I thought I would just touch upon the issue of Real Property Reports, known as RPR’s. The RPR is the survey document of the property in question, which shows the location of everything that is on the property. The lawyers in a real estate transaction use the RPR to determine that the property being sold is actually the property in question and there is value for everything that is there.The RPR also defines the property boundaries and if there are any encroachments or easements registered against the property.
What most people don’t realize, is the importance of the RPR in the closing of the real estate transaction. As the seller of a residential property, the lack of a current and compliant RPR can cause delays in the closing of the sale. Funds may be held back, or in the case of no RPR being available at closing, funds from the lawyer may not be forwarded for the deal to be completed.
The availability of an RPR to both the Realtor and the lawyer has become something that is more and more important in real estate transactions, so it is important for any seller to gain the advice of both their realtor and lawyer on the topic. There are many new items that are now required to be shown on the RPR, so just assuming that your RPR is current is not enough.
Please feel free to contact us regarding any questions you have on the topic,