What is a RPR?
RPR ..Huh? Everytime you go to sell a home, condo or commercial property - YOU will need one.
What is a Real Property Report (RPR)? And what purpose does it serve in a residential real estate transaction?
An RPR provides a graphic representation of all the improvements and features of the property. Years ago, it was called a Building Location Certificate and all it showed was the foundation lines of the buildings on the property and the lot lines. Now, it is called a Real Property Report and provides a much more comprehensive report on the real estate or real property.
An RPR provides information such as the location of utility right-of-ways and easements. It also shows boundary fences, the overhangs of eaves and additional improvements such as swimming pools and hot tubs. In other words, it is a complete report on the real property or real estate.
Typically, in most residential real estate transactions in Alberta, this report is submitted to the local municipality for a compliance stamp or certificate. This is a confirmation from the municipality that the buildings and improvements on the property comply with local zoning and setback regulations. They will also verify whether permits are in place for all the structures.
Most lawyers are of the view that an RPR provides the best solution on every real estate deal. They say that is the only way to have the certainty required by the buyer. Certainly, in most cases, it does provide certainty. However, in my view, it's far from the ideal solution on every deal.
It use to cost only a few hundred dollars to get a RPR updated, but NOW it can cost as much to update and buying brand new one. Budget from $400.00 to $600.00
13 year resident in Airdrie. I'm currently a Director on the Airdrie Chamber of Commerce.
Member of the executive on Airdrie Women in Business.
Volunteer with the Annual Graden & Trade Show.
Supporting local charities - in Airdrie