AVOID COSTLY SURPRISES: INVEST IN A REAL PROPERTY REPORT
Be sure to get your copy.
Caitlyn and Chris* were really excited to be purchasing their first place. They’d spent weeks hunting with their real estate agent, attended multiple open houses, and were thrilled when a seller accepted their offer on a perfect 4 bedroom house with a brand new, beautiful cedar fence surrounding a great-sized yard for their dog (and hopefully one day their kids!).
As well, Chris had always envisioned having a secure shop to store his dirt bikes in, and the property had a perfect, level, alley-accessible spot to build a detached garage. In a great neighbourhood, close to transit, shopping, and a great school for those future kids, this was the perfect house.
We recommend clients like Caitlyn and Chris obtain a copy of an up to date Real Property Report (RPR).
An RPR can help avoid costly surprises later, by providing the purchaser with an exact representation of the property, including information about the boundaries of the property, the exact surveyed location of the buildings, and other man-made improvements such as fences, right-of-ways, and any encroachments. In Chris and Caitlyn’s case, they discovered the gorgeous cedar fence they both loved was encroaching on the neighbouring property.
This wasn’t the end of their dreams, however. With some negotiation and agreement made with the seller to have the fence moved, they were able to finalize the sale of their dream home with their lender after all, and weren’t on the hook for the cost of the fence move.
Now Caitlyn and Chris are hanging out in their amazing fenced backyard, throwing a ball for Keefer, dreaming up plans for that shop, and enjoying a cold one and a barbeque with their friends.
An up to date Real Property Report is critical to confirming that what you are buying is correct. The Real Estate purchase contract requires the seller to include an up to date copy, however there is no timeframe specified in the contract. We recommend that you request your agent include as a condition to acceptance the seller provide a copy of an up to date Real Property Report.
* not their real names and some details changed to protect their identities.
