If you are someone who is thinking of purchasing or selling a property in Canada, you must consider getting a real property report. Real Property Reports in Canada can provide you with vital information regarding the structure, history, and legality of the property. Read on to know how crucial these reports are when purchasing a property.
What is a Real Property Report?
A Real Property Report is a legal document prepared with the help of a land surveyor which contains things such as the property’s location, boundaries and improvements that could be made to the property. It sort of looks like a plan or illustration of the property’s numerous physical aspects, as well as a written statement expressing a land surveyor’s opinions and concerns.
A Real Property Report is usually done to help with the buying of a home. Banks want to make sure they’re lending money on properties that meet the required setbacks and site constraints imposed by the jurisdiction’s municipality. A Real Property Report will aid you in acquiring a Building Compliance Certificate, which will let you complete your mortgage transaction.
Why should you need a Real Property Report?
As a seller, you must have an RPR of the property as it is a contract that is most often used to transfer the title of the property to a buyer. In the absence of one, there are chances that contractual consequences may arise. A prospective purchaser might also use an RPR to simply check the existence and placement of improvements and encumbrances on the land.
Thus, it is best to have this document when dealing with a property in Canada. Many of the other benefits include:
● They help in identifying problems related to property so that they could be resolved before a sale is finalized.
● They help you know about easements that are outstanding or such encroachments on the property, which could save you a lot of time and money when dealing with such property.
● It helps buyers to know about the physical dimensions of the property, which in turn gives buyers peace of mind knowing that their home complies with municipal ordinances and legal standards.
● They help in determining the legal location of structures, as well as their upgrades and physical dimensions.
● It can help you to determine whether a property is connected to public utilities like gas, water, sewer, or electricity.
Thus, when a Real Property Report is prepared before the sale of a home, it simplifies the process- both for the buyers and the sellers. Now that you know how important Real Property Reports in Canada are, you must work with a licensed surveyor like Core Geomatics. With more than ten years of experience, their licensed land surveyors ensure a consistent and reliable service. Contact them to prepare your Real Property Reports at affordable rates today.
