11/09/2019 0 Comments
Why It’s Important to Get a Real Property Report
Are you planning to buy a property in Edmonton or anywhere in Alberta? If so, you need an important document from the seller, called a real property report (RPR). This can identify and resolve problems; it shows the exact locations and dimensions in relation to their boundaries.
At Alberta Geomatics Inc., we survey and provide the exact valuations of our clients’ properties. In this blog post, we have explained why it is important to get an RPR for prospective land buyers in Alberta.
What Is a Real Property Report?
It is a legal report prepared by a qualified Alberta Land Surveyor. It shows the location of all visible improvements relative to the boundaries of the property. It also shows relevant land facts such as easements, utility rights-of-way and overland water drainage restrictions.
Note: Easements are non-possessory rights that enable others to enter part of the property of another without possessing it.
A utility right-of-way is a registered easement on a givprivate land. This gives the right for for utility firms to access services commonly available on the proper
What is Shown on a Real Property Report?
When preparing an RPR, an Alberta Land Surveyor illustrates the following in the document:
- Legal description of a property and the municipal address
- Dimensions and directions of all boundaries on a property
- Descriptions of all relevant improvements located on a property
- Designation of adjacent properties, lanes, roads, etc.
- Easements or rights-of-way noted on the property’s title as of the date of the survey
- Location and dimension of any apparent encroachments on a property
- A duly inked certification and opinion by a qualified Alberta Land Surveyor
- Copyright and Permit Stamp
Who Needs Real Property Reports in Edmonton?
As per the standard seller representation agreement in Alberta, the parties needing an RPR are stated below:
- Home buyers: A person intending to purchase a house needs an RPR. Home buyers can see what they actually get and determine if any of the structures encroach onto neighbouring properties.
- Homeowners: To construct a new structure, homeowners need to ensure it is built within the boundary line. An RPR helps determine where they can build these. In case they are selling their property, they must be aware of any issues before finding a buyer.
- Real estate professionals: Real estate agents need RPRs to accurately review a property for their clients. It also enables real estate lawyers to ensure the homes their clients are buying are protected.
- Banks, mortgage and financing companies: In case banks are lending money secured against the title to a property, they need RPRs to make sure their investments are safe.
- Municipalities: Municipalities want to ensure buildings or structures comply with the local guidelines. Real property reports in Edmonton clearly detail the structures and improvements on the site. They enable the authorities to determine if all owners comply with the local regulations.
- Historians, researchers and journalists: RPRs are also useful for historians, researchers and journalists to gain crucial information about a neighbourhood and its community.
Why Do You Need Real Property Report in Edmonton?
If you are buying a real estate property anywhere in Alberta, an RPR is among the most crucial documents you should have. You will need it:
- To know of any land use restrictions: RPRs disclose land use restrictions such as easements, right of ways and restrictive covenants. Restrictive covenants are promises that need the buyers to either take or refrain from a specific action concerning land use.
- To provide information such as the location of utility rights-of-way: RPRs enable property buyers to know the location of utility rights-of-way . They also show the boundaries, roads, lanes and many more features.
- To determine the property’s condition: Whether buying a commercial or private property, the information about its physical and financial conditions is important. RPRs enable buyers to determine these prior to the sale.
- To ensure compliance with the local regulations: RPRs are submitted to the local municipalities for compliance certificate and stamp. This confirms the structures and improvements on a property abide by local zoning and setback regulations.
Be it residential or commercial reports in Edmonton, contact the experts at Alberta Geomatics Inc. We also provide a wide array of services ranging from residential surveys, commercial surveys and condominium surveys.