Homes for Sale in Edmonton

AUDREY ABUAN - RE/MAX Real Estate REALTORĀ®

Cell: 780-910-5179
Email: aabuan@remax.net

 

Should I get title insurance in place of a real property report?

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.

Title Insurance Benefits include

  • Intervening registrations – Anything registered on title between the time the lawyer submits to the Land Titles Office and the time of actual registration.
  • Unknown Liens, encumbrances, tax arrears or defects in the title to a property.
  • Unknown special assessments on condos that were implemented prior to closing.
  • If an RPR or compliance is not obtained, it covers any defects that would have been revealed by an accurate up-to-date RPR and compliance.
  • Forced removal of an existing structure with the exception of a boundary wall or fence where there is only limited coverage
  • Forced compliance with work orders or deficiencies on an existing building permit.
  • Loss of priority due to matters such as construction liens, agreements on title, and other mortgages.
  • Another party claims an interest in the property.
  • Protection against title defects or encumbrances that were unknown or undiscovered at the time of closing.
  • Protection against identity theft, mortgage fraud, and fraud against the title.
  • Cost savings. Typically, the cost for title insurance is far less than the cost of an RPR and compliance and is available on short notice

Drawbacks of Title Insurance

  • It is an insurance product.  This means when an issue arises, it may not be covered by the policy and if there is coverage the insurer can decide the method used to solve the issue which may not be the preferred choice of the insured party.
  • There is a lack of disclosure and certainty, especially for the buyer, at the time of closing. If an issue is discovered later, it is more difficult to pursue the seller for a fix after closing.
  • There is no coverage for known defects, except for some coverage for the lender only.
  • There must be some form of enforcement or government action to trigger coverage in most cases.  For example, the previous owner did renovations that do not meet the requirements of the building permit or development permit.  The title insurance will only pay for the cost to fix these deficiencies if there is some form of enforcement and not simply due to the deficiencies.
  • It does not guarantee that all structures will remain ‘as is’. For example, if the municipality mandates the alteration or destruction of a certain structure, the title insurance company may pay for the cost of appealing that decision however they cannot guarantee a favourable result.
  • The coverage of Title Insurance is for the buyer only (not the seller).
  • If a buyer or their lawyer purchases a lender only policy that is sufficient to close the deal however the buyer still has no title insurance protection.  
  • There is no specific protection or coverage for the seller.  If a claim is made and the title insurance company determines it is the seller who created the deficiency, the title insurance company can pursue the seller for recovery of the costs they have paid.
  • In most instances, title insurance only defers the need to deal with a particular issue.  It does not solve it.  The issues will still be there when the property is resold.
  • Title insurance cannot be passed onto a new owner.  Every new owner must purchase their own policy.

Read more on Real Property Reports
Read more on Non-Compliance and Non-Confirmation
Read more on Title insurance

 

 

 

 

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What Happens if your Real Property Report does not Comply?

 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.

Benefits of Non-Compliance or Non-Conformation

  • It provides documentary evidence supporting the warranties in a real estate purchase contract, and regarding issues of compliance with land use and development bylaws.
  • It provides certainty for both the buyer and seller at the time of closing regarding compliance with development issues.
  • It provides the opportunity for the buyer to have the seller remedy any deficiencies in this regard prior to or in conjunction with the closing.  
  • If a buyer decides to accept a certain deficiency, it provides both the buyer and the seller with the certainty of knowing exactly the eficiencies they are accepting.
  • It can be used to address of the above issues regarding the structures and other matters shown on the RPR, even if a compliance certificate or letter is not current (the RPR is missing structures that have been added or altered since the RPR was prepared).
  • It  can be reused, provided there are no changes to the property, the buyer can use the same RPR with compliance when they sell the property. Even where there have been changes, the same compliance can be used to support the warranties in the AREA contract to the extent of all the s
  • tructures and other matters on the existing RPR with compliance.

Drawbacks of Non-Compliance or Non-Confirmation

  • It only provides information on compliance with municipal land use and related bylaws for the exterior dimensions of structures on the land.  
  • It does not provide any information that allows a municipality to confirm or deny compliance with any interior developments.
  • It does not provide any assurance of compliance with restrictive covenants on title and compliance with any other municipal bylaws aside from the exact bylaws covered by the compliance stamp or letter.
  • A request to the municipality for a certificate may lead to a requirement for substantial alterations, relocation or destruction of certain structures.
  • Depending on the nature of the deficiencies, the buyer may not be able to recover any costs for required alterations or destruction from the seller.
  • Many municipalities will only offer a limited form of compliance or non-conformance, and Some municipalities no longer provide compliance or
  • non-conformance stamps or certificates.
  • Under the AREA contract, the warranties provided by the seller only relate to development issues and not building code issues; and while there is some debate amongst lawyers on this issue, most take the view that any building code deficiencies including the lack of building code permits are the responsibility of the buyer.
  • Can take several weeks to obtain and even if a rush fee is paid, it can still take several days.

Read more on Real Property Reports
Read more on Non-Compliance and Non-Confirmation
Read more on Title insurance

 

 

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Should I get a Real Property Report When I sell my Home?

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.

Benefits of a Real Property Report

  1. It provides a complete disclosure of all structures on the property, the exact location of property lines and the location of fences.
  2. It discloses the exact location of non-physical items such as easements and utility right-of-ways.
  3. It shows any encroachments by the subject property onto neighboring property (and vice versa), or easements and the exact imensions
  4. of the encroachments.
  5. It provides certainty to the buyer so they know exactly what they are buying and an opportunity to remedy any deficiencies such as encroachments before or concurrent with the closing of the purchase and sale.  
  6. If a buyer decides to accept a certain deficiency, it provides both the buyer and the seller with the certainty of knowing exactly the deficiency they are accepting.
  7. Provides documentary evidence to support the warranty in the standard AREA contract.
  8. Even an RPR that is not current (missing structures that have been added or altered since the RPR was prepared) can be used to address all the above issues regarding the structures and other matters shown on the RPR.
  9. The RPR can be reused provided there are no changes to the property.

Drawbacks of a Real Property Report

  1. On its own, it does not provide any disclosure or information as to the compliance issues which are warranted by the seller in the AREA contract.
  2. It does not provide any information on the interior portion of any of the structures of the property.
  3. It does not provide any information on “hidden items” on the property, such as the location of septic tanks or other items below ground level.
  4. The cost of an RPR is typically many times higher than the cost of title insurance, especially in outlying areas.
  5. During boom times in the oil industry, no matter the price someone is willing to pay, it can be extremely difficult to find a surveyor to do an RPR in certain parts of the province.
  6. It does not deal with many of the items covered by title insurance.
  7. It can take several weeks to obtain and even if a rush fee is paid, it can still take several days.

Read more on Real Property Reports
Read more on Non-Compliance and Non-Confirmation
Read more on Title insurance

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I have listed a new property at 401 9910 107 ST in Morinville. E4060066,
You will be totally impressed with this beautiful 2 bed, 2 bath, 958 sq ft top floor corner unit condo. This home features a functional galley kitchen with a newer back splash, built in dishwasher, microwave above stove and plenty of cabinet & counter space. Spacious dining area boasts loads of light from its large window and patio door. Living room is a the perfect size and has a large window that opens for plenty of natural light. Master bedroom features a walk through closet & 3 piece ensuite. Second bedroom is also a good size! See the fantastic view from this 4th floor wraparound balcony just off the dining area. Other features are newer laminate, kitchen touchless taps, insuite laundry with storage & gas BBQ line. Titled underground parking stall & one energized assigned parking stall complete this home. Complex is small pet friendly (sorry, no dogs), has a party room with kitchenette & fitness center. Just blocks from downtown Morinville & highway access, this home shows great & priced right!
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I have listed a new property at 1840 Tufford WAY in Edmonton. E4059795,
1840 Tufford Way, located on a super quite street in the heart of Terwillegar Towne walking distance to the popular Terwillegar Recreation Center, perfect for families! As you step into this meticulous home from the country veranda, you are greeted in the foyer with a main floor open concept featuring a massive living room with large windows to let in the sunlight. Keep warm in the winter by the cozy fire place in the living room and cool in the summer with central AC. The gourmet kitchen includes upgraded stainless steel appliances, gas stove and large island. The spacious and bright dining area is perfect for family dinners with a view of the fully fenced, landscaped yard. This well kept home is smart wired, comes with a central vac, and features spacious walk in closet, en-suite bathroom with jetted tub in master Bedroom, custom laundry chute, back mud room and a bonus loft area. This 2 Storey, 4 bedroom, 4 bathroom home is perfect for every family and also has a warranty on the recently professional finished basement.
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What's happening in Riverbend Edmonton?

Homes for Sale in Riverbend Edmonton Image

 

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.

   

 

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I have listed a new property at 503 10606 102 AVE in Edmonton. E4059399,
Beautiful penthouse loft condo!!! Located in a pet friendly complex, this well maintained, top floor, 2 bedroom home has plenty of great features. The kitchen has modern design maple cabinetry, all black appliances including microwave hood fan, breakfast bar/nook area then ceramic flooring throughout kitchen and dining area. Opened area has soaring 18 ft. ceiling, bright windows with custom Hunter Douglas blinds & patio doors leading to the west facing balcony. Upstairs, the loft has cozy gas fireplace with access to the terrace. Entertain family and friends on this exclusive 300 sq. ft. roof top area with exceptional downtown views. This home also comes with insuite laundry & underground heated parking stall. The Monaco II is close to Grant MacEwan College, Rogers Place, LRT, nightclubs plus the best dining which this city has to offer. Located in a prime downtown location for the most discriminating urbanite, this home should be ranked number one on your must see list!
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I have listed a new property at 11212 78 AVE in Edmonton.
Welcome to our meticulously custom designed Western Living Dream home. This twenty-first century two-storey split has been constructed with uncompromising quality and is simply stunning. Every square inch of this home was created ingeniously for simplicity and elegance including high ceilings, granite counters, built-in shelving and hardwood floors. The basement offers a legal 2 bedroom suite, developed for residual income, with a separate entrance, high ceilings, maple kitchen with breakfast bar, ensuite laundry & central vac, bedrooms with ample storage space and more. There are 2 separate stairwells which lead to the upper floors. The first stairway to the main living area w/3 bedrooms and the second to a custom sound music room with quiet rock drywall for maximized sound proofing. This room is perfect for an office or could be converted into a 6th bedroom. Located in the heart of McKernan, walking distance to the University of Alberta, this home is a great real estate investment.
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I have listed a new property at 7040 174 AVE NW in Edmonton.
Welcome to 7040 174 Avenue in Schonsee Edmonton. This open concept home is in mint condition with upgraded cabinets, crown moldings, 36" upper units, spacious corner pantry, stainless steel appliance, a gorgeous elongated island with an extended eating bar, pot & pan drawers, a gourmet range vent and granite counters. The beautiful dark hardwood flows through the main floor with ceramic tile by the spacious mudroom near the garage entrance. Upstairs offers 3 large bright bedrooms with a walk-in closet w/window and a five piece ensuite in Master. This two-storey home also comes equipped with upper floor white front load washer & dryer and is decorated with custom Hunter Douglas Blinds. Outside offers a place to get away from city life and enjoy lounging on your back deck with a scenic view of mother nature's natural landscape.
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I have listed a new property at 13116 133 ST NW in Edmonton.
Welcome home! This beautiful 3 bedroom bungalow is perfect for a first time buyer to begin their home ownership dream. The stylish open concept, upgraded kitchen features rich mocha cabinets with soft close doors and drawers, newer counter top, mosaic back splash, and appliances including built in dishwasher. In addition to the open floor plan, there`s plenty of storage throughout, spacious bedrooms, hardwood floors, ceiling fans, and a large laundry room. Other upgrades in this property include new wiring, windows, and the cutest bathroom ever with with newer flooring, toilet, vanity, storage cabinet, and deep soaker tub! Outside offers a large backyard with deck, low maintenance chain link fence with privacy slats, custom paved stone sidewalks, large double detached garage with drive way, and storage shed.
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