Imagine you’re about to finalize the sale of your home, eager to move on to the next chapter in your life. But hold on! You might encounter unexpected complications that could jeopardize the entire deal and cost you hundreds of dollars. This is where having an updated Real Property Report (RPR) becomes crucial in the Calgary real estate market.
What is a Real Property Report (RPR)?
A Real Property Report is a legal document that records the complete layout of a property, including boundaries and improvements, while also highlighting any issues or construction violations mandated by the City of Calgary Planning & Development. As a homeowner, having an RPR with a compliance stamp from the city’s planning department can protect you from future liabilities and make your property more appealing to potential buyers.
The Importance of an RPR in a Sale Transaction
An RPR ensures transparency and provides all necessary disclosures to buyers or stakeholders. It serves as a legally binding document, with the surveyor taking full responsibility for its accuracy and potentially testifying as an expert in court if disputes arise. However, RPRs can become outdated over time due to property improvements not being documented, making updates necessary.
Common Triggers for RPR Updates
Improvements such as A/C units, new fences, decks, and garden sheds over 10 m2 often trigger the need for an updated RPR. For instance, in 2008, the City of Calgary’s Land-Use-By-Law required an update to the RPR if an A/C unit was installed after that date. Keeping your RPR current can save you time, money, and stress during a sale transaction.
Costs of Obtaining an RPR
The cost of obtaining a Real Property Report (RPR) in the Calgary real estate market is a reasonable investment considering its value and the peace of mind it offers. On average, a fresh RPR in Calgary can range from $500 to $750, excluding taxes. This expense is a small price to pay compared to the potential consequences of not having an updated RPR.
For homeowners who already have an outdated RPR, updating it can be a more cost-effective option. The cost of updating the document depends on the extent of changes made since the previous RPR. Generally, updating an older and outdated RPR might cost almost the same as preparing a new one.
The preparation time for an RPR is influenced by various factors, including the property’s size, shape, and features. Typically, it takes around three weeks to complete an RPR for an average-sized property. If you are in a hurry to complete the transaction, you have the option to expedite the process by paying an additional fee.
While the costs of obtaining or updating an RPR might seem significant initially, they are negligible compared to the potential benefits and savings in the long run. Whether you are a seller or a buyer, investing in an RPR is essential to ensure a smooth real estate transaction and avoid any last-minute surprises or setbacks. Ultimately, the value provided by an RPR far outweighs its cost, making it an indispensable aspect of Calgary real estate transactions.
Conclusion
For homeowners looking to sell, having an updated RPR can significantly improve your chances of a successful and stress-free sale. Similarly, buyers should insist on an updated RPR to make informed decisions and avoid potential complications.
Core Geomatics can provide professional expertise in preparing accurate and up-to-date Real Property Reports, ensuring a smooth and hassle-free real estate transaction. Their team of experts can help you navigate through the complexities of RPR requirements, saving you time, money, and providing peace of mind.
