Real Property Status Report
I. Introduction
This Real Property Status Report has been prepared to provide a comprehensive overview of the current status of the property located at 123 Maple Street, Oakwood Subdivision, Springfield, IL 62701. The purpose of this report is to assist [YOUR NAME] in assessing the property's condition, potential risks, and liabilities before completing the purchase transaction.
II. Property Details
Property Detail | Information |
|---|
Property Address | 123 Maple Street, Oakwood Subdivision, Springfield, IL 62701 |
Legal Description | Lot 5, Block A, Oakwood Subdivision |
Parcel Number | 6152-1415-16 |
Zoning | Residential (R-1) |
III. Ownership Information
Ownership Detail | Information |
|---|
Current Owner | Barry Morar |
Ownership Type | Individual |
Date of Acquisition | January 1, 2050 |
Previous Ownership History | No previous ownership history |
IV. Title Information
Title Detail | Information |
|---|
Title Status | Clear |
Title Insurance | IdealMate |
Title Search Date | May 1, 2080 |
Encumbrances/Liens | None found |
V. Property Condition
Condition Detail | Information |
|---|
Physical Condition | The property appears to be in excellent condition. The exterior features well-maintained landscaping, a recently painted exterior, and a sturdy roof. The interior shows minimal wear and tear, with no apparent structural defects. |
Environmental Concerns | No environmental assessments have been conducted on the property. It is recommended that further environmental testing be considered for thorough due diligence. |
Structural Integrity | An initial assessment indicates no concerns regarding structural integrity. However, a professional inspection is advised for a detailed evaluation. |
VI. Financial Considerations
Financial Detail | Information |
|---|
Property Taxes | The current property tax amount is $2,500 per year, based on the assessed value of $300,000. |
Outstanding Debts | There are no outstanding debts or liabilities associated with the property. |
Assessment Value | The assessed value of the property for tax purposes is $300,000, as determined by the Springfield Assessor's Office. |
VII. Conclusion
Based on the information provided in this Real Property Status Report, it is recommended that [YOUR NAME] thoroughly review the findings with their legal and financial advisors to make an informed decision regarding the purchase of the property. Additional due diligence may be required to address any identified risks or concerns.
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