Monday, April 15, 2024

What Are Real Property Reports and Why Do You Need Them?

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Real Property Reports, or RPRs for short, are essentially a desk review of any property of your interest. They are a type of due diligence performed by professionals to check the status and condition of properties. Whether you are looking for a vacation cabin or a new investment, Real Property Reports can give you valuable information about the structure, history, and legalities associated with the property.

In other words, RPRs are a professional inspection of any particular property. They are instrumental in making crucial decisions related to your property. Keep on reading to learn more.

Who needs a Real Property Report?
A Real Property Report (RPR), is a record of the official assessment of the real property. The report includes information on liens, judgments, bankruptcies, and prior owners. It contains pertinent information about the property’s ownership, physical condition, and taxes. So, it can ideally be used by either of the following:

Property owners Property owners may require an RPR to learn important facts about their property lines. An RPR will give you information about any zoning changes and recorded documents for the land. It can also tell you about local schools, utilities, and the kind of building codes that have been enforced in the area besides certain potential risks, such as flooding or groundwater contamination.

Property buyers – Purchasing real estate can be a very costly undertaking and potential buyers may require an RPR before signing on the dotted line. An RPR will provide information on any encumbrances that exist on the property such as taxes, liens, and possible names of former owners.

Municipal authorities – An RPR may be required before issuing permits or licenses for the construction or renovation of your property.

Mortgage lenders – As part of the mortgage approval process, lenders usually require an RPR in order to assess risk and determine if they will approve your mortgage, especially if the property is a secondary residence (i.e., you are purchasing a cottage or condo) or if you have little credit history.

How does a Real Property Report protect you?
A fundamental goal of Real Property Reports is to educate owners as they make important decisions regarding their properties. These reports provide important information regarding land ownership and are designed to provide to help you avoid future litigation.

Real Property Reports are most commonly used to verify boundary information and survey information. They are a great way to ensure that your real estate purchase is problem-free. With a Real Property Report, you will know about boundary problems or encroachments before you buy the property. This can save you money in legal fees and headaches later on.

In addition, problems with boundaries can be an expensive and time-consuming mistake when buying or selling. A Real Property Report can provide you with current recorded deeds so that you may see how proper boundaries have been established.

So, if you are selling your house yourself, for example, you can use a Real Property Report to protect yourself from boundary encroachments because it will provide you with all of the information about boundaries that you need in order to negotiate issues with potential buyers.

Benefits of a Real Property Report
Being armed with the right information is power. A Real Property Report will:

● Tell you whether there are any outstanding easements, rights of way, or other encroachments upon the property that could affect your use of the property.

● Trouble-shoot boundary line disputes and survey discrepancies.

● Determine the legal location of building structures, their improvements as well as their physical dimensions.

● Confirm or dispute claims of adverse possession, prescriptive easements, covenants, and other encumbrances on properties.

● Know the exact dimensions of your property to accurately calculate lot coverage ratios for your building plans.

● Determine if a property is in compliance with local zoning, subdivision, and land use regulations.

● Evaluate property for conservation easement donation (when required).

● Identify all recorded easements.

● Determine whether or not a property is served by public utilities such as gas, water, sewer, or electric power.

● Confirm whether or not there are any outstanding liens or judgments against a property.

Together, an RPR will help you draft an accurate and well-designed site plan, which will minimize the impact of your property on adjacent properties. It will also help your plans be more focused and your property be easier to sell because the buyer will know exactly what they are getting.

Core Geomatics is a team of experienced and qualified Real Property Reporters. They work with all kinds of residential, commercial, and industrial projects irrespective of their size. They provide accurate information in a timely manner and guarantee unmatched survey quality across Western Canada. Contact them to generate your paperless Real Property Reports today.

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