Monday, October 3, 2022

What to Look for in Your Real Property Reports in Calgary

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Property reports can be a great help in narrowing down your search. It can give you access to valuable information that can help you make an educated decision about your investment. A kind of legal description, Real Property Reports in Calgary list all the information on the physical boundaries, structures, and improvements made on the property. Let’s dive deeper.

Why do you need Real Property Reports in Calgary?
A Real Property Report is a document issued by a qualified surveyor that clearly outlines the boundaries of a specific piece of land (typically a residential property). Having this information on file is critical to any real estate transaction, whether you are looking to buy or sell.

The Real Property Report is considered to be one of the most important documents that you will receive during your purchase of a home in Calgary. Many purchasers rely solely on this document to determine if there are any potential issues with their purchase. If you are purchasing a home in Calgary, it is recommended that you get a real property report completed in order to protect yourself from any future problems.

What should your RPR include?

In-depth facts about your property
A real property report is a document that details the condition of the house you are planning to purchase. The report should include information such as the age of the roof, water damage, and the condition of both major and minor systems in your home. This doesn’t just affect your decision to buy that house but also could affect your decision to insure it.

From an insurance standpoint, you want to know if there have been any major defects or damage to the home you are considering purchasing. For example, you will want to know if there has been flooding damage or if there is evidence of water intrusion because this can affect your ability to get homeowners insurance for that property.

Encroachments
A complete report must include:

● The location of any easements (such as hydro lines) that are shared with adjacent properties.

● The location of any encroachments (anything built on the property line).

● The location of any encroachments by adjacent properties. Ideally, this should be addressed in the original purchase agreement and have been clearly acknowledged by all parties. That being said, it is not uncommon for encroachments to go unnoticed for years as they may have been built prior to the existing home being constructed. But if you do happen to discover an encroachment after your purchase, it can end up becoming a major legal expense for you.

Surveying history on the title (alterations and amendments)
In general, a real estate report includes information about the following:

● History of the property itself – including any alterations and amendments made to the title over time.

● Assessment history – including any tax delinquencies and other issues related to property taxes.

● Finance history – including liens and judgments against the property.

● Taxes – including any delinquent taxes or fees owed.

● Zoning issues – such as whether a piece of property is zoned for residential or commercial use.

● Environmental issues – such as hazardous waste contamination, chemical spills, or abandoned wells and quarries.

● Criminal activity – such as arrests in the area, police reports, and records related to crimes like arson or burglary.

In addition to these, valid Real Property Reports in Calgary must also have the legal construction codes, any potential disputes, and zoning designations. Since all this is important information, it is crucial that you work with a licensed surveyor in Calgary like Core Geomatics. They have more than 10 years of experience in performing thorough property assessments in the quickest time possible while sticking to your budget. Contact them today to generate your report.

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