What is a Property Condition Report?

A Property Condition Report is a necessary document to have when purchasing a property, whether commercial or residential. Property Condition Reports must be done by qualified property surveyor who will carefully examine the entirety of the property in order to find any potential issues or damage with the property.

The surveyor should include:
- the grounds such as the pavement, railings, irrigation and outside lighting
- the roof and roof subfloor
- structural items such as the foundation and walls
- the drainage facility and ventilation systems
- soundness of fire and other safety alarms
- an inspection of the property's "soft goods", such as furnishings

It is important to note that a Property Condition Report does not cover any damage that may be hidden in concealed areas of the property, such as the foundation, plumbing, and gas pipes. A clean bill of health from a PCR cannot guarantee that the property will not develop problems in the future.

The PCR will also include the expert's recommendation about the property. These recommendations are vital information for potential property owners to gauge the property's true worth and the time and money they may need to invest in it. PCRs can be requested by either the buyer or the original property owner. In fact, many property owners request a PCR before they even begin showing the property and make this information readily available to potential purchasers.

If you have any questions or concerns about buying a property, or Property Condition Reports, feel free to contact my office at (718) 317-5007.

Why Should You Get a Cohabitation Agreement?

A recent study done by the American Academy of Matrimonial Attorneys shows that matrimonial lawyers are seeing increasing numbers of clients whom are choosing to cohabitate and combine assets without first getting married.

As a long-time family law attorney, I know that just as it can be beneficial for couples who are planning to marry to sign pre-nupital agreements beforehand, it can also be beneficial for couples who are planning to move in together to sign a cohabitation agreement.

Cohabitation agreements are legal documents that a couple draws up in order to protect both persons' assets and define expectations in case the relationship does end. For couples who are living together without the legal protections and procedures of marriage, cohabitation agreements can minimize the financial repercussions of a bad break-up.