Property owners in Calgary do go through the entire process of getting a Real Property Report when they buy a property.
However, it’s the little details related to a Real Property Report that can take away the peace of mind of an owner in seconds. Let’s just say that even a small addition to an existing property such as adding an air conditioning unit, can impact an existing Real Property Report.
While getting an Real Property Report in Calgary Alberta is one thing, getting it updated from time to time is another. Looking out for the factors that might require a Real Property Report update are some of the basics that property owners should look into.
Importance of a Real Property Report
Property owners who have gotten a Real Property Report sorted for their properties are considered to take a vital step towards safeguarding their properties from a lot of things.
Firstly, it gets an acknowledgment from Calgary City that the property is good to go and has no legal obligations as per the city’s by-laws. This can also reflect on the overall value of the property if it’s going to be sold in the coming days. Since it’s already complying with all the regulations, the buyer won’t have to look into anything specifically.
The surveyor for a property in Calgary Alberta can testify as an expert consultant in a court of law, in case there’s any dispute that arises pertaining to the property in the future.
Real Property Report May Get Outdated
Many individuals tend to develop new additions to their properties over a period of time. These changes made to the property after the last Real Property Report aren’t documented on their own in the existing report.
From minute changes such as adding new fences to adding A/C units, sheds, and garden redevelopment, tends to be the usual areas due to which a Real Property Report should be updated.
Keeping an Updated Real Property Report
In the case of a Real Property Report, it becomes important to keep it updated. A Real Property Report, and that too an updated one is necessary if the homeowners are making a sale transaction.
If the new buyer acquires the property and finds any issues in the updated Real Property Report, they may raise objections against the property. Getting it updated, even before looking for the buyers keeps the entire process seamless and provides peace of mind to the buyer and the seller alike.
Considering the overall value of a property, the return on investment on a Real Property Report, can be considered to be manifold. The owners of a property who already got their reports made initially can get it updated at a comparatively lower cost if they have developed something on their property
Conclusion: Keeping Your Real Property Report Updated
A Real Property Report in Calgary Alberta is an important document. Whether it’s a homeowner, a buyer, or any other major stakeholder such as the city municipality, real estate agents, etc, everyone needs a Real Property Report to understand the features of the property in question, a little better.
This is why, when it comes to a Real Property Report, having it updated from time to time, whether there’s any new construction or during a sales transaction related to the property.
Even if there’s no plan to sell, keeping it up to date only keeps everything in place. Reach out to Core Geomatics today to understand how Real Property Reports.