You’re getting a property and there’s all this talk about RPR and you’re wondering what it is? The real property report is a legal document prepared by a surveyor. It’s an accurate and detailed drawing of the property, its boundaries, and the structures built on it. Almost all real estate transactions would require you to have a current RPR.
A typical property report contains the legal description; the municipal address of the property; the date the report was done; and the Certificate of Title among other things.
If you’re a buyer, you must insist the RPR shows all the recent upgrades the property has undergone. There should also be evidence proving that the report is by your municipal’s rules and regulations. Here is why you need an RPR:
Identifies Problems So You Can Fix Them
The real property report helps in identifying issues with the property that requires fixing before it changes hands. Since the report is a drawing that clearly shows what’s on the property, owners can easily see what needs fixing, replacement, or removing. The illustration of their property also includes the placements of structures and boundary lines which makes it easy to know where to add some more structure if you want to.
They Help Avoid Unnecessary Delay
Whether you’re buying or selling a property, you want to gain your client’s trust by presenting them with the report so they can be sure everything you claim to be present is truly there. It is important to carry out residential surveys to get the property report done as possible. Delaying its availability might make you lose the contract.
Having the report done by surveyors on time would help all the parties involved conclude quickly.
Simplifies Transaction Process
The report makes the transaction process much easier especially if you’re getting a mortgage. Lending companies look forward to seeing a property report with the necessary survey data before giving you your mortgage or home equity loan. You’re much likely to get their approval in no time if they have the document during the application.
They Are Legal Documents
If you’re a developer or intend to construct your building, you’d need surveyed boundary information to get permits for your building. The surveyor in charge of the report can serve as the expert witness in court when there are legal cases to be attended to. In most property deals, a real property report that shows the current state of the property can act as the regulatory compliance you need.
They Protect You
For property owners or sellers, the real property report is needed in protecting your property against any legal complications that may come up over land bylaws. The report shows you what property boundary with you and can help you identify when there’s an encroachment by your neighboring property owners and if any construction bylaws have been violated so you can resolve any boundary issues.
A real property report provides the confirmation you need from the authorities that the property is free from any complications regarding bylaws, building regulations, fire, and building codes. This verification protects vendors and ensures buyers remain cautious even before buying the property. Again as earlier stated, getting a real property report very early will hasten the transaction process for the buyer and seller.
Who Prepares The Real Property Report?
A duly registered Alberta Land Surveyor is the sole professional legally responsible for the preparation of the Real Property Report. Therefore, if a report should be considered valid, it must bear the signature and permit stamp of the Alberta Land Surveyor.
When preparing the document the surveyor must ensure that they properly search the title of the property; search for plans related to the location of the property’s boundary; then carry out a field survey to determine its position; and lastly, draw the plan showing the direct results of the property’s title research and field survey.
Finally, whether you’re buying or selling, ensure you verify that the report has:
- The location and description of every structure with dimensions, directions, and distances from the property’s boundary.
- The location and position of encroachments from neighbors.
- Inclusion of the designation of adjacent properties, roads, and paths.
- Drawings of delineated easements that affect the property for them to utilize part of your property as needed.
- The stamped signature of certified Land Surveyors.
If you’re buying or selling a property, speak with your lawyer and get a surveyor to prepare the RPR for you as soon as possible. You’ve seen how important it is; unnecessary delay might cause the client to lose interest or perceive you as unserious. You certainly wouldn’t want that.
Kindly note that the copyright of the report does not come to you but the survey company.
