Property Report
Definition
- A legal document prepared by a surveyor that illustrates the locations of all visible public and private improvements relative to property boundaries.
- A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
Synonyms
legal disclosure, real property report, property survey
Related Terms and Acronyms
- Acre — Definition,
- 43,560 square feet. A plot of land 180 by 242 feet is one acre.
- Agreed Boundary — Definition,
- Property lines that are drawn to settle a dispute between neighbouring property owners.
- Appraisal Report — Definition,
- A detailed evaluation of the value of a property based on an inspection and a review of the values of nearby, comparable properties.
- Credit Report (CR) — Acronym, Very Important,
- A report on a loan applicant's willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.
➥ A report that outlines the credit worthiness of an individual or entity. - Inspection Report — Definition,
- The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.
- Metes and Bounds — Definition,
- A surveyor's legal description of a parcel of land, defined by measurements and angles.
- Mis-selling — Definition,
- The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
- Plat — Definition,
- A map that shows a parcel of land and how it is subdivided into individual lots. Plat maps also show the locations of streets and easements.
- Real Property — Definition,
- Permanent, non-movable property, such as land and buildings.
- Square Footage — Definition,
- The area within a building, calculated by measuring the rooms by length and width.
- Survey (srvy) — Abbreviation,
- A map executed by a licensed surveyor, which sets down precisely the boundaries of a given property as well as improvements, references to known landmarks, and the property's notable features.
➥ As in surveyed land. - Title — Definition,
- Evidence of a person's right to possession ownership of a property.
- Title Report — Definition,
- A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
