Homes for Sale in Edmonton

AUDREY ABUAN - RE/MAX Real Estate REALTORĀ®

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

 

What is a Real Property Report?

A Real Property Report (also known as the RPR) is a legal document that clearly illustrates the location of significant visible improvements relative to property boundaries. It is a plan or illustration of the various physical features of the property, including a written statement detailing the surveyor’s opinions or concerns.

Who needs a Real Property Report?

Part of the standard real estate contracts in Alberta will have a term in the document stateing the seller will provide a current real property report with compliance report to the purchaser upon closing. Prior to putting your home on the MLS System and/or Realtor.ca, Sellers should order a new RPR to protect themselves from potential future legal liabilities resulting from problems related to property boundaries and improvements. Your REALTOR® can assist you with this process to ensure your property complies with municipal requirements.

Do I need a Real Property Report for a Condominium?

Bareland Condominiums require Real Property Reports. Conventional Condominiums do not require an RPR.

How does a Real Property Report protect you?

Purchasing a property may be the largest financial investment you ever make. With a Real Property Report, owners are aware of any boundary problems. They know whether their new home is too close to the property line, or part of their garage is on their neighbour’s land, or vice versa. Since legal complications may occur if a sold property fails to meet equirements, a Real Property Report protects the seller.

What is on a Real Property Report?

The legal location description of property and municipal address, dimensions and directions of all property boundaries, any improvements on the property, right-of-way or easements, any visible encroachments, a duly signed certification and opinion by an Alberta Land Surveyor and a permit Stamp where applicable.

How much does a Real Property Report cost?

The amount of work to prepare a Real Property Report varies between properties. Lot size and shape, number of buildings, natural features, age and availability of the property boundary information all affect the cost. However, if you are planning on selling your home in the near future, the sooner you order your Real Property Report, the more economical it will be plus any problems can be identified and resolved before a sale is finalized.

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There has been a long battle between between TREB (Toronto Real Estate Board) and the Canada's Competition Bureau to keep certain sales data under lock and key. John Pasalis with Realosophy Realty in Toronto says he's ready to make public on his website once-protected real estate data.

 

I found this article to be interesting article and foresee it as a huge invation of privacy for all home sellers. One of the reasons to hire a real estate agent is to protect the sellers information. I strongly feel this information should not be disclosed due to stigmatizing properties and invasion of personal information.

 

When buyers purchase a home, everthing physical about the property should be disclosed and the real estate agent should provide all relevant FACTS about the property and the prices of recently comparable homes sold. However, providing all of the history of a property is no ones business except the sellers including how long it has been on the market, any price adjustments, the original purchase price or the sellers contact info.

 

In a slowing economy, homes here in Edmonton tend to stay on the market longer and buyers do not need to take advantage of a seller. Buyers are purchasing a home and should not be in a position of knowledge to take advantage of a seller who needs to sell. Have a little more compasion, there is more to life than getting an uber deal!

 

read more... http://www.cbc.ca/news/business/real-estate-treb-crea-sales-data-1.3884233

 

*Note* The Government of Canada's Privacy Act is as follows..

 

Interpretation

In this Act,

administrative purpose, in relation to the use of personal information about an individual, means the use of that information in a decision making process that directly affects that individual

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