A real property report is a legal document that gives details about a property or land. It shows boundaries, outlines physical features, and brings awareness about encroachments. If all of this sounds complicated to you, we have a solution. There is a way for buyers and sellers to navigate a real property report in Calgary within legalities. The Canadian Bar Association Alberta Branch has published a report which depicts the recommended rules for real property reports in Calgary and other cities.
In this blog, we are listing a summary of this report and answering some related questions.
Real Property Report In Calgary: Rules Set By Law
1. The real estate lawyer of a buyer may not proceed to registration until they receive a copy of the real property report and review it.
2. If the buyer wants to take possession, one should pay interest at the mortgage rate only. In any other case, the possession can be postponed until a real property report is provided, and in this scenario, no interest shall be payable.
3. It is not mandatory to show an original property report in Calgary while making real estate transactions.
4. The age of the real property report is not relevant. What’s important is that the RPR reflects the current state of the property. However, there is an exception in this case. If the purchaser’s lender has requirements, you will have to go by them.
5. Sometimes, a real property report in Calgary is prepared before the final acceptance date of the purchase contract. In such a case, the seller must sign a statutory declaration that implies that there have been no changes since they made the real property report.
6. Real property reports in Calgary do not need to include sidewalks, driveways, landings, or small sheds.
7. At the same time, professionals must show all fences on the RPR.
8. If you remove an improvement made on the property, you won’t be required to make a new RPR just for that.
Are Title Insurance And A Real Property Report In Calgary Interchangeable?
This is not true. Most real estate purchase and sale agreements contain a clause which requires the seller to provide the buyer with a real property report with compliance.
The fact remains that only a real property report reflects the current state of the property. And only an RPR is marked with compliance by the municipality, which makes the document a necessity for any purchase and sale agreement.
However, at times, the seller does not have a valid RPR with compliance. The seller can offer a title insurance policy for purchase in such cases. Sellers sometimes prefer to do this because it is cheaper to pay for title insurance, or if they do not have enough time to get a real property report made.
Need A Real Property Report In Calgary?
It is clear by now that you would need a professional to help you out with a real property report in Calgary. CORE Geomatics is a reputed surveying and geomatics company in Western Canada. With an experience of 13+ years and a professional team of certified provincial surveyors, they operate in 9 cities, including Calgary, Edmonton, Vancouver, and Regina, among others. Contact CORE Geomatics to discuss your real property needs and get cost-efficient, expert solutions today.