Everything You Need To Know About Real Property Reports
A Real Property Report (RPR) is a legal document that provides a detailed representation of the boundaries and improvements on a property. It is provided by a land surveyor who has to be a member of the Alberta Land Surveyors Association. The RPR includes a description of the property’s physical boundaries, as well as improvements, such as buildings & structures.
Real Property Reports are required in real estate transactions and ensure that the property at hand is accurately described. This is taking into consideration that the seller is aware of any encroachments on the property, and the property is not extending over any neighboring lands.
Here is a brief overview of everything you need to know about Real Property Reports:
Who Needs A Real Property Report?
Property owners are the first people who need an RPR that helps them assess the improvements made within the boundaries of the property, encroachments made on adjacent properties and the property’s compliance with the municipal code. Buyers, on the other hand, should demand a RPR that displays the boundaries and improvements on a property, issues or potential construction problems with the property, and offer a general view of the property for sale.
Municipal authorities too will demand a RPR that helps assess whether or not the property complies with the municipal code, during a sale. While mortgage lenders will ask a RPR to look for potential problems on a property before registering a mortgage.
What Is The Validity Of a Real Property Report?
The validity of a Real Property Report (RPR) can vary depending on a few factors, including the jurisdiction in which the property is located as well as any applicable laws and regulations. In general, though, the report is valid as long as there are no new improvements on a property or the adjacent property. Upgrades such as decks or a garage also constitute a reason to get your Real Property Report updated.
What Does a Real Property Report Include & How Does It Protect You?
A RPR consists of the legal description and location of a property, orientation and dimensions of a property, improvements made on the property, certification from a land surveyor and permits stamps from the municipal authority.
A Real Property Report informs the parties involved about any violations on a property that can lead to legal disputes if discovered later. As a seller, having an RPR can save you a ton of fortune that would’ve been spent on legal obligations, while a seller is benefited from an RPR since it offers them an accurate view of what they’re purchasing instead of discovering any issues later.
Title Insurance vs Real Property Reports- What’s Better?
Title insurance is a type of insurance policy that provides protection to property owners and lenders in case of any issues with the ownership or title of a property. It is typically purchased during the home-buying process and can provide coverage for a wide range of potential issues, such as unpaid taxes, undisclosed heirs, and other title defects.
The validity of title insurance ends as soon as a property is sold, while the validity of RPR isn’t affected by a sale as long as there are no improvements made on the property. In addition, an RPR ensures that both the buyer and seller have confirmed the technicalities of a property and that it meets the necessary requirements, while insurance doesn’t offer that certainty.
A Real Property Report comes out to be a much better alternative in comparison to title insurance. Equally important is choosing a reputable land surveyor, such as Core Geomatics in the province of Canada, who comes with over a decade of experience and expertise in the field, offering high-quality RPRs at effective prices.
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