What is a Real Property Report? Definition, Purpose, and Importance

A commonly asked question, what is a real property report? This is due to the fact that the report is rarely used and most individuals are unaware of it. The real estate industry involves large sums of money, as we are all aware. To safeguard your investment, you should be certain of the land or property you are purchasing. You will therefore require a number of documents, one of which is a Real Property Report.

A Real Property Report – What is it?

A Real Property Report (RPR) is a legal document that delineates, to the nearest property boundaries, the location of notable visible improvements. It takes the form of a written statement outlining the surveyor’s thoughts or concerns together with a plan or representation of the various physical elements of the property. The municipality, the lender, the buyer, and the seller can all rely on it to be an accurate representation of the improvements on your property.

According to the condition, the RPR must now be current, which implies it must depict the property as of right now. You can still utilize one that you have at the time you purchased your house if it is ten or fifteen years old and you haven’t made any improvements to the land. You might have one that is only a year old, but since you’ve built a deck or a garage, it’s out of date. You’ll need to either acquire a new one or get your old one updated.

Fold-II: How Important is a Real Property Report?

Why is the RPR Relevant?

Another common question that is being answered here is “How important is a real property report?” An illustration or sketch created by a land surveyor that shows the buildings, structures, and borders of your property as of the surveying date is called a real property report. The Real Property Report describes the physical connections between your property and the properties owned by the Municipality and its surrounding areas. The renovations and additions to your property, such as sheds, decks, pools, driveways, fences, garages, flagpoles, and other structures usually attached to the land, are also listed in the Real Property Report.

Importance of the RPR

The Real Property Report will help the buyer and seller determine, among other things, if the property, or any buildings or structures located thereon, obstruct certain utility rights of way or encroach on someone else’s land (in which case an encroachment agreement may be required) so it would be most unwise to think how important is a real property report?

How Important is a Real Property Report?

A Real Property Report is necessary to find out if your property complies with local legislation. The municipality notifies the prospective buyer of any outstanding issues after reviewing the Real Property Report for compliance. Before the house is bought or sold, any problems should be settled by the realtors or directly between the buyer and seller. Lawyers usually have to hold back if that’s the case so to withhold money from the sale until the problem is resolved or the buyer and seller come to an amicable agreement.

Fold-III: How Do I Get a Copy of my Real Property Report?

What Protections Does a Real Property Report Offer?

Investing in real estate can be the biggest money you have ever taken out. A Real Property Report informs owners of any issues related to boundaries. They are aware of whether a portion of their garage is on their neighbor’s property, whether their new house is too close to the property boundary, and vice versa.

“Nice neighbors start with good boundaries!”

Given that there would be legal ramifications if a sold property.

How to Get a Copy of Report on Real Estate?

You must get in touch with the land surveyor who prepared the original report in order to get a copy of the Real Property Report. (PLEASE NOTE: ONLY the original Land Surveyor can update the report). This will be less expensive than having a fresh RPR done, especially if the property hasn’t had many modifications since it was bought. 

You can get in touch with the land surveyor who completed the initial report and ask for an update if the property hasn’t seen any improvements and so you can get a copy of the Real Property Report. Hire a surveyor or look for the contact details in the first Real Property Report. You might work with a lawyer, or your realtor might help you obtain one. 

You will need to submit an application to request a Compliance Certificate after your RPR is finished. Copies of the Land Title Certificate and the RPR should be attached to the application. Once the necessary payments have been paid, turn in the paperwork in person, by mail, or by fax. The completion of the RPR can take a long period.

What is the Price of a Real Property Report?

A real property report requires different amounts of labor depending on the property. Cost factors include lot dimensions and form, number of structures, age, and accessibility to property boundary data.

A real estate report is really a tiny part of your overall real estate investment, but it could save you money down the road on expensive issues.

The replacement of any property corner posts is not included in a real property report. It is possible to arrange for property borders to be clearly delineated on the ground. The best deal is to have this extra service completed at the same time as the survey. 

How Long Does It Take to Obtain a Real Property Report?

The average turnaround time for a real property report is one to two weeks. If you would like your report sooner, you can pay a little bit extra. Seeking advice from a licensed property surveyor is advised.

The size of the property is just one of many variables that can affect how long the RPR takes to finish. It will take roughly ten days for the Compliance Report to be stamped.

How Much Time is a Real Estate Report Valid for?

A real estate report remains accurate up until you make alterations or enhancements to the asset. 

Key Takeaways

With its comprehensive depiction of a property, the real property report is an essential document in the real estate industry. It contributes significantly to the administration, development, and transaction of real estate by preventing conflicts and guaranteeing legal compliance. 

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