What is a Real Property Report - The City of Calgary
A Real Property Report (RPR) is a legal document that outlines the details of a property's boundaries, structures, and improvements. It is typically prepared by a land surveyor and provides an accurate and detailed picture of the property's physical characteristics. RPRs are an essential tool for anyone involved in the real estate industry, including buyers, sellers, real estate agents, lawyers, and lenders.
RPRs contain information such as the location and dimensions of the property's boundaries, the location of all buildings and structures on the property, and any encroachments or easements. They also indicate the zoning classification of the property and any restrictions or bylaws that apply to the property. This information is essential for anyone who intends to buy or sell a property, as it helps to ensure that all parties are aware of any potential issues or restrictions that may affect the property's value or use.
One of the primary reasons why RPRs are important is that they help to protect buyers from unforeseen liabilities and expenses. For example, an RPR may reveal that a fence or other structure on the property is encroaching onto a neighboring property, which could result in legal action and costly repairs. Without an RPR, buyers may not be aware of such issues and may find themselves responsible for resolving them. Additionally, RPRs can help buyers to avoid purchasing properties that have significant restrictions or zoning issues that could affect their intended use of the property.
Sellers also benefit from having an RPR as it provides them with a complete picture of the property's physical characteristics and can help them to identify any issues that may need to be addressed before listing the property for sale. By addressing these issues ahead of time, sellers can avoid delays or issues during the sale process and may be able to negotiate a better price for the property.
Real estate agents also rely on RPRs to help them market properties effectively and provide accurate information to their clients. By having a complete understanding of a property's physical characteristics, agents can answer their clients' questions more effectively and help them make informed decisions about whether to buy or sell a particular property.
Lenders also use RPRs as part of their due diligence process when considering whether to approve a mortgage or other financing for a property. By reviewing an RPR, lenders can ensure that the property meets their lending criteria and that there are no issues that could impact the value or marketability of the property.
In some cases, municipalities or other government entities may require RPRs as part of the permitting process for new construction or renovations. By having an RPR, property owners can ensure that they are complying with all applicable regulations and that their plans are in line with the property's physical characteristics.
Overall, RPRs are an essential tool for anyone involved in the real estate industry. They provide a complete and accurate picture of a property's physical characteristics, which is essential for buyers, sellers, real estate agents, lawyers, and lenders. By having an RPR, buyers can avoid unforeseen liabilities and expenses, sellers can identify and address issues before listing their property for sale, and real estate agents can market properties more effectively. Lenders can also use RPRs as part of their due diligence process, and property owners can ensure that they are complying with all applicable regulations.
It is important to note that RPRs are not a substitute for legal advice or other professional services, and anyone involved in a real estate transaction should seek out appropriate advice from qualified professionals. However, RPRs are an essential tool for ensuring that all parties have a complete understanding of a property's physical characteristics and any issues or restrictions that may impact its value or use.