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When buying a property, it’s essential to have a clear understanding of the property’s boundaries, structures, and other details. This is where a Real Property Report (RPR) comes in handy. An RPR is a legal document that shows the exact location and dimensions of a property, including its structures and improvements. It is a vital tool for anyone looking to buy or sell a property in Calgary, Alberta.In this comprehensive guide, we’ll cover everything you need to know about Real Property Report Calgary. From its definition to its importance, we’ll go through every detail to make sure you’re well-informed.
What is a Real Property Report?
A Real Property Report (RPR) is a legal document that shows the location, dimensions, and boundaries of a property. It includes all the structures, improvements, and other features that are on the property. An RPR is often required by lenders, insurance companies, and municipalities to ensure that the property meets all legal requirements.An RPR also includes a survey of the property, which shows the location of all the structures and improvements, such as fences, decks, and landscaping. It is a crucial document for anyone looking to buy or sell a property because it shows the exact location and boundaries of the property.
Why is a Real Property Report Important?
A Real Property Report is important because it provides a clear understanding of the property’s boundaries, structures, and other details. It ensures that the property meets all legal requirements and helps prevent any legal disputes in the future. An RPR can also help identify any encroachments or easements on the property, which can affect its value and use.In Calgary, an RPR is often required by lenders, insurance companies, and municipalities before any property transaction can take place. It ensures that the property is safe, legal, and meets all the necessary requirements.
When is a Real Property Report Required?
In Calgary, a Real Property Report is required in the following situations:
- When applying for a building permit
- When selling a property
- When refinancing a property
- When applying for insurance
- When there is a change in ownership
When applying for a building permit
When applying for a building permit, an RPR is required to ensure that the proposed structure meets all the necessary requirements and does not encroach on any neighboring properties.
When selling a property
When selling a property, an RPR is required to ensure that the property meets all legal requirements and that there are no encroachments or easements on the property.
When refinancing a property
When refinancing a property, an RPR may be required to ensure that the property meets all legal requirements and that there are no encroachments or easements on the property.
When applying for insurance
When applying for insurance, an RPR may be required to ensure that the property is safe and meets all legal requirements.
When there is a change in ownership
When there is a change in ownership, an RPR may be required to ensure that the property meets all legal requirements and that there are no encroachments or easements on the property.
What Does a Real Property Report Include?
A Real Property Report includes the following:
- The legal description of the property
- The exact location and dimensions of the property
- The location and dimensions of all the structures and improvements on the property
- The location and dimensions of any easements or encroachments on the property
- The location and dimensions of any fences or other boundary markers
- A survey of the property
How is a Real Property Report Prepared?
A Real Property Report is prepared by a professional surveyor. The surveyor will visit the property and take measurements and notes of all the structures, improvements, and other features on the property. They will then prepare a detailed report that includes a survey of the property and a legal description of the property.The report is then submitted to the municipality for review and approval. Once approved, the report is given to the property owner, who can then use it for various purposes.
How Much Does a Real Property Report Cost in Calgary?
The cost of a Real Property Report in Calgary varies depending on the size and complexity of the property. On average, an RPR can cost anywhere from $500 to $1500.It’s important to note that the cost of an RPR is the responsibility of the property owner and is not typically covered by lenders or insurance companies.
How Long Does it Take to Get a Real Property Report in Calgary?
The time it takes to get a Real Property Report in Calgary varies depending on the size and complexity of the property. On average, it can take anywhere from two to six weeks to get an RPR.It’s important to plan ahead and schedule an RPR well in advance to avoid any delays in the property transaction.
What If There are Issues with the Real Property Report?
If there are issues with the Real Property Report, such as encroachments or easements on the property, it’s important to address them before any property transaction takes place. The property owner may need to resolve the issues before the transaction can proceed.It’s also important to note that some lenders or insurance companies may require additional documentation or surveys to address any issues with the RPR.
Conclusion
A Real Property Report is a crucial document for anyone looking to buy or sell a property in Calgary. It provides a clear understanding of the property’s boundaries, structures, and other details, ensuring that the property meets all legal requirements and preventing any legal disputes in the future.If you’re planning to buy or sell a property in Calgary, make sure to get a Real Property Report to ensure a smooth and legal transaction.
