What is a Real Property Report and Why Do You Need One?
A lot of paperwork is par for the course when buying a new home and many first time homeowners will probably be hearing about some of these for the first time. One piece of paperwork that is absolutely necessary before buying a home is a Real Property Report. Simply put, the Real Property Report is a legally binding document that defines the property lines and lists the structures. So why is this needed? It provides so much more, including protection for buyers and sellers.
Receive a Comprehensive Guide to Property Boundaries
All residents of Edmonton will have their Real Property Report prepared by a surveyor from the Alberta Land Surveyor's Association. The representative will conduct a thorough survey of the land to determine the exact property lines and boundaries as well as all the structures that are currently on the property. The Real Property Report is a legal document that lets owners know if their home is in violation of any zoning bylaws and is necessary for any buyers who wish to make alterations or build any new structures once taking ownership of the property.
Additional Information on a Real Property Report
The Real Property Report is more than just a map of the property with official boundaries and property lines, it contains a wealth of information that will be necessary in the future. It lists which buildings on the property have undergone improvements over their lifetime, from structures like sheds to fences along the property line. It lists any neighbouring properties that contain an encroachment as well as any buried wires or underground piping that would pose problematic for making additions to the property such as an underground pool.
The Importance of Obtaining a Real Property Report
The Real Property Report will protect both buyers and sellers from litigation while helping the sale close. For buyers, requiring the seller to provide a verified Real Property Report will go a long way to determining what, if anything, is wrong with the current property and provides the seller the opportunity to remedy these issues as part of the sale contract. Sellers should go out of their way to get this legal document as soon as they plan on selling so that they have the time needed to fix anything that could lower the property value or put a stop to any negotiations at the last minute. Anybody selling a home will need to have an updated Real Property Report so they can determine any problems and fix them before going into negotiations with a buyer. Anybody buying a home should make sure the seller has a current Real Property Report at the ready so that they know exactly what they are buying into. Any real estate professional will be able to sit you down and walk you through your Real Property Report so you have a complete picture of your potential new home.