Getting a Real Property Report is an important document everyone should consider when buying and selling a property in Alberta. The construction, background, and legality of the property you’re thinking about purchasing can all be learned via these reports. But what exactly is it and how do you obtain it?
In this post, we answer these questions and more concerning the real property report in Alberta.
What Is A Real Property Report (RPR)?
A real property report, which is a legal document created with a land surveyor’s assistance, includes information such as the location, boundaries, potential modifications etc. to the property. It kind of resembles a plan or picture of the property’s many physical features as well as a written statement outlining the thoughts and issues of a land surveyor.
This report is typically prepared to assist with house purchases. Banks want to ensure that the properties they are lending money on adhere to the setback requirements and site restrictions established by the municipality of the jurisdiction.
An RPR includes a number of details on the property, such as:
● a property’s legal description
● the certificate of title’s serial number, registered owner(s), and the date the title search was finished
● the location of any registered easements or rights-of-ways
● dates of the land title search and the RPR
● the location and extent of any apparent encroachments onto the property
● a list of any easements that have an impact on the property
● evidence that your RPR complies with all municipal bylaws and regulations and has been verified by your municipality
Why Should You Need A Real Property Report?
Since an RPR is a document that is frequently used to transfer the title of a property to a buyer, you as the seller must have one for the property. There is a possibility that there will be contractual repercussions if there isn’t one.
An RPR may also be used by a potential buyer to confirm the location and status of improvements and encumbrances on the property. Therefore, it is best to have these documents while working with a property in Alberta.
Other advantages of getting an RPR can be that it assists in assessing a structure’s physical characteristics, renovations, and legal location. With the help of an RPR, it becomes possible to know if a property is connected to public utilities like gas, water, sewage, or electricity.
How To Get A Real Property Report Of Your Property in Alberta
Only a licenced Alberta land surveyor is authorised to compile a real property report properly. The original signature and permit stamp of the Alberta Land Surveyor is required for a real property report to be considered valid.
If you already have an RPR, you can certify it is true and that the property hasn’t changed since it was created by signing a Statutory Declaration or Affidavit. And, if there have been modifications, you can get in touch with the surveyor to ask if the current RPR can be updated. If there have been changes, the only document that can vouch for the property’s conformity with local laws is an updated RPR that bears a compliance stamp.
Now that you know how important Real Property Reports in Alberta are, you must work with a licensed surveyor like Core Geomatics. With more than ten years of experience, their licensed land surveyors ensure a consistent and reliable service. Contact them to prepare your Real Property Reports at affordable rates today.