Many buyers and sellers are unaware of what a Real Property Report (RPR) is and why it is needed. An RPR is the land survey showing the boundaries of the property and all the buildings and improvements on the property. This is everything from the house, garage, air conditioner, fence, deck, etc.
When buying or selling a single family home detached or semi-detached, as well as a bare land condo, you need an RPR. The seller has to legally provide an RPR to the buyer prior to closing with a stamp of compliance from the local municipality. If this is not provided to the buyer, there can be a delay in closing or even worse, a breach of contract.
It is very important that the RPR is ordered or updated as early as possible in the sale process, preferably before the property is listed to prevent delays. It can take 2-4 weeks for an RPR to be ordered, drawn up, and completed with a stamp of compliance. Sometimes there may be issues with the property such as a permit needed for an improvement on the property, or an encroachment onto an neighbours property that needs an encroachment agreement registered. It is always better to be prepared with time to spare rather than deal with an issue further along in the process.
If you have any questions on this subject or need anything contact me to discuss.
Author:David Jablonski Phone: 403-975-5915 Dated: March 28th 2017 Views: 469 About David: Active in Calgary real estate since 2007, David has seen every type of market and knows how to help ...
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David Jablonski - Team Lead - Jablonski Real Estate Group - Remax First