A Real property Report in Calgary is an important document that can help you a lot with your property or land.
It’s usually quite an important step to buy or sell land that you own. While you do want to get out there and find the perfect buyer or seller, there are certain things that you require to protect yourself.
One such thing is a Real Property Report or an RPR. An RPR isn’t just a document to fulfill the legal formalities, but it also safeguards you, irrespective of the fact whether you are a buyer or a seller.
Every Real Property Report comes with extensive details and comprehensive illustrations, explaining the components of a piece of land. So, let us understand the importance of a Real Property Report in Calgary.
Importance of Real Property Reports
Getting an RPR can help individual property owners streamline their selling and/or buying plans. Here are some important benefits of obtaining an RPR for your property.
1. The seller of a property in the state of Alberta, by the Residential Real Estate Purchase Contract, is required to provide the buyer of a property with an RPR along with a Stamp of Compliance from the City of Calgary.
2. Lenders expect to see an RPR with a detailed land survey involved before approving a mortgage, refinance, or a home equity loan.
3. The City of Calgary has certain bylaws that need to be adhered to. For any additional development on your property that’s considered unmovable, one needs to get their RPR updated. These updates require the property owners to present their plans to the City Planning Dept and obtain a relaxation or encroachment agreement.
4. Developers and builders require recently surveyed boundary information. The surveyor, in fact, can act as a witness in court, if there are any legal issues that arise. Hence, an RPR holds legal value in the court as well.
5. Similarly, if a neighbour or an adjoining house claims a piece of land or property that seems favourable within your area, an RPR can come in handy. The RPR can act as legal proof determining the legal owner of the land in question.
The costs of an RPR can vary from one property to another, depending on the size of the property and the complexities involved. However, as evident enough, it tends to protect the stakeholders from much larger costs that may arise down the line.
Takeaway: Getting Real Property Reports in Calgary
Real Property Reports can be considered to be a medical checkup for a land and/or property.
It acts like a legal document that protects the interests of the buyer, seller, bank, realtors, the municipal corporations of a city, and the lawyers too.
Every Real Property Report relies on a land survey that’s conducted on the property with proper accuracy and results. This allows the final RPR to be detailed enough and derive conclusions for a variety of reasons.
One such name that conducts land surveys is Core Geomatics.
The team at Core has been providing geomatics services, mapping services, and land surveying services for the last 10+ years. Their existence in the Calgary region, coupled with their years of experience with a variety of businesses, help them provide the best results to their clients.
Get in touch with Core Geomatics today, to learn more.
