Owning property is one of the biggest accomplishments you can have in life. Owning a piece of land or a home is something to be proud of because it’s a milestone in knowing you have established a possible investment. This investment can be used for business or private purposes, but nonetheless, it’s a big deal.
The issue that comes with owning property is all of the work that goes into it. Nothing starts out as a cash-earning investment, whether it’s a business or a home, it needs to be carefully figured out. That means plenty of meetings with the bank, your financial advisor, etc. One other person that should be consulted that often goes overlooked is a land surveyor, and they are responsible for something very useful.
A land surveyor can help provide you with a real property report, which is incredibly useful in determining the worth of your new land and any possible problems. More than that, they provide some useful benefits as well. Here is what a real property report is and how to get one.
What Is a Real Property Report?
A real property report is an assessment and detailed report that is written up by a land surveyor. This surveyor helps create a document that accounts for the boundaries of a property, changes to the property done by previous owners, titles or deeds to the land from previous owners, the situation in proximity to other properties and boundaries, right-of-ways, and any obstacles or encumbrances regarding the property. This assessment is made to provide a clearer picture of the land that is in question, as well as opinions on the quality and potential of the surveyor.
How Can You Get One?
The best way to get a real property report is to hire a professional surveyor company. The folks at Calgary rpr show how it is considerably easy to do so, and why it is so important, as outlined by some of the details in the previous section. The surveyor company must be registered as a legitimate company that is able to carry out a real property report as well because the documents in question are legal in nature and will be provided to mortgage lenders, banks, property ownership companies, or municipalities.
Who Can Do a Property Report?
As mentioned, you can acquire a real property report from a registered surveyor company. It is not possible to hire someone, even with the right equipment, to survey your property on your behalf because they are not affiliated with any professional services by doing it privately. It must be carried about by a legitimate surveying company and they must provide the information to the parties involved in the property ownership process, like mortgage lenders.
What Benefits Do They Have?
The benefit to getting a real property report is the ability to figure out the true value of the property. Not to mention, they help people looking to purchase, provide a loan, or get more information, the opportunity at a much more detailed account of the land. This means determining obstructions, changes to the property, boundaries, by-laws and codes, future development plans, and potential issues. The benefits of the real property report are numerous, which is why it is so important for property owners and invested parties to consider getting it for their benefit.
What Kind of Properties Can Benefit From Them?
Any kind of property is at liberty of benefitting from getting a real property report. It could be a private residence that is planned to be built on a plot of land, a private business that is looking to open up, or it could be land that is going to be bought by a municipality that needs to be observed. There is no type of ownership that can’t benefit in some way from having this report written up. The purpose, as mentioned, is to determine any legal issues, zoning or building problems, and determine potential, so it’s highly valuable for someone looking to buy, lease, or use the land to get a detailed report on any problems or lack thereof regarding space.
What Are Potential Property Issues to Consider?
Some of those potential property issues are important to consider for someone looking to build or buy land. These issues could be building on an encroaching property that has improper boundaries set or detailed, as well as the opposite of someone encroaching on a property’s boundaries vice versa. There are also issues of right-of-way (sidewalks, alleys, etc.), by-laws, and zoning concerns. A serious issue is a property that is developed over water pipes and sewage, which could pose a significant issue during the construction phase if not surveyed.
Is It Necessary to Get a Real Property Report?
Lastly, there is a question on whether a real property report is necessary. The answer is not simple as it depends from place to place. Although it may not be required in a certain city, state, province, or country, it’s important to note that the cost of a real property report, which averages around $500, can be worth not having to go through the legal challenges of encroaching on neighboring property, breaking by-laws, or not following zoning laws. There are plenty of ways that a real property report adds value to the ownership of land, so while it might not be necessary, many mortgage lenders, realtors, and banks will insist upon it and the value speaks for itself in many cases.
Owning property is a privilege which means it comes with plenty of caveats to ensure that the ownership is done properly. This means ensuring that the land is developed well, there is a detailed record of it, and that any possible complications or issues with the property are taken into consideration. A real property report is a way to provide those details and information for parties involved in the property ownership process, so this information is valuable for anyone looking to buy land for private or public purposes.
