.

With a good foundation of the property information t, you should be able to put together a pretty clear picture of whether you’d be happy taking up the investment, residency or not.