Houses for Sale in Edmonton

AUDREY ABUAN - RE/MAX Real Estate REALTOR®

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

 

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

Post CommentComments: 0Read Full Story
Categories: 6406 178 ST NW NW | Alberta Avenue Houses | Alberta Realtors | Aldergrove Edmonton | Athlone Edmonton | Athlone Houses | Balwin Edmonton | Balwin Houses | Baranow Edmonton | Baranow Houses | Baturyn Houses | Beacon Heights Houses | Belle Rive Houses | Belmead Houses | Belmont Edmonton | Belmont Houses | Belvedere Edmonton | Belvedere Houses | Blackmud Creek Edmonton | Blue Quill Houses | Bon accord Alberta | Breckenridge Edmonton | Brintnell Edmonton | Brintnell Houses | Britannia Houses | Britnell Houses | Bulyea Heights | Buyer CMA | Buyers and Sellers | Calder Edmonton | Calder Houses | Callingwood Condominiums | Callingwood Houses | Canon Ridge Condominiums | Carlton houses | Clarview Edmonton | closing costs | CMHC | Cumberland Houses | Delton Houses | Delwood Edmonton | Delwood Houses | DND Realtors | Dunluce Houses | Eaux Claires Houses | Edmonton Condominiums | Edmonton Homes | Edmonton Homes for sale | Edmonton house prices | Edmonton Houses | Edmonton Infills | Edmonton Luxury Houses | Edmonton Real Estate | Edmonton Realtors | Edmonton Sold Homes | Edmonton Sold Houses | Edmonton Surveys | Elmwood Edmonton | Evansdale Houses | Falconer Heights Edmonton | Fraser Edmonton | Fraser Houses | Fraser Vista Houses | Fulton Place Edmonton | Garneau Condominiums | Garneau Edmonton | Gibbons Sold Houses | Glenora Edmonton | Grange Houses | Greenview Edmonton | Griesbach Edmonton | Griesbach Houses | Hairsine Houses | Hamptons | High Park Houses | Highlands Houses | Hollick Kenyon Edmonton | Hollick Kenyon Houses | Homesteader Edmonton | Homesteader Houses | Houses near CFB Edmonton Garrison | Idylwlyde Edmonton | Inglewood Houses | Kilkenny Edmonton | Kilkenny Homes | King Edward Park Homes | Kirkness Houses | klarvatten edmonton | Klarvatten Houses | Lacombe, Lacombe Real Estate | Lago Lindo Houses | Lakeview Greens | Legal Alberta Houses | Lewis Estates Grande | Lorelei Houses | Luxury sold homes edmonton | Lymburn Houses | McKernan Edmonton | McKernan Houses | Military Homes | Montrose Houses | Morinvile Sold Houses | Morinville Alberta | Morinville Homes | Morinville Houses | Mortgages | New South Edmonton Homes | Newton Edmonton | Newton Houses | non-compliance | North Edmonton | North Edmonton Condominiums | North Edmonton Condos | North Edmonton Homes | north edmonton houses | Northeast Edmonton | Northeast Edmonton Condos | Northesat Edmonton houses | Oliver Condominiums | Open House Edmonton | Ormsby Place Edmonton | Overlanders Houses | Oxford Edmonton | Oxford Houses | Ozerna Edmonton | Ozerna Houses | Real Estate Markets | real property report | Rhatigan Ridge | Riverbend Edmonton | Riverbend Homes for Sale | Riverbend Houses | Rosslyn Edmonton | Rosslyn Houses | RPR | Rundle Heights Edmonton | Rural Leduc County, Rural Leduc County Real Estate | Rutherford Houses | Schonsee Houses | Seller Real Estate Tips | Selling | selling homes | Sherwood Park Sold Houses | Sherwood Park, Sherwood Park Real Estate | Sifton Park Edmonton | Sold Condos Edmonton | Sold Downtown Condos | Sold Edmonton Homes | Sold Hamptons Houses | Sold Homes in Allard Edmonton | Sold Homes in Balwin Edmonton | Sold Homes in Baranow Edmonton | Sold Homes in Bisset Edmonton | Sold Homes in Brintnell Edmonton | Sold Homes in Bulyea Heights Edmonton | Sold Homes in Calder Edmonton | Sold Homes in Callingwood North Edmonton | Sold Homes in Carlton Edmonton | Sold Homes in Clareview Edmonton | Sold Homes in Cumberland Edmonton | sold homes in edmonton | Sold Homes in Evansdale Edmonton | Sold Homes in Glastonbury Edmonton | Sold Homes in Griesbach Edmonton | Sold Homes in Hamptons Edmonton | Sold Homes in Hollick-Kenyon Edmonton | Sold Homes in Kilkenny Edmonton | Sold Homes in Killarney Edmonton | Sold Homes in King Edward ParkEdmonton | Sold Homes in Klarvatten Edmonton | Sold Homes in Mill Woods | Sold Homes in Montrose Edmonton | Sold Homes in Overlanders Edmonton | Sold Homes in Oxford Edmonton | Sold Homes in Pollard Meadows Edmonton | Sold Homes in Queen Mary Park Edmonton | Sold Homes in Sherwood Park | Sold Homes in St. Albert | Sold Homes in Tamarack Edmonton | Sold Homes in Thorncliffe Edmonton | Sold Homes in Westwood Edmonton | Sold Homes in York Edmonton | Sold homes Queen Mary Park | Sold homes Riverbend Edmonton | Sold Homes Sherwood Park | Sold Homes South Edmonton | Sold House Belvedere | sold house north edmonton | Sold houses in southeast Edmonton | Sold Houses North Edmonton | Sold Houses West Edmonton | Sold Hudson Condominiums | Sold Prices | South Edmonton | South Edmonton Homes | South Edmonton Houses | South Terwillegar Edmonton | Southeast Homes | St Albert Houses | St. Albert houses | St. Albert Sold Homes | St. ALbert Sold Houses | St. Albert, St. Albert Real Estate | Stigmatized Properties | Summerlea sold houses | Tamarack Sold Houses | Tamarck Edmonton | Tamarck houses | Terwillegar Towne | Thorncliffe Houses | Tips on Buying Real Estate | Title Insurance | University Houses | Wellington Edmonton | west edm | West Edmonton Condos | West Edmonton condos for sale | West Edmonton Homes | West Edmonton Houses | West Edmonton Houses & Condos | West Edmonton Sold Houses | westwood edmonton | York Houses | Zone 01, Edmonton Real Estate | Zone 02, Edmonton Real Estate | Zone 03, Edmonton Real Estate | Zone 12, Edmonton Real Estate | Zone 15, Edmonton Real Estate | Zone 20, Edmonton Real Estate | Zone 27, Edmonton Real Estate | Zone 30, Edmonton Real Estate | Zone 53, Edmonton Real Estate | Zone 58, Edmonton Real Estate | Zone 59, Edmonton Real Estate
Categories
Copyright 2017 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.