A Real Property Report (RPR) is a plot done by a surveyor of one’s property complete with locations of buildings, decks, fences, concrete pads, overhangs, etc. It shows where everything is located on the property and if there are any issues in relation to your neighbor’s property.
A current and up to date RPR, with compliance stamp, is to be presented by a seller to a buyer as per the purchase contract. It must also have a compliance stamp on it from the city denoting that the report is accurate. If, for example, you have recently built a garage or a fence, then you need a new RPR with compliance stamp.
Generally, it is important for sellers to have the up to date RPR prior to listing. If it is not completed, I usually put clients in touch with their real estate lawyer to get the ball rolling. As a Realtor, I like to see the RPR so I know if there are any unresolved issues. A major issue, for example, would be if you built a garage and it was overhanging onto your neighbor’s property or if you had an addition to your home which was on your neighbor’s property by a foot and there was not an easement from the neighbor. These issues need to be dealt with immediately. That easement says that your neighbor is aware and accepts it. Without the easement, you may not be able to sell your home! As per your contractual obligations, you will be in breech of contract and my be sued.
Make sure you are prepared to sell your home. A good Realtor will help make sure that you are ready. Thanks for reading!
By Patrick Murray Join me on Google+