A Real Property Report (RPR) is a legal document that provides accurate details about the boundaries of a property, including structures and other improvements, created by a Calgary land surveyor in accordance with established guidelines and regulations.
It is used by buyers, sellers, realtors, and municipalities as a reliable record of the property, and may include a written statement from the surveyor that mentions any concerns or opinions they have about the property. An RPR is essential in the real estate industry, as it provides an accurate and complete understanding of the property, potentially preventing disputes and ensuring a successful transaction.
Difference Between Current & Updated RPR
A Current RPR and an Updated RPR both reflect the current state of a property, but they differ in their purpose and timing. A Current RPR is created by a land surveyor to describe the current state of a property at the time of a real estate transaction. It shows the latest improvements, encroachments and other relevant property details that comply with municipal bylaws.
On the other hand, an Updated RPR is a revision of an Existing RPR to reflect changes made to the property after the original RPR was prepared. Any changes made to the property, such as a new fence or a garage, demand an Updated RPR to confirm that the property still complies with municipal regulations. An Updated RPR will have a compliance stamp showing that it meets the current standards set by the municipality.
It’s important to note that an Updated RPR doesn’t necessarily need to be created for minor changes, such as planting a tree. It is still crucial to keep the RPR up to date to avoid any legal issues or disputes with neighbors.
What Happens if I Do Not Have A Real Property Report?
Failing to obtain your Real Property Report (RPR) before the possession of your property may result in significant problems with the sale. It is essential to note that acquiring the RPR at the last minute is not advisable since it can result in possession delays and jeopardize the entire transaction.
If there is an issue with the property that shows up on the RPR right before possession, you may not have time to fix it yourself. This can put the purchaser in a stronger bargaining position, and they may require that the purchase price be lowered significantly or their own trades be hired to correct any problems. This can result in financial losses for you as the seller.
Property buyers are increasingly becoming more aware of the importance of an RPR, and not having one can delay the date of possession causing a lot of inconveniences. As a seller, this can be a big problem, especially if you were relying on the money you were about to get. Plus, if you fail to provide an RPR, the purchaser could withdraw from the deal as a breach of contract and you might lose your deposit.
It is, therefore, quite important to have a Real Property Report so you can avoid any delays with the sale of the property.
If you’re planning to get a Real Property Report in Calgary, get it from the best. Core Geomatics have a reputation for offering quality on-time services, making use of the best industry practices while ensuring the survey is cost-effective for the property owner. Turn to them for all your surveying needs, and save yourself both time and money.
