Many of us consider purchasing a home to be our biggest financial choice. To ensure that all the documentation is completed correctly, we take the utmost care. Any small error could lead to serious issues down the road that could cost us money and time. One such issue can arise if one doesn’t check the Real Property Report in Calgary before agreeing to a purchase contract.
Who Needs A Real Property Report?
Before entering into a deal, both buyers and sellers must check Real Property Reports (RPR). It is a legal document created with the help of a land surveyor that contains details about the location, boundaries, and future improvements of the property. When they visit the location, land surveyors take measurements of the property’s boundaries as well as the precise size and layout of any constructions.
A Real Property Report lists numerous factors, such as right-of-ways, easements, restricted covenants, and encroachments from neighbouring properties. They are crucial in identifying the defects, restrictions, and other legal issues related to the property.
The following situations call for a property report:
● Property owners: A property owner must be informed of the limits of their land. Any zoning changes and any registration paperwork about the property will be disclosed to you by an RPR. Additionally, they can alert the owner to any potential neighbour invasion. To avoid any upcoming issues, it is a good idea to create an RPR before offering your home for sale.
● Property buyers: It is important to be aware of any past or current building concerns or property problems before purchasing any property. Any encumbrances on the property, such as taxes, liens, and sometimes the names of past owners, will be made known through an RPR.
● Municipal authorities: The municipal authorities in Calgary may require an RPR before issuing permits or licences for the construction of your property. It examines whether there are any violations of any bylaws, fire rules, construction codes, or other regulations as established by the local government.
● Mortgage lenders: To authorise the mortgage process, mortgage lenders require a stamped RPR.
Benefits of Getting A Real Property Report
A real property report can help you in the following ways:
● You will be notified of the precise locations and measurements of any buildings, improvements, rights-of-way, and encroachments concerning the boundaries of your land.
● The property’s actual measurements will be known to you.
● It records the locations of improvements inside the borders of the property. Any encroachments from nearby homes are recorded in it.
● It demonstrates whether the building conforms to fire and local bylaws.
● It reveals whether there are any issues with property lines.
How Much Does A Real Property Report In Calgary Cost?
The cost of obtaining an RPR is determined by the property and the surrounding circumstances. However, some elements that have a big impact on costs are:
● travel costs for the field crew.
● The size and shape of the land
● The improvements made to the property, the placement of survey markers on or near the land, and their presence.
● the residents’ age
The expiration date of an RPR must be understood. You should update your RPR if you’ve recently made any property alterations or had any work done.
Get Your RPR Today!
Core Geomatics offers high-quality and accurate Real Property Reports in Calgary. They have more than ten years of experience working with investors and current homeowners who want to learn more about their properties to provide property services. Click here to contact them and get your RPR prepared.