What is a Real Property Report?

A Real Property Report (RPR) is a legal document that outlines the boundaries, dimensions, and legal description of a property. It includes information about any encroachments, easements, and improvements on the property. An RPR is used to ensure that the land and buildings on the property are in compliance with local bylaws and regulations.

For buyers, an RPR is an essential part of the due diligence process when purchasing a property. It provides valuable information about the property and can help buyers identify any potential issues or concerns. An RPR can also be used to negotiate with the seller if there are any discrepancies or problems with the property.

For sellers, providing an RPR can help speed up the sale process. Buyers are more likely to make an offer on a property that comes with an RPR, as it provides them with valuable information about the property. It can also help prevent any disputes or legal issues that may arise after the sale.

One important thing to keep in mind is the timeline for obtaining an RPR. It can take several weeks or even months to get an RPR, so it's important to start the process early. An RPR with municipal compliance typically costs about $850-$1000 depending on the property.

Overall, a Real Property Report is a valuable tool for both buyers and sellers. It provides important information about the property and can help prevent disputes or legal issues down the line. If you're buying or selling a property, it's important to work with a qualified real estate professional who can help guide you through the process and ensure that all necessary documents, like an RPR, are obtained, or advise you on alternatives.