Homes for Sale in Edmonton

AUDREY ABUAN - RE/MAX Real Estate REALTORĀ®

Cell: 780-910-5179
Email: aabuan@remax.net

 

Should I get a Real Property Report When I sell my Home?

Traditionally a Real Property Report (RPR) and compliance letter or stamp (or non-conformance, referred to throughout as simply compliance) has traditionally been the preferred method of providing security to a buyer.  However, as some municipalities no longer offer compliance documents, the contractual requirements to provide a RPR with compliance documents are increasingly difficult for sellers to meet.  It is important to ensure that you are aware of the alternatives, such as title insurance, and that the appropriate steps are taken to ensure that all parties involved are properly protected.

RPRs, compliance, and title insurance are all useful.  On their own, each has its distinct benefits and both buyers and sellers are best served when all three are in place.  However, this is often not practicable or possible. It is important for buyers and sellers to understand both the benefits and shortcomings of each one.

Benefits of a Real Property Report

  1. It provides a complete disclosure of all structures on the property, the exact location of property lines and the location of fences.
  2. It discloses the exact location of non-physical items such as easements and utility right-of-ways.
  3. It shows any encroachments by the subject property onto neighboring property (and vice versa), or easements and the exact imensions
  4. of the encroachments.
  5. It provides certainty to the buyer so they know exactly what they are buying and an opportunity to remedy any deficiencies such as encroachments before or concurrent with the closing of the purchase and sale.  
  6. If a buyer decides to accept a certain deficiency, it provides both the buyer and the seller with the certainty of knowing exactly the deficiency they are accepting.
  7. Provides documentary evidence to support the warranty in the standard AREA contract.
  8. Even an RPR that is not current (missing structures that have been added or altered since the RPR was prepared) can be used to address all the above issues regarding the structures and other matters shown on the RPR.
  9. The RPR can be reused provided there are no changes to the property.

Drawbacks of a Real Property Report

  1. On its own, it does not provide any disclosure or information as to the compliance issues which are warranted by the seller in the AREA contract.
  2. It does not provide any information on the interior portion of any of the structures of the property.
  3. It does not provide any information on “hidden items” on the property, such as the location of septic tanks or other items below ground level.
  4. The cost of an RPR is typically many times higher than the cost of title insurance, especially in outlying areas.
  5. During boom times in the oil industry, no matter the price someone is willing to pay, it can be extremely difficult to find a surveyor to do an RPR in certain parts of the province.
  6. It does not deal with many of the items covered by title insurance.
  7. It can take several weeks to obtain and even if a rush fee is paid, it can still take several days.

Read more on Real Property Reports
Read more on Non-Compliance and Non-Confirmation
Read more on Title insurance

Post CommentComments: 0Read Full Story

What is a Real Property Report?

A Real Property Report (also known as the RPR) is a legal document that clearly illustrates the location of significant visible improvements relative to property boundaries. It is a plan or illustration of the various physical features of the property, including a written statement detailing the surveyor’s opinions or concerns.

Who needs a Real Property Report?

Part of the standard real estate contracts in Alberta will have a term in the document stateing the seller will provide a current real property report with compliance report to the purchaser upon closing. Prior to putting your home on the MLS System and/or Realtor.ca, Sellers should order a new RPR to protect themselves from potential future legal liabilities resulting from problems related to property boundaries and improvements. Your REALTOR® can assist you with this process to ensure your property complies with municipal requirements.

Do I need a Real Property Report for a Condominium?

Bareland Condominiums require Real Property Reports. Conventional Condominiums do not require an RPR.

How does a Real Property Report protect you?

Purchasing a property may be the largest financial investment you ever make. With a Real Property Report, owners are aware of any boundary problems. They know whether their new home is too close to the property line, or part of their garage is on their neighbour’s land, or vice versa. Since legal complications may occur if a sold property fails to meet equirements, a Real Property Report protects the seller.

What is on a Real Property Report?

The legal location description of property and municipal address, dimensions and directions of all property boundaries, any improvements on the property, right-of-way or easements, any visible encroachments, a duly signed certification and opinion by an Alberta Land Surveyor and a permit Stamp where applicable.

How much does a Real Property Report cost?

The amount of work to prepare a Real Property Report varies between properties. Lot size and shape, number of buildings, natural features, age and availability of the property boundary information all affect the cost. However, if you are planning on selling your home in the near future, the sooner you order your Real Property Report, the more economical it will be plus any problems can be identified and resolved before a sale is finalized.

Post CommentComments: 0Read Full Story
Categories: 11212 78 AV NW | 1414 152 AVE Edmonton | 6406 178 ST NW NW | Alberta Avenue Houses | Alberta Realtors | Aldergrove Condominiums | Aldergrove Edmonton | Allard Sold Homes | Athlne Houses | Athlone Houses | Balwin Edmonton | Balwin Houses | Balwin Sold Houses | Baranow | Baranow Condominiums | Baturyn Houses | Beacon Heights Houses | Belle Rive Houses | Belmead Condominiums | Belmont Edmonton | Belmont Houses | Belvedere | Blackmud Creek Edmonton | Blue Quill COndominiums | Blue Quill Houses | Bon accord Alberta | Brintnell Houses | Brintnell Sold Houses | Britannia Houses | Britnell Houses | Bulyea Heights | Buyer CMA | Caernarvon Sold Houses | Calder Edmonton | Calder Houses | Callingwood Condominiums | Callingwood Houses | Callingwood Sold Homes | Canon Ridge Condominiums | Carlton houses | Carlton Sold Houses | Carter Cret | cAsselman Sold Homes | Clarview Edmonton | Cumberland Condominiums | Cumberland Houses | Cumberland Sold Houses | Delton Houses | Delwood Edmonton | Delwood Houses | Dunluce Houses | E4051465 | E4055006 | E4058170 | E4061220 | Eaux Claires Condominiums | Eaux Claires Houses | Edmonton Homes | Edmonton Homes for sale | Edmonton house prices | Edmonton Houses | Edmonton Infills | Edmonton Real Estate | Edmonton Realtors | Edmonton Sold Homes | Edmonton Sold Houses | Edmonton Surveys | Elmwood Edmonton | Evansdale Houses | Falconer Heights | Fraser Edmonton | Fraser Houses | Fraser Houses for sale | Fulton Place Edmonton | Garneau Condominiums | Gibbons Sold Houses | Gibbons, Gibbons Real Estate | Glengarry Condominiums | Glenora Edmonton | Grange Properties | Greenview Edmonton | Griesbach Edmonton | Griesbach Sold Condos | Hairsine Houses | Hampton | Hamptons | High Park Houses | Highlands Houses | Hollick Kenyon Edmonton | Hollick Kenyon Houses | Homestaeder Condominiums | Homestaeder Houses | Homesteader Condominiums | Homesteader Houses | Houses near CFB Edmonton Garrison | Houses Sold in Gibbons | Idylwlyde Edmonton | Inglewood Houses | Kilkenny Edmonton | Kilkenny Homes | King Edward Park Homes | Kirkness Houses | klarvatten edmonton | Klarvatten Houses | Lago Lindo Houses | Lakeview Greens | Lorelei Houses | Luxury | Luxury sold homes edmonton | Lymburn Houses | May Open Houses | McKernan Edmonton | McKernan Houses for Sale | Montrose Sold Homes | Morinvile Sold Houses | Morinville Houses | Morinville properties | Morinville Sold Homes | Morinville Sold Houses | Morinville, Morinville Real Estate | Mortgages | New South Edmonton Homes | Newton | Newton Edmonton | Newton Houses | non-compliance | north | north e | north edmon | North Edmonton | North Edmonton Condos | North Edmonton Homes | north edmonton houses | North Edmonton Sold Homes | Northeast Edmonton Condos | Northesat Edmonton houses | Oliver Condominiums | Oliver Condos for Sale | Oliver Edmonton | Open House Edmonton | Ormsby Place Edmonton | Overlanders Houses | oxford Edmonton | oxford homes | Oxford Houses | Oxford Sold Houses | Ozerna Houses | Pembina Condominiums | pr | pric | real property report | Rhatigan Ridge | Riverbend Edmonton | Riverbend Homes for Sale | Riverbend Houses | RPR | Rural Leduc County, Rural Leduc County Real Estate | Rutherford Houses | Schonsee Houses | Selling | selling homes | Sherwood Park Sold Houses | Sherwood Park, Sherwood Park Real Estate | Sifton Park Edmonton | sol | sold | Sold Condos | Sold Condos Edmonton | Sold Downtown Condos | Sold Edmonton Homes | Sold Hamptons Houses | Sold Homes in Allard Edmonton | Sold Homes in Balwin Edmonton | Sold Homes in Baranow Edmonton | Sold Homes in Bisset Edmonton | Sold Homes in Brintnell Edmonton | Sold Homes in Bulyea Heights Edmonton | Sold Homes in Calder Edmonton | Sold Homes in Callingwood North Edmonton | Sold Homes in Carlton Edmonton | Sold Homes in Clareview Edmonton | Sold Homes in Cumberland Edmonton | sold homes in edmonton | Sold Homes in Evansdale Edmonton | Sold Homes in Glastonbury Edmonton | Sold Homes in Griesbach Edmonton | Sold Homes in Hamptons Edmonton | Sold Homes in Hollick-Kenyon Edmonton | Sold Homes in Kilkenny Edmonton | Sold Homes in Killarney Edmonton | Sold Homes in King Edward ParkEdmonton | Sold Homes in Klarvatten Edmonton | Sold Homes in Mill Woods | Sold Homes in Montrose Edmonton | Sold Homes in Morinville | Sold Homes in Overlanders Edmonton | Sold Homes in Oxford Edmonton | Sold Homes in Pollard Meadows Edmonton | Sold Homes in Queen Mary Park Edmonton | Sold Homes in Sherwood Park | Sold Homes in St. Albert | Sold Homes in Tamarack Edmonton | Sold Homes in Thorncliffe Edmonton | Sold Homes in Westwood Edmonton | Sold Homes in York Edmonton | Sold homes Queen Mary Park | Sold homes Riverbend Edmonton | Sold Homes Sherwood Park | Sold Homes South Edmonton | Sold House Belvedere | sold house north edmonton | Sold houses in southeast Edmonton | Sold Houses North Edmonton | Sold Houses West Edmonton | Sold Hudson Condominiums | Sold Prices | south edmonton homes | Southeast Homes | St. | St. Albert houses | St. Albert Sold Homes | St. ALbert Sold Houses | St. Albert, St. Albert Real Estate | Stigmatized Properties | Summerlea sold houses | Tamarack Sold Houses | Tamarck Edmonton | Tamarck houses | Terwillegar Towne | Thorncliffe Houses | Title Insurance | Wellington Edmonton | west edm | West Edmonton Condos | West Edmonton condos for sale | West Edmonton Homes | West Edmonton Houses | West Edmonton Sold Houses | westwood edmonton | York Houses | Zone 01, Edmonton Real Estate | Zone 02, Edmonton Real Estate | Zone 03, Edmonton Real Estate | Zone 12, Edmonton Real Estate | Zone 15, Edmonton Real Estate | Zone 20, Edmonton Real Estate | Zone 27, Edmonton Real Estate | Zone 30, Edmonton Real Estate | Zone 53, Edmonton Real Estate | Zone 58, Edmonton Real Estate | Zone 59, Edmonton Real Estate
Categories