Are you thinking of selling your Calgary property soon? Getting a home ready to sell is a lot of work. One thing you shouldn't neglect: a real property report (RPR), otherwise known as a survey. Your real estate lawyer will be able to help you navigate the process and may be able to order the RPR for you. Keep reading to learn more about RPRs and why you need one.
WHAT IS AN RPR?
A real property report (RPR) is an official document that illustrates the location of your property and any visible improvements to your property and their location relative to property boundaries. Improvements that must be included in the RPR include:
Sheds
Decks
In-ground swimming pools
Retaining walls
Fences (regardless of whether you or your neighbour built the fence)
Utility Poles
Any improvement that encroaches on adjacent parcels, streets, or lanes
If you did not receive an RPR when you purchased your home, you'll need to get one. However, if you received an accurate and up-to-date RPR when you purchased your home, and have made no changes or improvements since then, you may be able to pass along your previous RPR. If you have made improvements, though, you'll need to get an updated RPR. An Alberta Land Surveyor must complete the RPR and you'll also need to get a municipal stamp of compliance.
WHY YOU NEED AN RPR
An RPR might seem like an additional expense or just another thing to add to your ever-growing to-do list when you're selling your home, but there are many reasons why you shouldn't (and likely can't) avoid getting one.
It's Required Most residential and commercial real estate transactions in Alberta require an RPR, so you likely do not have a choice in the matter. It is a necessary document for the real estate transaction.
It Protects You If there are any issues after the sale of the property with improvements or the location of them, the RPR protects you as the seller, as the purchasers have accurate information before the sale occurs.
It Provides Accurate Details of the Property An RPR allows you as the seller to see if there are any issues with where improvements are located (whether you made them or not) and if there are any areas where you are encroaching on someone else's property.
It Meets Financing Requirements If the buyers are financing the home, most lenders will require that an RPR is completed. Make sure you get it early so you don't delay the sale of your property.
Problems Can Be Resolved Early If you get the RPR earlier rather than later, any problems can be resolved before getting too close to the closing day of the transaction, or if you are lucky before you even sign the sale contract. If you delay the RPR, problems might hold things up to the point that the sale falls through.
CONTACT A REAL ESTATE LAWYER FOR GUIDANCE
A real estate lawyer will help walk you through the sale of your home and will ask you for a real property report. Talk to your lawyer if there are any discrepancies in the report, they will be able to help you address them. Talking to a lawyer before you list your house for sale, is the best way to avoid an issue with an RPR.
Having a real estate lawyer is required to sell your home, you'd be doing yourself a disservice if you didn't hire one early to protect your interests. When you're ready to sell your home, get in touch with us. At First West Law, we have lawyers who specialize in real estate transactions in the Calgary area.