What is an Edmonton Real Property Report?
A legal document that offers an accurate depiction of what’s on a property and where it’s located, an Edmonton Real Property Report (RPR) is a land report prepared by a qualified land surveyor. RPRs are crucial in identifying and resolving a number of property issues, including boundaries, improvements, encroachments, and compliance. In other words, they make property transactions that much easier.
Real Property Reports typically include a plan or diagram of the property and all physical features on it, such as structures and improvements, as well as a written report expressing the responsible surveyor’s own opinion and any concerns they may have. RPRs are an accurate and trustworthy representation of your property and improvements and are relied upon by property buyers, sellers, financing companies, and the municipality. In fact, RPRs in Edmonton are essential in property transactions for full transparency and to avoid disputes.
When Do You Need A Real Property Report?
A Real Property Report is necessary for most commercial and real estate transactions in Edmonton. Despite some transactions not requiring an RPR, having one done anyway is advisable to facilitate a hassle-free transaction and avoid unnecessary headaches. Regardless of whether buying, selling, or financing a property transaction, here’s when an individual or organization needs an Edmonton Real Property Report:
Property Owners, Sellers, and Realtors
In Edmonton a Real Property Report is important to property owners, sellers, and realtors since it clearly points out the location of any improvements and structures within the property boundaries, as well as makes any boundary encroachments or violations clear. If there are no encroachments or violations, a Real Property Report protects property sellers from any future legal issues or liability related to property boundaries and improvements.
Property Buyers
Real Property Reports are important to property buyers in Edmonton for the same reason they’re important to property owners, sellers, and realtors – they clearly mark any property boundaries and improvements and help identify any boundary issues with the property.
Lenders and Finance Institutions
Lenders, mortgage providers, and financial institutions in Edmonton typically require a Real Property Report for any property transaction they finance. Real Property Reports confirm that the property and its improvements conform to all municipal bylaws, ensuring there won’t be any issues with their investment. The report also makes these institutions aware of any problems that may need to be resolved before financing can be registered.
Municipalities
Last but not least, Real Property Reports are important to municipalities since they help them determine whether the property is fully compliant with bylaws, fire codes, and any rules applicable to the planning and development process.
How Much Does a Real Property Report Cost in Edmonton?
The price of Real Property Reports in Edmonton depends on a number of factors, including property size, shape, age, number of structures and improvements, and whether there are any existing surveys that define the boundaries. The best way to find out how much your RPR will cost you is to get in touch with an Edmonton land surveyor for an estimate. For a better idea, feel free to request a free quote from Arc Surveys.
Get Your Edmonton Real Property Report
An RPR from a professional Edmonton land surveying company can make your next property transaction much easier and save you time and money in the long run. Get in touch with us today at 403-277-1272 or fill out our online form for more information on Real Property Reports in Edmonton.
