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Understanding the Real Property ReportWhat is a Real Property Report? (RPR) A Real Property Report is a true representation of all improvements on your property. It is the only way to know where the real legal boundaries of any property is.
It shows you exactly where all improvements are on the property. If there are any encroachments on other properties, (If you built a fence and your fence goes over to your neighbor’s side of the property, that is an encroachment), or if there are conflicts with local bylaws, your RPR will identify these issues.
These issues can then be resolved before you put your property up for sale. The resolution of conflicts that are revealed on the RPR, is usually a simple agreement with the municipality and/or holder of the encroachment.
It is usually the responsibility of the seller to resolve any conflicts on the Report prior to closing the sale.
Customers always like to know how much they will be spending, and all I can tell you is that a Real Property Report is usually quite a bit more expensive than Title Insurance, and it can take up to ten days to acquire, but in my opinion it is worth it for the peace of mind that it gives.
Unless you have a current copy of your RPR, with a Stamp of Compliance from the City, your lawyer will request an up to date Report from your City. The cost will be added to your lawyer’s bill.
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