Obtaining Real Property Reports (RPR) in Alberta is an integral part of any property-related transaction taking place in the state’s jurisdiction.
Apart from the legal effectiveness of the document, it also helps in determining the boundaries of the land, and the rights of all the major stakeholders involved.
However, obtaining Real Property Reports in Alberta is a legal process that might seem cumbersome to many first-time homebuyers and even sellers. Considering the documents involved and the number of steps, it might get a little tiring.
Let us try to answer all the questions about obtaining an RPR in the state of Alberta.
Why is a Real Property Report Important in Alberta?
First of all, let us understand the importance that an RPR holds. Here are some of the important benefits and features of an RPR, one should know about.
1. Not just an RPR defines the legal boundaries of the land, it also includes suggestions and opinions of the surveyor too. These statements, if positive, can prove to be a good feature of a property, helping increase its market value in some cases.
2. An RPR is considered to be an official record. That is why, it is referred to by the buyer, seller, lender, and even the municipality as an accurate representation of a property’s features, and improvements that might have taken place down the line.
3. Any Real Property Report tends to inform the stakeholders about a lot of things involved with the property. The realtors get to know about the visual representation of the property, mortgage lenders get to know about the municipal compliances required and the problems that need to be resolved.
Frequently Asked Questions About RPR in Alberta
1. What do I need to get Real Property Reports in Alberta?
Three basic prerequisites to get an RPR in Alberta are- a survey report conducted by a professional, getting it approved by the city planning department, and then obtaining a compliance stamp.
2. Who needs an RPR?
All the major stakeholders of a property need to get an RPR for their own benefits. This includes- buyers, sellers, municipalities, mortgage lenders, and realtors too.
3. How long is an RPR valid in Alberta?
An RPR is valid till the point there aren’t any major upgrades or developments on the property. This includes erection or construction of any unmovable structure such as driveways, garages, etc.
4. How much does an RPR cost?
A basic Real Property Report in Calgary, Alberta can cost you around $550. This number goes up depending upon the size of the property and the degree of complexity involved.
Key Takeaway: A Good Survey is Pillar To an Extensive RPR
It is always noticed how a land survey is the first step to the final Real Property Report. Because an RPR protects a land or property, it certainly calls for a decent investment.
While getting an RPR made is legal compliance that has to be met, it’s always recommended to get it done sustainably and effectively.
This is where Core Geomatics comes in. Their expertise in the geomatics, surveying, and mapping industry allows them to conduct land surveys that provide accurate results.
Get in touch with Core Geomatics today to learn more.
