When it comes to buying or selling property in West Kelowna, a Real Property Report (RPR) is a crucial document that should not be overlooked. Whether you’re a seasoned homeowner or a first-time buyer, understanding the ins and outs of RPRs is essential to ensure a smooth and legally sound real estate transaction.
What is a Real Property Report (RPR)?
An RPR is a comprehensive document that provides a visual representation of a property’s boundaries and any visible improvements on it. These improvements can include houses, garages, sheds, decks, and fences. It’s important to note that RPRs are not prepared for condominium units.
Here’s what you can expect to find in an RPR:
Legal Description: This section provides the legal description of the property, which is crucial for property identification.
Boundary Details: The RPR includes dimensions and directions of all property boundaries. This information ensures that you know precisely where your property ends.
Adjacent Properties and Infrastructure: It designates adjacent properties, roads, and lanes, giving you a clear picture of your property’s surroundings.
Improvement Details: The RPR provides the location and description of all relevant improvements on the property, complete with dimensions and distances from the property boundaries.
Right-of-Way or Easements: Any right-of-way or easements noted on the property’s title at the survey date will be included in the RPR.
Encroachments: The report also highlights any visible encroachments onto or off of the property. This information is essential to address potential boundary issues.
Surveyor’s Certificate and Opinion: A Land Surveyor certifies the RPR, offering their professional opinion on the accuracy of the property’s boundaries and improvements.
Why Do You Need an RPR?
The importance of an RPR cannot be overstated, depending on your role in a real estate transaction:
For Sellers:
Legal Protection: An RPR can protect you from future legal liabilities related to property boundaries and improvements.
For Buyers or Property Owners:
Property Clarity: It provides accurate information about building locations, rights-of-way, encroachments, and property dimensions.
Compliance: You’ll know if the property complies with municipal bylaws and fire codes.
Boundary Assurance: It helps address any potential problems related to property boundaries.
Lender Requirements: Mortgage lenders often require an RPR to ensure property compliance with municipal regulations.
The British Columbia Law Society’s Recommended Rules
The British Columbia Law Society provides essential rules regarding RPRs for real estate transactions:
Buyer’s Right: The buyer’s real estate lawyer should have the opportunity to review an RPR before proceeding with registration.
Interest and Possession: Interest is paid at the mortgage rate mortgage amount only if the buyer wants to take possession. Possession can be postponed until the RPR is provided, with no interest payable.
Original RPRs: Original RPRs are not required.
Age of the RPR: The age of the RPR is not relevant, as long as it reflects the current state of the property.
Changes Before Final Acceptance: If an RPR is prepared before the final acceptance of the purchase contract, the seller should sign a statutory declaration stating there have been no changes.
Inclusions and Exclusions: RPRs do not need to include sidewalks, driveways, landings, or small sheds, but all fences must be shown on the RPR.
Conclusion
An RPR is not just another piece of paperwork in a real estate transaction; it’s your assurance of property boundaries and improvements. Understanding its significance and working with professionals like Core Geomatics is essential for a seamless real estate experience in West Kelowna.
Core Geomatics is your trusted partner in navigating the complexities of Real Property Reports. Their team of experienced surveyors ensures that your RPR is accurate, reliable, and compliant with all legal requirements. Whether you’re buying or selling, having a reliable RPR from Core Geomatics is a key step towards a successful and hassle-free real estate transaction.
