A RICS Condition Report has been developed to offer an interim report which is more than your lenders mortgage valuation report, but less than the RICS Homebuyers report, as this report will not include a valuation of the property, nor give a recommended insurance rebuilding cost.
This report will give a clear and concise snap shot of the condition of the property on the date of inspection, and is a report prepared independently for the client, and not the lender.
A RICS Condition Report is intended for conventional, residential properties e.g. houses, flats and bungalows, which appear to be in a reasonable condition, and have not been subject to significant alterations since construction.
Too many property transactions take place without a proper survey having been carried out. The buyers are usually unaware of the limitations of the superficial Basic Valuation carried out by their lender, and this report, as an alternative to the RICS HomeBuyer Report is principally aimed at buyers who would otherwise rely on a lenders mortgage valuation, rather than face the expense and complication of a traditional survey.
The report will be carried out by a suitably qualified RICS Chartered surveyor, and uses a red, amber, green colour coding system to rate individual elements of the property, and highlight any areas of concern. The Condition Report will provide an overview that will help buyers understand the construction of the property, any serious problems needing attention, and any areas of further investigation and legal enquiries that need to be undertaken prior to committing to purchase the property. The surveyor only outlines the justification for the condition rating and does not include any advice. The surveyor also does not report on the cost of any work to put right defects or make recommendations on how repairs should be carried out.
Because of this the Home Condition Report is more expensive than a Basic Valuation, but less expensive than the HomeBuyer Report.