What is a Real Property Report
Almost all real estate transactions require a Real Property Report. And it’s important for everyone, and you- as a resident of Calgary, to know what a Real Property Report is. And to make your job easier, we’ll cover everything you need to know about a Real Property Report in Calgary in this article.
What is a Real Property Report?
A real property report is a legal document that visually represents the structure of a property, including all the permanent structures and the location of the property. This document is created by a registered Alberta Land Surveyor and is primarily used to inform buyers about the details of the property.
Before you sell your house, it’s the owner’s responsibility to make sure that the RPR is up to date and aligns with all the required bylaws approved by the city. Updating a RPR is to be done wherever you, as a property owner, are planning to build any permanent structure on your property.
These can be any structures, big or small, that can be considered permanent, such as a fence or a garage. However, have a word with the respective city department to conclude if or not you need a development permit from the city before you begin any construction.
Benefits of a Real Property Report
● A Real property report can help buyers with the valuation of a property, helping prevent any scams or malpractices involved in high-priced schemes.
● As a homeowner, you will be familiar with all the details of the property and can have peace of mind when it comes to knowing the boundaries of the property.
● Unintentional mishaps, such as extending beyond your property can be identified and fixed immediately before it raises any concerns.
● A home buyer gets an accurate picture of all the elements, and structure of a property.
Do I need a Real Property Report?
If you’re planning to sell your home, it’s important to have an up-to-date RPR issued by a land surveyor. This document helps buyers understand the structure, elements and any concerns, if present, with the property. Issues such as your structures extending into the neighbor’s property or the city’s property can be termed as concerning. As a home seller, make sure that your RPR is updated and compliant with the bylaws of the city.
Also, it’s always best to hire a reputable service provider, when creating a RPR for your property. If you live in Calgary, you must’ve come across CORE Geomatics, thanks to their strong reputation and years of experience.
What is the cost of a Real Property Report?
A Real Property Report can be issued in two ways, either by updating your current RPR or getting a new one. And the cost differs accordingly.
Updating your current report can cost roughly around $600. However, there are a lot of factors that determine the price, and the one mentioned can be termed relevant for a single-family detached home. Naturally, as the property gets bigger in size, the costs increase as well.
The survey should be done by a company that is a part of the Alberta Land Surveyors Association. Unlike previously, now, the entire process can be done online from start to finish. The documents can be submitted online, and the process of getting a digital stamp can be done online as well.
The lawyer involved in the process of closing your home should be able to help you with a copy of your RPR, in case you’ve lost it. Or you can contact the Planning Department in your city for a copy of the file, given they have it.