Real estate dealings and transactions require abundant amounts of information to be gathered and collated. An expert specializing in managing and creating informative reports is best suited to serve different purposes.
Such legal documents can help protect the buyer and seller as well as the interests of any party associated with a particular property. Familiarizing oneself with these legal requirements helps indulge in informed decisions, complying with municipal laws.
The blog will highlight some must-note benefits of preparing a Real Property Report (RPR) for both buyers and sellers.
What Is A Real Property Report (RPR)?
The Real Property Report is a detailed legal document covering aspects from property boundaries to any additional structures built. This entails drawings necessary for buying property as well.
It is commonly prepared by the Alberta Land Surveyors’ Association for illustrating property dimensions, land improvements, permanent structures, boundaries and so on.
A typical RPR can contain all crucial information about the property (in addition to other things):
1. A legal description of the land or property
2. Accurate property boundaries
3. Land improvements such as roads, bylanes, driveways, adjacent houses, etc.
4. Details of any encroachments, their location and size
Additions and improvements made to the property must be included in a property’s existing or new RPR. Simply put, any feature that helps modify a property is considered an improvement worth including in the RPR.
Let us dig a little deeper into what these improvements can include:
Let us now move forward to understanding why exactly a Real Property Report is required.
Here’s a list of 5 reasons everyone needs a Real Property Report:
1. An RPR is used for clearly showcasing the buyer and seller what part of the property belongs to them and what section is owned by neighbours. It serves as a snapshot of the entire property.
2. Detailed reporting is done about any possible encroachment, surrounding property boundaries, etc., in line with the municipal bylaws. Any discrepancies can be dealt with in time. On the other hand, an RPR also gives the municipality an assurance that all procedures have been followed properly.
3. The RPR serves as a much needed legal document for deterring any possible legal disputes surrounding boundaries and property lines.
4. All easements, restrictive covenants and right-of-way are best covered by an expert-led real property reporting service.
5. It gives a clear idea to sellers if they are selling any illegal parts in their property, and informs buyers whether their prospective property is eligible for land developments in the future.
Where To Find The Best Real Property Reporting Service?
CORE Geomatics is a trusted name counted among Calgary’s top-rated land surveyors. Delivering speedy, accurate and detailed RPR’s is one of its most sought-after services over the last decade. Complying with municipal bylaws and legal requirements is easily managed by the company’s team of professionals.
Contact the company for Calgary’s finest real property reporting services right away!