What is a Real Property Report (RPR)
A Real Property Report is a legal document created by a surveyor that clearly illustrates the location of all pertinent boundaries.
It generally takes the form of a plan or illustration of the various physical features of the property including a written statement detailing the surveyor's opinions or concerns.
It can therefore, be relied upon by the buyer, the seller, the lender, and the municipality as an accurate representation of the improvements on your property.
With the RPR, homeowners are aware of any problems because they know whether or not their new home is too close to the property line, or part of their garage is on their neighbors land. "Good boundaries make good neighbors!" The seller of the property also wants to avoid any future legal complications that may arise because the property being sold failed to meet requirements.
The local municipality reviews and endorses the RPR and indicates whether or not the improvements meet the requirements of the local land use bylaws. The owner can then resolve any outstanding issues unidentified by the municipality. Early preparation of the RPR significantly speeds up the process.
To eliminate any confusion, the RPR is usually paid for and supplied by the seller. Usually the average cost of a residential RPR is $500.00 plus compliance is $50.00-$100.00. These documents will always be required by lawyers 10 days prior to closing.
If there have been no additions or stuctures added to the property since the last RPR was prepared then usually the existing RPR is sufficient.
In some cases an alternative solution to an RPR is Title Insurance, which is an insurance policy protecting the buyer from any costs as long as he owners the property in relation to encroachments that may currently exist on the property which are unknown. The cost of this policy is $200.00 to be paid by the seller.