How to read the Realist Property Detail Report

Posted by PRO Tue, 16 Jan 2007 19:38:00 GMT

Guidelines for conducting an analytical review of  the Property Details Report.

Review

Procedure

Realist Property Details Report

 

Owner Information

The owner information identifies the individual who has the authority to list and sell the property.

  • Compare the owner name to the name of the individual who contacted you regarding the listing of the property.

Additional Information 

If the name of the individual who scheduled the listing appointment is different from the name of the property owner, contact the individual who scheduled the appointment to learn what that person’s role is regarding the sale of the property and whether or not the property owner will be present at the listing appointment. If the owner or legally-authorized designee will not be present at the appointment, consider rescheduling the appointment for a time when the owner or legally-authorized designee can be present. Only the owner or legally-authorized designee can sign the listing contract. In situations involving property held in trust by a corporation or governmental agency, you will need to verify who is legally authorized to list and sell the property.

For owner-occupied property, the property address and the tax billing address will be the same. A tax billing address that is different from the property address indicates that a tenant (or someone other than the owner) occupies the property.

  • Note the county-use code. This code is related to the zoning of the property and will help determine the appropriate marketing plan for the property and is the source of the MLS ownership and property-type information.
     

Location Information

  • Note the legal subdivision name. This information needs to be provided on the MLS Profile Sheet and verified on the MLS listing.
     

  • Note the millage rate. This information needs to be confirmed with the county tax record, provided on the MLS Profile Sheet, and verified on the MLS listing.
     

Tax Information

  • Note the tax identification number. This information needs to be provided on the MLS Profile Sheet and verified on the MLS listing.
     

  • Note the tax year. The information in this section of the report is based on the year.

  • Add the land assessment amount to the improved assessment amount. The sum should be equal to the total assessment amount. A difference can arise as a result of exemptions and the Save Our Homes cap.
     

  • Compare the total assessment with the taxable assessment. A large variance between the two is generally the result of the Save Our Homes cap and exemptions. It is also an indicator that property taxes for a new owner could be potentially higher than the current taxes.

Information to discuss with client / customer

It is important to advise consumers to research the county property appraiser’s Web site to learn more about the potential tax liability on the property. The county property appraiser’s reports reflect the property’s tax liability without the benefit of the Save Our Homes cap and exemptions. The report also reflects current special taxes on the property. However, the county property appraiser’s report does not reflect future tax assessments that may be placed on the property.

  • Note the legal description. This information needs to be provided on the MLS Profile Sheet and verified on the MLS listing.
     

  • Note whether or not the property has a homestead exemption. This information needs to be provided on the MLS Profile Sheet and verified on the MLS listing.

Information to discuss with client / customer 

It is important to advise consumers that they must file with the county to continue to receive the benefit of the homestead exemption.

Instructions for filing for homestead exemption are here.

 

Characteristics

  • Note the total heated square footage. This is a calculated number.  Refer to the Heated Square Foot Calculator in the MLS Reference to learn more about this calculation.  The Realist total heated square footage is auto-populated into MLS.  Validate this information through public records to determine if the correct number is the MLS listing.
     

  • Become familiar with the general characteristics of the property. When you tour the property at the listing appointment, compare the characteristics listed in the public records with the actual property.

Required Disclosure 

If the house was built in 1978 or earlier, a Lead Based Paint Disclosure for the property is required.

Required Disclosure   

Check the Property characteristics for the use of asbestos, which requires disclosure.

Information to discuss with client / customer   

If the Property Characteristics include an Effective Year Built, this indicates that the property has undergone a major renovation. Discuss the nature of the renovation with the seller and inquire as to whether or not the work was permitted with the county.

Post-permitting with the governing municipality can be expensive.

Information to discuss with client / customer   

If the exterior is frame/stucco, inquire as to whether or not the seller has a termite warranty and if it is transferable with the property.

Last Market Sale

  • Review the details of the last recorded sale of the property. Knowledge of this background information helps to confirm your expertise in researching property records.
     

Sales History

  • Note that this information is in a columnar format. Read it from top to bottom, not left to right.
     

  • Review the details of the sales history of the property. Knowledge of this background information helps to confirm your expertise in researching property records.
     

Mortgage History

  • Note that this information is in a columnar format. Read it from top to bottom, not left to right. Also note that it does not reflect the satisfaction of a mortgage.
     

  • Review the mortgage history of the property. Knowledge of this background information helps to confirm your expertise in researching property.
     

Features

  • Review the building description. This information should match the building sketch. Significant changes to the property are recorded building features.