17 June 2016

What is a REAL PROPERTY REPORT? Who Needs a REAL PROPERTY REPORT? How Does a REAL PROPERTY REPORT PROTECT YOU? How Does MUNICIPAL COMPLIANCE PROTECT YOU?  How Long is a REAL PROPERTY REPORT VALID?   Click Above for more info. 

 

 

What is a REAL PROPERTY REPORT?

A Real Property Report (RPR) is a legal document that clearly illustrates the location of significant visible improvements relative to property boundaries.(Improvements to be shown are outlined in Part D, Section 8.5 of the Manual of Standard Practice, which can be found at www.alsa.ab.ca) It takes the form of a plan or illustration of the various physical features of the property, including a written statement detailing the surveyor’s opinions or concerns. It can be relied upon by the buyer, the seller, the lender and the municipality as an accurate representation of the improvements on your property.

Who Needs a REAL PROPERTY REPORT?

Property Owners, to be informed of:

  • The locations of improvements within the property boundaries,
  • Any encroachment from adjacent properties, and
  • Property compliance with municipal requirements

Property Purchasers, to be informed of:

  • The boundary and improvement locations on the property, and
  • Any problems relating to the property boundaries.

Municipalities, to assist them:

  • In determining compliance with bylaws and fire codes, and
  • In the planning and development process.

Property Sellers (vendors), to provide:

  • Protection from potential future legal liabilities resulting from problems related to property boundaries and improvements.

Mortgage Lenders, to be informed of:

  • Conformance of improvements with municipal bylaws, and
  • Problems that may have to be resolved prior to registration of the mortgage.

Realtors, to:

  • Provide a visual representation of the property for sale,
  • Meet requirements of the real estate listing/purchase contract, and
  • Have information to avoid delays in completing property transactions when a Real Property Report is arranged early in the sales process.

How Does a REAL PROPERTY REPORT PROTECT YOU?

Purchasing a property may be the largest financial investment you ever make. With a Real Property Report, owners are aware of any boundary problems. They know whether their new home is too close to the property line, or part of their garage is on their neighbour’s land, or vice versa.

Since legal complications may occur if a sold property fails to meet requirements, a Real Property Report protects the seller.

How Does MUNICIPAL COMPLIANCE PROTECT YOU?

A Real Property Report is necessary to determine compliance with municipal bylaws. A municipality reviews and endorses the Real Property Report and indicates if the improvements meet the requirements of the local bylaws. The property owner can then resolve any outstanding issues identified by the municipality. Early preparation of a Real Property Report significantly speeds up the process of selling a property.

How Long is a REAL PROPERTY REPORT VALID?

The Real Property Report is a “snapshot” of the property on the date of the survey. Changes are often made to improvements on a property or adjoining properties. These may be new or modified fences, decks, driveways, garages or other features. Only an updated Real Property Report can show their location relative to property boundaries. Changes to your title will also be shown. In some cases, it is more economical to update an existing Real Property Report. Contact the original Alberta Land Surveyor who did the RPR to see if an update can be done. 

(Source ALSA.AB.CA)