Importance of a Real Property Report (RPR)

Whether you're in the process of buying or selling your home it is important to have an updated RPR stamped with compliance.  This is a survey of your land that outlines the property lines and all the building structures on the property. Whether you are Buying or Selling, here is some important information about your RPR.   
 
Sellers  
 
As a Seller you are required to provide an up to date RPR when you're selling your property and here are some things to keep in mind. 
 
1. Cost:  Getting an updated or new RPR will cost you anywhere from $400 - $1000 depending on the property you are selling.  Once you get the RPR you need to take it to the City/Town for a compliance stamp, which will cost an additional $200.  Most survey companies offer the compliance stamp service for an additional charge to save you the trip to City Hall.
 
2. What if your fence or other structures don't fall within the property lines?  If this is the case then you will have to apply for a "Relaxation" from your neighbours or the City to encroach on their land. If the relaxation is not granted then you'll be required to move whatever is encroaching out of the property line boundaries. 
 
Buyers
 
If you're buying you'll have the opportunity to review the RPR that the sellers provide. The sellers are required to provide this to the lawyer's office at least 10 days prior to possession date to allow time for review.  If there is not an RPR with a stamp of compliance then your lawyers will suggest holding back money from the purchase until the matter gets resolved. Here are a few things to keep in mind. 
 
1. Review Prior to Removing Conditions:  If possible, try to get your Realtor to request the RPR for review prior to the condition date. This way if there are any major issues on the RPR, you can address them prior to the removal of conditions. 
 
2. Take Note of Structures:  When you are viewing the property, pay attention to what is in the yard and where the structures such as the deck, sheds and A/C units are located. It will be important to know where they are when you're reviewing it with your lawyer. 
 
With every real estate transaction there are a lot of things to consider and the RPR is just one of them. If you are thinking of selling or purchasing, I am happy to meet and discuss the process start to finish to ensure there are no surprises for you and your experience is a positive one! 
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