Real Estate transactions are one of the most significant transactions that a person ever makes in his lifetime. It is crucial to avoid encountering unforeseen issues with the property after the sale is complete. Real Property Reports are one such document that can help you with a smooth and secure property transaction.
In this article, we explore the importance of Real Property Reports in Calgary and how they can serve as a vital safeguard, irrespective of whether you are a buyer or a seller and protect you from potential pitfalls.
What Does Real Property Report Include?
A real property report is a legally binding document created by survey companies that provides detailed information about a property such as its location, boundaries, and potential improvements.
In no particular order, an RPR also includes:
● Registered owner's information
● Title certificate number's legal description
● Property's municipal civic address, if one is provided.
● Names of the adjacent lands' parcels.
● The property had easements that affected it as of the date of the title search.
● Property borders' linear measures.
● Location and details of any obvious intrusions onto or outside the property.
● Location of the registered easements that are listed.
● Positioning and size of structures concerning property lines.
These reports can be divided into two categories:
● New Real Property Reports: These reports are created from scratch, involving a land surveyor visiting the property to conduct a survey. The resulting documents are then submitted to the local municipal authority in Alberta for official approval.
● Updated RPR: Whenever a permanent structure is added to a property, such as a fence, garage, deck, or pergola, the existing real property report must be updated accordingly. Regardless of the size of the addition, any permanent structure attached to the property necessitates an update to the existing RPR.
Significance of Real Property Reports in Calgary
The buyer, seller, realtor, attorney, financial institution, and municipality can all rely on Real Property Report as an accurate depiction of the property in a real estate transaction.
Real Property Report surveys must be finished before the sale of a property in Alberta for the majority of business and residential real estate transactions. As a result, this document has legal implications for most real estate transactions in Calgary.
How can it protect a Seller?
A Real Property Report is essential for Sellers because it can protect them from potential legal liabilities brought on by problems with property boundaries and improvements. Thus, getting your RPR updated before selling your property is a good practice if you want to avoid any future legal consequences arising out of boundary disputes.
If you're seeking to obtain a Real Property Report in Calgary, consider contacting Core Geomatics. As a licensed survey company with over ten years of expertise, they can provide the professional assistance you need. Their experienced team of land surveyors ensures accurate and reliable results, giving you peace of mind in your property transactions.
How can it protect a Buyer?
A real property report is advantageous to both buyers and property owners because:
● Physical Dimensions: They learn the property's physical dimensions, which are crucial for comprehending the available space and whether they are getting their money’s worth.
● Accurate Information: They learn the exact locations and sizes of structures, additions, rights-of-way, and encroachments concerning the boundaries of their properties.
● Boundary Issues: It pinpoints any boundary-related issues, clarifies them, and settles any prospective conflicts.
● Boundary Compliance: The report highlights any alterations assuring compliance with laws.
● Encroachment Detection: It identifies any encroachments from neighbouring properties so that they may resolve any potential disputes, like a garage that is partially on a neighbour's property.
● Conformity with Municipal Bylaws and Fire Codes: The report confirms if the property complies with local bylaws and fire codes, assuring conformity with local legislation.
For More Information about Surveyors Calgary and Residential Land Survey Vernon Please Visit: CORE Geomatics.
