When living in a city like Calgary, it becomes important to follow the usual bylaws and guidelines. Moreover, when an important asset such as a property is in question, the risk factor becomes even more pertinent.
A real property report acts as a safeguard for all the stakeholders of any property. It keeps the buyers informed and the seller confident about the property and details. Moreover, it keeps regulatory troubles at bay, since an RPR is approved by the municipality itself, there’s no issue of any encroachment or flouting of rules.
All in all, real property reports do carry a lot of weightage. However, are they that important? Let’s find out.
What’s inside a Real Property Report?
A Real Property Report usually consists of a drawing that shows the boundaries, encroachment, improvement, and more on the detailed report. Here are some of the things included in a Real Property Report.
– Address of the property
– The legal description of the property
– Designation of adjacent property(ies), roads, lanes, etc.
– Dimensions of the property lines
– Location and description of improvements on the property, including distance from the property line
– Rights of way, easement, visible encroachments
– Permit stamp
– Copyright and certificate, signed by the surveyor
Preparation of a Real Property Report
RPR’s importance varies from one person to another.
For a Real Property Report to come out well, there are a lot of steps involved in the process. The preparation for the report begins by searching for any encumbrances in name of the property to ensure that it is certified and free from any economic or legal liabilities.
The search for plans related to the boundaries is then followed by a field survey and preparing a diagram consisting of the results of the survey.
This is further sent to the municipality to receive a Certificate of Compliance, which consists of a fee. The certificate is issued to the properties which adhere to the municipal bylaws as per the RPR submitted to the municipality.
Time taken to prepare, present and get a Real Property Report approved can vary from one property to another on the basis of the lot size, dimensions, shape, number of buildings, natural features, age, and property’s boundary information. However, if there exists an already prepared RPR, the updated one might not be that costly.
Lifecycle of a Real Property Report
Any RPR deals with the property and reports the status of the same at the time of preparation of the report, and just that.
Hence, anything that’s done after the report was created isn’t noted and reported further. Any permanent structure built on the land, after the creation, such as a deck, garage, shed modification in the driveway, or even adding fences, leads to the report becoming outdated.
Hence, it is usually said that a Real Property Report is as new as the last report. However, if there have been no changes in the property after the report was created, it is always cost-effective and quicker to get the previous RPR updated instead of getting a new one altogether.
Conclusion: An Important Document Deserves The Right Experts
A detailed real property report isn’t just a legal obligation but a blessing to every major stakeholder of any property.
Whether it’s following the municipal bylaws of Calgary or ensuring that the buyer of a property is confident about all the details of the property, a Real Property Report is a perfect solution to everything.
In order to ensure that the RPR created for a property is top-notch, and consists of every important detail, expert real property report consultants such as Core Geomatics should be brought on board. With over 13 years of experience in Calgary’s land surveying and real property report space, they are able to address each and every aspect of a property.
They understand the importance of a Real Property Report, and with varied industry experience and know-how, they deliver efficient and quick reports for their clients.
Visit coregeomatics.com today to understand more about their real property reports-related services.
