In 2018, North America recognized Calgary as the most livable city. It is fresh and lovely with a vibrant center, a large running river, and the Rocky Mountains as a background. In addition, with an abundance of housing supply, the house and rent costs are competitive, which makes a living in Calgary a notable one.
If you are planning to buy a property in Calgary, apart from land surveyors, you will also need to request a copy of Real Property Reports. RPR or Real Property Report refers to a survey of the property. The survey will include the structures like houses, larger shelters, garages, fences, driveways, and other aspects such as intrusions, easements, right of way, and other property factors.
In Calgary, however, there are electronic Real Property Reports. This type of real property reports in Calgary starts with digital stamping and distributing to clients with compliance certification afterward. Therefore, stamping the RPR paper copies by the city of Calgary will no longer be available.
It is the responsibility of the vendor to furnish a current report. Moreover, these are the other individuals who will have real property report in Calgary:
If you are willing to sell your house, you will need this document! Most real estate policy requires you to have an up-to-date real property report. It is an essential component that buyers will demand to ensure that there are no significant concerns. That will cover the fences or constructions on the neighbors’ assets or matters with items on your property, such as unauthorized decks or sheds.
In addition, homeowners must be aware of:
● The placements of developments within the borders of the property.
● Any encroachments from neighboring properties
● Municipal criteria for property compliance
On the other hand, the buyers of the property who will have the RPR should be familiar with the following:
● The property’s perimeter and improvement placements
● Any issues with the property’s perimeter
Obtaining an RPR does not stop there. People from the municipality of Calgary play an essential role in assisting those who need this document by:
● Determining the compliance with ordinances and fire codes
● Assisting during the process of planning and development.
As a property vendor, you must protect your buyer from future legal liability arising from issues with property perimeters and improvements when acquiring an RPR.
Aside from getting a real property report in Calgary, mortgage lenders should be aware of the following:
● Improvements that comply with local legislation
● Rectifying problems before the registration of a mortgage
Being a part of the property selling process, the Realtors need to:
● Make a visual depiction of the property you are selling.
● Comply with the terms of the real estate offering agreement.
● Provide the information you need in case of early requisition of the RPR in the sales process to avoid delays in closing property deals.
If you require a Real Property Report and do not already have one, keep in mind that these reports can take a few weeks to receive. Do not ignore obtaining one because the Real Property Report is an essential component in the sales process of your property.