Real Property Report (RPR)
….what it is and why you should have one
What is a Real Property Report?
What is a real property report (RPR) and why do you need one? If you are thinking of buying or selling a home you probably have heard of something known as a “Real Property Report” (commonly called an “RPR”). In short, an RPR is a legal document that takes the form of a map, or plan of the property that clearly shows the boundaries of the property and the location of significant improvements (buildings, fences sheds, decks, etc.) on the property.
Who uses the Real Property report?
The Real Property Report is relied upon by the buyer, seller, lender and the municipality as an accurate representation of the improvements on the property. Because it is relied upon by almost everyone in a real estate transaction, it is very important that the Real Property Report is current and available before the transaction takes place.
How long is a Real Property Report valid?
A Real Property Report is like a picture being taken of the property on the date it is done. It is valid as long as there are no changes to the property such as modified driveways, deck, garages etc. If there are changes, then an update can often be done to the RPR which is less expensive than a new one. To get an update, call the company that did the original RPR.
What is Municipal Compliance?
The municipality where the property is located will review the RPR and indicate if the improvements comply with municipal by-laws. Problems can then be resolved before they become an issue during a sale process.
What does a Real Property report cost and how long does it take to get one?
The cost of a Real Property Report depends on a few things. The location of the property (is it urban or rural?), the size of the property and the complexity of the drawing (how many buildings, fences decks etc.) all can affect the cost. Urban RPR’s, with municipal compliance, typically run $700 to $1,000 with updates running about half of that. As for the timing, it depends on how busy the survey company is. It is best to call around and get a few quotes on cost and time estimates. You can search for Alberta land surveyors or call The Alberta Land Surveyors Association at (780) 429-8805 or 1-800-665-2572.
Conclusion: Benefits of a Real Property Report
- Owners know accurate locations of property boundaries, size and location of buildings and other improvements, locations of rights-of-ways and encroachments.
- Purchasers also know the dimensions of the property
- Financing usually requires verification of property compliance
- Potential problems can be identified and resolved before they become an issue during a sale, simplifying the sale process.
The Alberta Land Surveyors’ Association has developed a great brochure. You can download it HERE.
Click HERE to download the sample below of an RPR.