When it comes to buying or selling a property in West Kelowna, one term that you’ll often come across is the “Real Property Report.” This seemingly technical document holds significant importance in real estate transactions, and in this blog, we will delve into what it entails and why it’s crucial.
What is a Real Property Report?
A Real Property Report (RPR) is a comprehensive illustration prepared by a certified land surveyor. This document provides a detailed representation of your property, including its boundaries, structures, and buildings, all as they exist at the time of the survey.
The document goes even further by establishing the geographic relationship between your property, the municipality’s land, and neighboring properties. The RPR also records any improvements or additions to your property, such as sheds, decks, pools, driveways, fences, garages, flagpoles, and other fixtures typically attached to the land.
Ensuring Compliance with Municipal Bylaws
One of the primary purposes of an RPR is to determine whether your property adheres to municipal bylaws. Municipalities have specific regulations governing property boundaries, setbacks, and the placement of structures. An RPR ensures that your property complies with these rules. If not, it can reveal encroachments onto neighboring properties or obstructions of utility rights of way.
A Crucial Document for Buyers and Sellers
For both buyers and sellers, an RPR is invaluable. It’s typically a requirement in real estate transactions in West Kelowna. Sellers must provide either an RPR with municipal compliance or one with non-conformance.
Municipal compliance means that your property and its structures currently adhere to municipal bylaws. Non-conformance suggests that they were compliant at some point but no longer meet the current regulations due to changes in rules and regulations.
The Importance of “Current Improvements”
According to standard real estate contracts in Alberta, the provided RPR must show all the “current improvements.” This means that if you have an old RPR from when you purchased the property and have made no additions or changes, it is still considered valid for selling your home.
The age of the RPR doesn’t matter; it merely needs to reflect the current state of the property. However, for buyers seeking mortgage financing, lenders often require an RPR that is no more than 20 years old.
When Is a New RPR Needed?
If a seller has removed structures or buildings since the last RPR was obtained, the existing RPR remains valid because it still reflects the current state of improvements. However, a new RPR is necessary when structures or buildings are added or rebuilt on the property since the last RPR was obtained. This new RPR should display the “current improvements.”
How Professionals Can Assist You
In conclusion, a Real Property Report is a vital document in West Kelowna’s real estate landscape. It ensures compliance with municipal bylaws, provides crucial information for buyers and sellers, and can significantly impact the success of a property transaction.
Understanding the intricacies of Real Property Reports can be daunting, but that’s where Core Geomatics comes in. Their team of experienced land surveyors and geomatics experts specializes in providing accurate and up-to-date Real Property Reports in West Kelowna.
Whether you’re a buyer, seller, or homeowner looking to update your property records, Core Geomatics can assist you in navigating the complexities of RPRs.