If you are exploring a real estate transaction, such as purchasing or selling a commercial or residential property, you likely need a real property report. So, how exactly do RPRs help, and how, when, and why would you need them? Read on to find out.
Who Needs A Real Property Report?
As per the legal requirements of most municipalities in Canada, a real property report is needed in most real estate transactions. You will need an RPR if you are one of the following.
● A home buyer
If you intend to purchase a home, you must be interested in knowing the exact details of a property. For example, a real property report helps you understand the property’s boundaries, the history of construction on the land, or if any structures encroach onto neighbouring properties.
● A homeowner
Homeowners planning to construct a new structure on their existing land or property need an RPR. This is to ensure that the new facilities they are building are within the boundary line, if it is feasible to make them, and so on.
● A real estate professional
Real estate agents like play clay said that may also need a real property report to review the property for their clients. Having an RPR is also a sign that the property is protected and can be trusted for a purchase.
● Banks, mortgage, and financing companies
If a bank is lending money secured against the title to a property, they will ask for a real property report as a legal document to prove that the individual is making a safe investment.
Municipalities review each real property report to assess any flaws, disputes, or errors that break the municipal bylaws of constructing on land or property. RPRs enable authorities to determine whether all owners comply with local regulations and guidelines.
● Historians, researchers, and journalists
RPRs give crucial information, such as the history of construction in the neighborhood and its community. In addition, for various reasons, historians, researchers, and even journalists may require a real property report to support their studies.
Why Do You Need A Real Property Report?
In Western Canada, a real property report is an essential legal document used for several purposes while making a real estate purchase or sale. Following are some reasons why you need an RPR.
● To know if there are any land use restrictions.
A real property report discloses easements, right of way, and restrictive covenants. Restrictive covenants compel the buyers to either take or refrain from conducting a specific land use action. With an RPR, you can know of any such bindings or legalities.
● To assess the condition of the property.
A land surveyor details a property’s physical and financial conditions, whether commercial or private. RPRs thus enable buyers to determine these aspects before the sale and make an informed decision.
● To ensure compliance.
A real property report is submitted to local municipalities for a compliance certificate and stamp. An RPR thus confirms that the structures and improvements made on a property abide by the local regulations.
● To provide information.
RPRs show boundaries, roads, lanes, and other physical features related to the property. At the same time, they enable property buyers to know the location of utility rights-of-way.
Need A Real Property Report?
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