Navigating Real Property Reports: A Guide for Calgary Homebuyers
Real Property Reports (RPRs) are important when selling a property, but not everyone is familiar with what an RPR is since it doesn’t come up very often. In this article, we’ll go over all aspects of an RPR in brief, addressing some frequently asked questions.
What Is A Real Property Report?
A Real Property Report is a survey of land that ensures all the boundaries and improvements on the property comply with the municipal requirements. This document is required to be offered by the seller of a property, for the buyer to assess the property as well as serve as a necessary document for property transfer.
Having an RPR can simplify the property transfer, and sellers are encouraged to get an RPR made the moment they’re considering selling their property. In the survey, they could encounter a bunch of inconsistencies that need attention and fixture. Getting an RPR early can save both the seller and the buyer a lot of time.
What Are Improvements On a Property?
Improvements on a property are generally additions made to a property that help increase its utility, appeal or value. These can include physical additions or technological additions that upgrade the property.
Improvements consist of renovations, landscaping, energy-efficient upgrades, technology upgrades and structural upgrades; a few examples of which include a garage, driveway, and fence. As a seller, it’s important to have a detailed document mentioning the improvements on your property, that help educate the seller properly.
What Does an RPR Consist?
In addition to improvements, a real property report can consist of the following.
● Boundaries of a Property
● The legal description of a property
● Outline and designation of surrounding properties, lanes or roads
● Details about encroachments on the property
● Confirmation of Compliance with local regulations
Why Do You Need a Real Property Report?
A Real Property Report is an absolute requirement when buying or selling a property, and having one only makes the process of purchasing a property convenient apart from serving legal obligations. Both parties in the transactions are up to date with all the boundaries, encroachments and dimensions of a property, which helps avoid disputes and consequently save money.
In addition to serving as a convenient document for the parties involved, an RPR shows that a property is compliant with the rules and regulations of a state, as well as a legal requirement for the sale of a property.
How Much Does a Real Property Report Cost?
The cost of a Real Property Report (RPR) in Calgary, Canada can vary depending on various factors such as the size of the property, the complexity of the survey, and the specific requirements of the municipality.
In general, however, the cost tends to be between 500 to 1500 CAD, including the cost of the report, possible rush fee, compliance stamp and courier fee.
How to Prepare a Real Property Report?
Creating a Real Property Report is an extensive task that requires professional knowledge of compliance codes, years of field experience and hands behind the required equipment. A qualified Calgary land surveyor will find plans related to the property’s location and boundaries, perform a survey to determine the definite boundaries and find any encumbrances registered and prepare a diagram reflecting the results.
If you’re considering getting a Real Property Report, Core Geomatics have you covered with their years of experience and quality services, reputed to be one of the best land surveyors in Calgary.