When it comes time to sell your home, there are many important steps to consider. Finding the right real estate agency, downsizing and preparing your home for viewings are likely the first concerns that come to mind. However, another crucial step is acquiring a Real Property Report (RPR) from a qualified land surveyor.
Alberta sellers are required to provide an RPR to buyers and not having one can affect the final sale price or even deter buyers from making an offer.
“RPRs play a significant role in real estate. Anyone considering selling their property or adding new structures should have one. Without an RPR, a seller might receive lower offers because buyers could be concerned about inheriting potential issues,” explains Darlene Mounkes, from CIR Realty in Rimbey.
But just because an RPR is required, doesn't mean everyone is familiar with it, so we chatted with Mounkes and real estate partner Alison Low about the three most common questions they receive.
Q: What is an RPR?
A: A Real Property Report is a legal document that clearly shows the location of existing structures, property lines and physical features of a property. It includes the legal description, municipal address, dimensions and directions of all property boundaries and the location and dimensions of any visible encroachments onto or off the property.
Q: Who needs one?
A: RPRs are beneficial for buyers, sellers, homeowners, municipalities, realtors and mortgage lenders. They provide vital information not only for buying properties but also for adding new structures, determining compliance with bylaws and fire codes and planning future roads and infrastructure.
Q: What are the benefits of having an up-to-date RPR when buying or selling?
A: An RPR protects potential buyers by ensuring they're aware of property boundaries and any boundary issues. It also helps sellers avoid legal complications that might arise if a sold property does not meet boundary requirements.
Low adds that an RPR remains valid until changes are made to the property or adjoining properties. If you have added or modified a fence, driveway, shed or pergola since your last RPR, she recommends getting a new or updated survey, especially if you plan to sell your property.
For more information on real property reports, visit the Alberta Land Surveyors Association or by contacting Alison Low by mobile at 403-783-0369, or email at alow@cirrealty.ca or Darlene Mounkes by mobile at 403-783-1637, or email at dmounkes@cirrealty.ca.
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