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When buying or selling a property, it is important to have a clear understanding of its boundaries, easements, and encumbrances. This is where a real property report (RPR) comes into play. An RPR is a legal document that provides detailed information about the property, including its legal description, boundaries, and any encumbrances or restrictions that may affect its use or value.
In this article, we will provide you with a comprehensive guide to real property reports. We will cover what an RPR is, why it is important, what it includes, and how to obtain one. We will also discuss some common questions and concerns that buyers and sellers may have about RPRs.
What is a Real Property Report?
A real property report is a legal document that provides a detailed description of a property’s boundaries, as well as any improvements, easements, and encumbrances that may affect its use or value. It is typically prepared by a professional surveyor and is used to provide buyers and sellers with a clear understanding of the property’s characteristics and any potential issues that may need to be addressed.
According to the Alberta Land Surveyors’ Association, an RPR “is a plan showing the location and size of buildings, other improvements and the boundaries of the property as determined by a legal survey.”
Why is a Real Property Report Important?
A real property report is important for several reasons:
- It provides a clear and accurate description of the property’s boundaries, which can help prevent disputes with neighbors or other property owners.
- It identifies any easements or encumbrances that may affect the property’s use or value, such as utility or access rights.
- It can be used to verify that the property complies with local zoning and land use regulations.
- It can provide peace of mind to buyers, who can be assured that they are purchasing a property with no hidden surprises or issues.
What Does a Real Property Report Include?
A real property report typically includes the following information:
- A legal description of the property, including its boundaries and any adjacent properties or rights-of-way.
- The location and dimensions of all buildings and other improvements on the property, including decks, sheds, fences, and pools.
- Any easements or encumbrances affecting the property, such as utility lines, access rights, or restrictive covenants.
- Any other relevant information, such as setbacks, flood zones, or environmental concerns.
It is important to note that an RPR does not include information about the condition of the property’s structures or systems, such as the roof, plumbing, or electrical systems. These issues are typically addressed in a separate home inspection report.
How to Obtain a Real Property Report
If you are buying or selling a property, you will likely need to obtain a real property report. Here are the steps involved:
- Contact a professional surveyor: To obtain an RPR, you will need to hire a professional surveyor who is licensed in your province or territory. You can find a list of licensed surveyors on the website of your provincial or territorial land surveying association.
- Provide information about the property: The surveyor will need to know the legal description of the property, as well as any relevant information about its boundaries, easements, and encumbrances.
- Arrange for a site visit: The surveyor will need to visit the property to conduct a survey and prepare the RPR. This may involve measuring the property’s boundaries, locating any improvements, and identifying any encumbrances or easements.
- Review and approve the RPR: Once the surveyor has completed the RPR, you will need to review it carefully to ensure that it accurately reflects the property’s characteristics and any relevant information. If there are any errors or omissions, you will need to work with the surveyor to correct them.
- Submit the RPR to the appropriate parties: Once the RPR is complete and accurate, it will need to be submitted to the appropriate parties, such as your real estate agent, lawyer, or lender.
Common Questions and Concerns About Real Property Reports
Here are some common questions and concerns that buyers and sellers may have about real property reports:
Do I really need an RPR?
In most cases, yes. An RPR is an important legal document that provides valuable information about a property’s boundaries, easements, and encumbrances. It can help prevent disputes and ensure that all parties involved in a transaction have a clear understanding of the property’s characteristics and any potential issues.
Who pays for the RPR?
This can vary depending on the terms of the sale. In some cases, the buyer may be responsible for paying for the RPR. In other cases, the seller may be required to pay for it. It is important to clarify this issue with your real estate agent or lawyer.
What if there are discrepancies between the RPR and the property’s actual characteristics?
If there are discrepancies between the RPR and the property’s actual characteristics, you will need to work with the surveyor to correct them. This may involve conducting a new survey or making changes to the RPR. It is important to address any discrepancies before the sale is finalized.
How long is an RPR valid?
The validity of an RPR can vary depending on the province or territory. In some cases, an RPR may be valid for as long as the property remains unchanged. In other cases, it may only be valid for a certain period of time, such as six months or one year. It is important to check with your provincial or territorial land surveying association to determine the validity of an RPR in your area.
What if the property has changed since the RPR was prepared?
If the property has changed since the RPR was prepared, you may need to obtain an updated RPR. This may involve conducting a new survey and preparing a new RPR. It is important to address any changes to the property before the sale is finalized.
Can I use an old RPR for a new transaction?
In most cases, no. An RPR is typically only valid for a single transaction. If you are buying or selling a property, you will likely need to obtain a new RPR.
Conclusion
A real property report is an essential legal document that provides valuable information about a property’s boundaries, easements, and encumbrances. It can help prevent disputes and ensure that all parties involved in a transaction have a clear understanding of the property’s characteristics and any potential issues. If you are buying or selling a property, it is important to obtain an accurate and up-to-date RPR.
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A real property report is an essential legal document that provides valuable information about a property’s boundaries, easements, and encumbrances. Read our comprehensive guide to real property reports to learn everything you need to know about this important document.
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real property report, RPR, legal document, property boundaries, easements, encumbrances, surveyor
