Selling your home in Penticton, British Columbia, is an exciting journey, but it comes with its share of responsibilities and requirements. One critical aspect that often surfaces in real estate transactions is the need for a Real Property Report (RPR). In this article, we’ll dive into what an RPR is and why it’s essential when selling your property in Penticton.
Understanding the Real Property Report (RPR)
First things first, let’s clarify what a Real Property Report is. An RPR is a detailed document prepared by a qualified land surveyor. It provides an accurate depiction of your property, including its boundaries and all existing structures, such as buildings, fences, decks, and more. This report serves as a crucial tool in real estate transactions, ensuring that the property’s current state aligns with municipal regulations.
The Penticton Connection: Why Do You Need an RPR?
When selling a property in Penticton, the inclusion of two standard clauses in the transaction highlights the necessity of an RPR. These clauses assert that the seller possesses the legal right to sell the property and that the property complies with municipal land use bylaws and other restrictions.
To substantiate these claims, the seller or their lawyer must provide the buyer with an RPR. This document, created according to the Land Surveyors’ Association Manual of Standard Practice, validates the seller’s assertions about the property’s current state and compliance with regulations.
The Timeliness of Your RPR
Crucially, the RPR must be current. It should accurately represent your property as it exists today. If you’ve made changes or additions to your property, even within the last year, your previous RPR may be outdated, and you’ll need to obtain a new one or have your current report updated.
Navigating Compliance: Why It Matters
Once you have your RPR, it’s not just a piece of paper; it’s your gateway to ensuring compliance with municipal regulations. You’ll need to send the report to your local city or county along with a request for a compliance certificate. This step verifies that all property improvements have the necessary permits and adhere to local regulations.
Compliance can result in three outcomes: compliance, non-conformance, or neither. Non-conformance means your property doesn’t meet current requirements but was compliant when the improvements were made. In this case, you’re not obligated to update it.
However, if your property neither complies nor is non-conforming, the municipality will provide reasons. This can occur for various reasons, including unpermitted structures or encroachments on city property, such as fences or retaining walls.
Protecting Your Interests: Seller’s Conditions
What should you do if your property doesn’t comply, and a buyer is interested? It’s crucial not to sign an offer warranting compliance unless you’re sure. To safeguard yourself, include a seller’s condition that protects you if compliance becomes an issue. The best practice, though, is to complete your RPR and compliance report before accepting any offers. This way, both you and the buyer are aware of any issues, and negotiations can proceed smoothly.
Conclusion
In conclusion, an RPR is a crucial document when selling your property in Penticton. It not only ensures transparency and compliance but also provides a clear picture of your property’s current state. To streamline your property sale and make the process smoother, enlist the services of Core Geomatics, your trusted partner in the world of Real Property Reports. Selling your home in Penticton just got a whole lot easier with the right experts by your side.
