A Real Property Report is relied upon by the buyer, the seller, the lender and the municipality as an accurate representation of the improvements on the property. The construction, background, and legality of the property can all be learned via these reports. What more? Let’s take a look.
What is a Real Property Report?
A real property report, sometimes known as an “RPR,” is a legal document prepared by a land surveyor to define the precise boundaries of a lot or parcel of land. The document is necessary for all real estate transactions to request a compliance stamp from the provincial local authority.
By learning about the property’s physical specifications from a Property Report, buyers can be sure that their property complies with all applicable laws and local ordinances. Additionally, it helps sellers and buyers spot issues with real estate so they may fix them before a sale is completed.
Why have a Real Property Report?
● Buyers are aware of the property’s physical dimensions, Typically, financing calls for validated survey data,
● Before a sale is completed, issues are found and can be fixed.
● Property transfers are made simpler, and boundary information is needed for development and building licences.
● Owners are fully aware of the precise positions and dimensions of any buildings, improvements, rights-of-ways, and encroachments on their land.
Who Needs A Real Property Report?
● Property owners: A property owner must be informed of the limits of their land. Any zoning changes and any registration paperwork about the property will be disclosed to you by an RPR. Additionally, they can alert the owner to any potential neighbour invasion. To avoid any upcoming issues, it is a good idea to create an RPR before offering your home for sale.
● Financial Institutions: To confirm that there are no encroachments that could impact the property’s marketability and that zoning and bylaw requirements are being followed.
● Property buyers: It is important to be aware of any past or current building concerns or property problems before purchasing any property. Any encumbrances on the property, such as taxes, liens, and sometimes the names of past owners, will be made known through an RPR.
● Realtors: To give a visual depiction of the property up for sale and to gather information to prevent delays in concluding real estate deals.
● Municipal authorities: The municipal authorities in Calgary may require an RPR before issuing permits or licences for the construction of your property. It examines whether there are any violations of any bylaws, fire rules, construction codes, or other regulations as established by the local government.
● Mortgage lenders: To authorise the mortgage process, mortgage lenders require a stamped RPR.
How To Get A Real Property Report
The only person qualified to properly compile a real property report in Alberta is a licenced land surveyor. A real property report cannot be regarded genuine as without the Alberta Land Surveyor’s original signature and permit stamp.
By signing a Statutory Declaration or Affidavit, you can confirm that an RPR you already have is accurate and that the property hasn’t altered since it was created. You can speak with the surveyor to see whether the present RPR can be adjusted if there have been changes. If there have been alterations, only an updated RPR with a compliance stamp may attest to the property’s compliance with local legislation.
The seller should locate the RPR before listing the property. A new RPR should be ordered as soon as feasible if the original RPR cannot be located. The RPR and property surveys by survey companies can take up to three weeks to complete.
Contact Core Geomatics
If you are looking for a land surveying company that offers accurate and efficient Real Property Reports, look no further than Core Geomatics. They have more than ten years of experience working with investors and current homeowners who want to learn more about their properties to provide property services. Click here to contact them and know more about them.