As a buyer, the real property report (RPR) is an important document that provides you with valuable information about the property you are considering purchasing. Here are a few reasons why the RPR is important:
Property boundaries: The RPR shows the legal boundaries of the property, which can help you understand the size and layout of the property. This information can also help you avoid any potential boundary disputes with neighboring property owners.
Structures and improvements: The RPR shows the location of any structures, such as the house, garage, or shed, on the property, as well as any improvements, such as decks or fences. This can help you understand the layout of the property and determine if any improvements have been made without proper permits or approvals.
Encroachments: The RPR identifies any encroachments, which are structures or improvements on the property that extend onto neighboring properties or easements. This information can help you identify any potential issues with the property and negotiate any necessary repairs or removals with the seller.
Compliance: The RPR can help you ensure that the property is in compliance with local zoning and bylaws, as well as any applicable building codes. This information can help you avoid any potential legal or financial issues related to non-compliance.
Financing: Some lenders may require an RPR as part of the financing process, particularly for larger or more complex properties. Having an up-to-date RPR can help streamline the financing process and ensure that your lender is comfortable with the property you are purchasing.
Overall, the RPR provides important information that can help you make an informed decision about whether to proceed with the purchase of a property, as well as any necessary negotiations with the seller or potential legal or financial issues.