Homes for Sale in Edmonton
AUDREY ABUAN - RE/MAX Real Estate REALTOR®
If possible, it is still best to have a current Real Property Report with compliance when buying or selling a home to ensure all property buildings are within the municipality guidelines. If an RPR is not an option, title insurance is a good substitute.
Title insurance without a Real Property Report and compliance is acceptable by most major mortgage lenders and will often provide coverage for the lender for known defects. Unlike other insurance products, there is only one premium paid at the time of closing which provides coverage to the owner throughout their ownership of the property. It also offers a wide range of protection for issues that are not covered by an RPR and compliance.
If you are selling or buying a home and have been told that there is no compliance or you have a non-confirming property, Don't panic. Below is a list of benefits and drawbacks with a non-confirming property which will help you make a more informed decision.
Traditionally a Real Property Report (RPR) and compliance letter or stamp (or non-conformance, referred to throughout as simply compliance) has traditionally been the preferred method of providing security to a buyer. However, as some municipalities no longer offer compliance documents, the contractual requirements to provide a RPR with compliance documents are increasingly difficult for sellers to meet. It is important to ensure that you are aware of the alternatives, such as title insurance, and that the appropriate steps are taken to ensure that all parties involved are properly protected.
RPRs, compliance, and title insurance are all useful. On their own, each has its distinct benefits and both buyers and sellers are best served when all three are in place. However, this is often not practicable or possible. It is important for buyers and sellers to understand both the benefits and shortcomings of each one.
Riverbend has always been an Edmonton area high in demand and this year is no exxception. So far this year, there have been over 170 homes sold in the Riverbend and Terwillegar area. The first real estate annual quarter according to the Edmonton Real Estate board, 8 properties in Brander Gardens, 7 homes in Brookside, 9 in Bulyea heights, 3 properties in Carter Crest, 5 homes in Falconer Heights, 4 in Henderson Estates, 3 properties in Ogilvie Ridge, 8 in Ramsay Heights and Rhatigan Ridge takes the lead with 12 home sales from January to March 2017. View more homes for sale in Riverbend Edmonton.