Property transactions are not easy. Having said that, it can be opined that the complicated process involves several legal documents, permits and compliance requirements.
The core importance of preparing a Real Property Report (RPR) can be understood from the fact that in case of any inconsistency with a permit and an addition to the existing property/structure can result in an encroachment issue.
The current article will discuss what an RPR is, its purpose, benefits and process of creating one.
What is a Real Property Report?
Simply put, a Real Property Report (RPR) refers to a legal document prepared by a registered land surveyor for illustrating the location of all permanent structures of a specific property relative to the property line boundaries.
Who uses Real Property Reports?
RPR is used by residential land developers and individual property owners for varied purposes including commercial and industrial properties. Most typically, such a document is commonly used by buyers, sellers, lenders as well as municipalities.
Understand this – whenever a person adds any permanent structure to his/her property, an update to the RPR is required. For instance, permanent additions (non-moveable) such as fence, garage, pergola, etc. must be updated in the property’s RPR.
What Purpose Does An RPR Serve?
In simple words, a Real Property Report serves as an accurate representation of the structural improvements on a person’s property. This is a legal document that clearly identifies the below mentioned particularities:
● any encroachment from adjacent properties
● easements, restrictive covenants
● compliance issues with municipal requirements
● issues with property boundaries
● man-made permanent features relative to property lines
Process Of Preparing An RPR
Generally, every property has an RPR in place originally. Which needs to be updated and re-evaluated over time.
To create a Real Property Report, the following must include:
● Research titles, encumbrances, and historical plans / boundaries of the property.
● Conducting a field survey to determine exact property dimensions and improvements.
● Create a plan or diagram of the property with detailed notes.
This is then followed by sending the prepared RPR to the appropriate municipality. The aim is to gain a Certificate of Compliance with a nominal fee charged. Complying with all the municipal bylaws is a prerequisite to receiving this certificate.
Why Opt For An RPR?
Some (of the many) benefits associated with getting an RPR made are as follows:
1. An RPR can identify all problems and issues related to a property before a sale can be finalized.
2. A land surveyor can help prepare an RPR that assesses accurate locations, dimensions, improvements, encroachments relative to property boundaries. Any discrepancies can be resolved on time.
3. All legal descriptions and boundaries of municipal bylaws are pre-determined and taken care of.
4. It helps in streamlining the financing of a property.
To conclude, an RPR is the best way to simplify all the complications of a property transaction. This helps in avoiding any delays in completion of the complicated processing.
Where To Get RPR Made?
CORE Geomatics stands strong with its ten years of industry experience across eight locations in Canada. A team of expert land surveyors offers accurate Real Property Reports for varied purposes such as commercial and residential properties.
Get a quote for accurate Real Property Reports today!