What is a Real Property Report?
A real property report (RPR) is a document prepared by a land surveyor that illustrates the location of visible improvements (for example, a house, garage, shed, deck, or fence) located on a property relative to the property boundaries.
An RPR will show:
· The legal description of the property;
· Dimensions and directions of all property boundaries;
· Designation of adjacent properties, roads, lanes;
· Location and description of all relevant improvements located on the property including dimensions and distances from the property boundaries;
· Right-of-way or easements as noted on the title to the property; and
· Location and dimension of any visible encroachments onto, or off of the property.
An RPR is often relied on by the buyer, seller, lender and the municipality as an accurate representation of the improvements located on the property. Once the RPR is prepared by the surveyor, it should be sent to the municipality for review. The municipality will issue written confirmation that the buildings and the structures on the property meet zoning bylaws and have building permits.
You should have an RPR for your property because:
· You will know the accurate locations and dimensions of buildings, improvements, rights-of-way and encroachments relative to boundaries of your property;
· You will know the physical dimensions of the property;
· It shows the location of improvements within the property boundaries;
· It shows encroachments from adjacent properties;
· It shows if there are any problems relating to property boundaries; and
· Your mortgage lender will need to ensure the property complies with municipal bylaws.
Things to Note about RPRS:
· RPRs do not need to include sidewalks, driveways, landings or small sheds but they should show decks and fences that reflect the property boundaries;
· RPRs should not be confused with lot grade certificates;
· Not all builders will provide you with a Real Property Report, so check your purchase agreement as to their obligation:
· RPRs take some time to prepare and to be reviewed by the municipality so sometimes the RPR will not be ready in time for your closing date; and
· RPRs are usually required in order for your lender to fund your new mortgage. However, if an RPR is not available from your builder for closing, your mortgage lender may accept title insurance or a holdback of funs instead.