Why do you need a Property Profile Report?
Property profile Report is a snap shot of the history of your property or a house that you are eyeing to buy.
There is information in the property profile reports that are valuable in determining is the home that you buying is a sound investment.
Reports like this gives you the abstract view of the property’s history and the area surrounding it.
Vesting Deed
This area of the property profile gives you the name of the owner and if there are other owners listed in the property. And, it gives you the peace of mind that the person selling you the home has the absolute right to sell you the home.
The person listed on the deed has ownership rights for the property.
Comparable Market Analysis
You will be able to compare the prices of the houses with the same square footage, number of rooms and features with your house.
These data are really helpful in both shopping for a home or selling your home in Los Angeles.
It’s crucial for you to determine the fair market value in the area that you are looking into. Also, it gives you the power to negotiate before closing the deal.
This gives the owner or buyer the true value of properties in a particular community.
The property profile report gives you the edge in marketing and buying a home. In a competitive market like Los Angeles, where prices go up and down, having this data is crucial in negotiations and investments.
Open Deeds of Trust/ Mortgages
An open deed of trust is an agreement where the property is held to secure a debt.
In some few scenarios, a property is held under a third-party trustee, the trustee holds the property until the debt is paid.
This information is crucial. If the seller still owes money to the creditor, the seller is not in a position to sell the house.
Therefore, don’t waste your time to move forward unless the seller proves to you that the debt is paid.
Plat map for the property
It is actually a scale representation of your property line. This ensure that the land is for public use remains public.
Also, ensures all property owners have access to utilities.
Tax status for the current year
Different states have different schedule in paying property taxes. This is incredibly important since none payment of taxes means the title cannot be transferred until the debt has been cleared.
HOA liens
Same as taxes, if HOA fees are not paid the sale won’t finalize. In some cases of a short sale, the lender can agree to clear the mortgage even if it’s not paid.
Solar Agreements/ UCC financing statement
In most cases these types of agreements are complicated. These are companies that has your house as collateral for your house.
If you are not paying full price for the solar panels on the house, one avenue to pay for it is through financing.
Solar panel companies may place a lien on your property to make sure you keep paying for your solar panels.
Depending on the contract, refinancing or selling the home might be difficult. If you see a solar panel on a home, and you’re buying a home, ask the realtor if the panels are leased or is there a lien on them.
Protect yourself from the start when shopping for a home. When you have decided in a specific area and would like to know more about the property, get a Property Profile Report and have the peace of mind that you did your homework.