Residential Inspection Report

What Is a Residential Inspection Report?

A residential inspection report is an official document prepared by CMB-licensed valuation experts that indicates the current market value of a residential property. This report is prepared by taking into account the physical characteristics of the property, its location, environmental factors, legal status, and prevailing market conditions. The residential inspection report is accepted as an official document by numerous institutions and individuals, primarily banks.

How Is a Residential Inspection Report Prepared?

The preparation process for a residential inspection report begins with an on-site examination of the property by a valuation expert. During the inspection, the construction quality, materials used, interior layout, common areas, and environmental features of the property are assessed in detail. Subsequently, title deed records, zoning status, and the occupancy permit are verified. Finally, a comparable sales analysis is conducted to evaluate the sale prices of similar properties, and the inspection report is prepared in light of all this data.

When Is a Residential Inspection Report Required?

A residential inspection report may be required in a variety of situations: determining the collateral value for mortgage applications by banks, establishing the true value during property purchase and sale transactions, fair value assessment in inheritance distributions, determining the property value for insurance policies, asset division in divorce proceedings, and use as an expert witness report in court proceedings are among the most common scenarios.