The Importance of the Real Property Report

The Real Property Report

Another key component of the listing process of a single family home / duplex or bareland condo is making sure you have an up-to-date Real Property Report (RPR) on hand with a Stamp of Compliance from the Town of Canmore or MD of Bighorn. As described by the Alberta Land Surveyor's Association, a RPR is a legal document that clearly illustrates the location of significant visible improvements to land relative to property boundaries. These improvements include but are not limited to the home itself, garage (if detached), decks, sheds, or fences, and the RPR must reflect the current status of the improvements on the property. To read more about what the RPR shows and its importance to you, please click here for a brochure provided by the Alberta Land Surveyor's Association.

As there is only one survey company in Bow Valley (McEllhanney), they perform most of the Real Property Reports for Canmore, Banff and the Bow Valley.  Survey costs can start at $750 + GST for all types of dwellings except a Bare Land Condominium which is more (up to double the cost).  The final survey cost may be less if their Company (or its predecessors) have done one in the past, then you can request an "update" and this may be less expensive.  Please ask them for a quote when you call or email and give them your old file number or legal description if they are readily available.

The importance of having this document prepared and granted a Stamp of Compliance cannot be overstated, as not having a current and compliant Real Property Report (RPR) is the largest single cause of complications on closing according to real estate lawyers, as cited by the Alberta Real Estate Association in their AREAHub Monthly Newsletter. Having the report prepared can take anywhere from 1-4 weeks depending on how busy the survey company is, and it can take up to another 7 business days to have the RPR assessed and granted a Stamp of Compliance, so plan accordingly!  If there are issues then you want more time to deal with the issue as you may need to apply for a variance or encroachment agreement which can take weeks or months so the sooner the better.

If you have any questions regarding your Real Property Report and you are thinking of selling your Canmore home, please feel free to get in touch with us and we can help guide you in the right direction!