Real Property Reports:

A Real Property Report ("RPR") is a drawing prepared by an Alberta Land Surveyor of the Property, at a set date, showing its boundaries and dimensions as well as the location of all of the improvements to the Property such as the House, garage, driveway and fences.

This is an important document to both the Buyer and the Buyer's Lender for it confirms to both of them that there are no physical issues with the Property such as a garage that crosses into the neighbour's property.

The approximate cost for a new RPR is $1,000.

The standard form real estate contract used in the Bow Valley places an obligation on the Seller to provide the Buyer with an RPR with a Compliance Certification on it.

The Compliance Certification is done by the Municipal Authority such as the Town of Canmore confirming that the Property is in compliance with the Municipal bylaws.

PROBLEMS FOR THE SELLER arise in a couple of ways:

     - the Seller loses the original RPR with Compliance and therefore doesn't have one available to provide to the Buyer;

     - the RPR is old; for instance some Lender's will not accept an RPR that is older than five years and if they do accept an older RPR, they will insist that the Seller swear a Statutory Declaration declaring that nothing has changed on the RPR;

     - there is in fact a problem with the Property that the Seller hasn't remedied; or

     - the Seller never did have an RPR but has contracted with the Buyer to provide one.

THE SELLER NEEDS TO DEAL WITH THE ISSUE OF PROVIDING AN RPR EARLY!!

If an RPR is not available for the Buyer on the Closing Date, the Buyer's Lawyer will insist that the Seller's Lawyer withhold sufficient funds from the Seller until the RPR has been provided.  A $1,500 to $5,000 holdback is not uncommon.

If you or your Realtor believe there is or may be an issue respecting your RPR, discuss it with me sooner than later so we can get it resolved.  Sometimes Title Insurance can be used in place of an RPR.