Most often in a real estate transaction you will see reference to a Real Property Report, also called an RPR. In fact, most real estate contracts automatically include them as common practice, unless the property is an apartment-style condo.
So what is a Real Property Report? An RPR is a legal document that is prepared by a qualified land surveyor (Alberta Land Surveyors Association) that illustrates a specific property’s boundaries, permanent structures, and easements or rights-of-way. It usually contains a plan with measurements along with notes and legal descriptions. It is used as an accurate and timely representation of the property and the buildings on it.
Many properties may have an RPR that was done previously and that the Seller has kept. Real Property Reports are only considered accurate at the time that they were prepared. After a certain amount of time, they may be required to be updated or redone. If no RPR is available or significant changes have occurred on the land, they may have to be started from scratch. This can take some time, so consult with your real estate agent about the need for one right from the outset of your transaction.
An RPR is usually reviewed by the municipal jurisdiction (town or county) for compliance with local land use bylaws and regulations. The jurisdiction then indicates if the property is (or is not) in compliance.
For more information or to see some examples, click here.
Real Property Reports help the Buyers understand that status of what they are buying and see the invisible, like utility rights-of-way and other easements.
If you are thinking of buying or selling, and you have questions about the various steps involved, give me a call. Together we will get you from where? to there!