The Real Property Report (RPR) is a legal document showcasing the entire spanse of a property’s boundaries, dimensions and locations. It includes any and every inch of the building and the structures on it. In addition, any utility lines, easements, are also appropriately mentioned.
The current article will discuss who all needs a Real Property report and for what purposes.
Let us point out who all require a Real Property Report for different purposes:
The addition of any type or size of permanent structures to an existing home needs to be updated in the property’s existing RPR. This step must be undertaken in the initial planning stages of such construction itself.
In case, the homeowner wants to sell the property in the future, this RPR will serve an indispensable purpose.
2. Home Buyers
Anyone looking to buy a new property can make great use of its RPR. This gives the buyer a clear and exact idea of what is included and what is not included in the prospective property to buy. It outlines details such as corners, dimensions, property lines and much more.
This helps avoid any future disputes with neighbours over property boundaries.
3. Real Estate Agents
Real estate professionals deal with innumerable properties on a daily basis. RPR of a property proves handy in a quick glance over the minutest property details and information often asked of their clients. Real estate agents can review these RPRs in advance and be well prepared for their client meetings.
4. Banks & Other Financing Companies
All banks and financial institutions ask for security against the loans the issue. In case, a property serves as a security source for financing, the lending company will require an RPR for a detailed look at the property.
A Real Property Report is an essential legal document required by local municipalities for doing a thorough check on whether or not all regulations have been adhered to while constructing new structures on the property.
6. Architects, Engineers And Other Parties
RPR is something that serves as a base for further work by all architects, civil engineers, real estate attorneys, etc. They require in-depth details about the property and added structures for carrying out th next stages of construction.
The Real Property Report is indeed a vital document that helps accomplish the land development plan smoothly. Required as a legal mandate for adhering to all municipal bylaws, and to avoid any disputes, it serves as a complete guide to a given property.
Reliable Real Property Reports (RPR) Services – CORE Geomatics
If you are looking for expert-led services to create (or update) a Real Property Report for your piece of land or building, CORE Geomatics is the place to be. Quick turnarounds, innovative and industry leading practices, have made the brand a reputed and trusted one across western Canada.
Get in touch with our expert team of land surveyors for a quick RPR generation!