Survey reports-FS

Question 1

What is another common name for a survey report in property transactions?

Answer 1

A structural survey or building survey.

Question 2

What is the main purpose of a structural or building survey?

Answer 2

To identify any structural problems with the property that may affect safety, value, or habitability.

Question 3

Why is it essential to conduct a survey rather than rely on seller disclosure?

Answer 3

Because under the doctrine of caveat emptor (buyer beware), sellers are not obligated to disclose structural defects unless asked.

Question 4

What legal doctrine justifies the need for a building survey?

Answer 4

The doctrine of caveat emptor, which places the responsibility for discovering defects on the buyer.

Question 5

How might a structural survey impact property price negotiations?

Answer 5

If serious issues are found, the buyer can renegotiate the purchase price to reflect the cost of necessary repairs.

Question 6

What kind of issues can a survey reveal that may not be visible at first glance?

Answer 6

Hidden defects like foundation instability, cracks behind painted walls, or potential collapses.

Question 7

Is a survey legally required before buying a property?

Answer 7

No, but it is highly advisable as it helps the buyer make an informed decision and manage financial risk.

Question 8

What is the solicitor’s role in relation to survey reports?

Answer 8

To advise the client of the benefits of a structural survey and arrange one if instructed.