If you are getting ready to sell your home, you have a lot of work to do. First, you will need to get the property ready to put on the market. That might mean cleaning the home inside and out, addressing any maintenance points that need to be handled, and finding an agent to help with the sale. Also, you will want to make sure you have all of the necessary documentation in place, so you can give prospective buyers all the information they desire. One such piece of documentation you will need to acquire is known as a Real Property Report.
The idea behind a Real Property Report – or RPR – is quite simple. It is a legal document which covers the details of a specific piece of property. Not only does it highlight the dimensions of the property, the location of any improvements (structures), and all other relevant info, but it also verifies the property meets zoning laws. With a current RPR in hand, you can quickly prove to sellers that your property meets with code and is ready to be sold.
Being Prepared
When you are selling a home, you are in competition with all of the other homes that are currently on the market. Specifically, you are competing with the homes that are of a similar size, in a similar neighborhood, and listed for a similar price. You can think of this phase of life as opening a short-lived small business. You are temporarily in the business of selling your home, and you are trying to win over a customer. There are a certain number of available buyers on the market at any given time, and you need to attract as much attention as possible in order to get a great deal.
Just like any business, you want to have a leg up on the competition in any way that you can. For instance, you might decide to spend some time and money working on the landscaping around your home, in order to boost ‘curb appeal’. This is a good idea, as you will be able to make a strong first impression with updated landscaping. If a buyer is choosing between your home and a very similar property nearby, it just may be the landscaping that swings them in your direction.
In much the same way, you can think about having a Real Property Report ready from the onset as a potential edge on the other homes in the area. When buyers start to get serious about your home, they will come looking for more details about the property. If you have a current RPR ready and available for them to review, your credibility will instantly get a boost. You will present yourself as a serious seller, and the buyer will know that they don’t have to wait around for a report to be produced. It is already complete, and one big hurdle is out of the way. Either way, as per the Alberta real estate contracts, you will be required to have prepared for closing, however, by purchasing one in advance, you will avoid any unknown problems at the onset.
Cover Your Bases
It is easy to see how having a Real Property Report in place can help a seller when it comes to closing a deal. Buyers will love that this piece of the puzzle is in place, as it will give them significant peace of mind. The peace of mind doesn’t stop there, however, as the RPR can also help the seller sleep better once the deal is done.
The matter at hand here is one of liability. During the home selling process, you are going to make certain representations to the party who is making the purchase. If those representations are found later to be false – or, at least, the buyer believes them to be false – it is possible that legal action will follow. By getting an RPR, the seller can remove much of the risk of winding up on the wrong end of a lawsuit. It will not just be one party against another in court, as the seller will have the support of the RPR to stand behind what was claimed during the sale. If a buyer plans to purchase title insurance in the absence of an RPR, it may be assumed that the insurance will offer protection to the seller by covering costs that come up later. That is not necessarily the case. If the buyer is unhappy about what they feel was a misrepresentation regarding the property, legal action is possible regardless of title insurance.
An Easy Decision
Simply put, the reasons to hold off on a Real Property Report are not nearly as significant as the reasons to get one. Sure, you will have to spend a little bit of money to have this report generated. And yes, it can take a while. But think about what is at stake here before you decide to go ahead without the RPR. You are selling what is likely your most valuable possession, and you probably stand to receive more money than you have ever received before in your life. With such a large transaction looming, it only makes sense to do everything you can to make this go smoothly. In the long run, getting a Real Property Report is not a big deal, and it can make your life so much easier as you attempt to sell your home.
As soon as you make the decision to sell your home, even if you aren’t doing it right away, get started on bringing everything together. Start thinking about a plan for preparing the property and start the wheels in motion on having a Real Property Report produced. It is also wise to work with an agent early in the process, just to make sure you aren’t forgetting any important steps. Since you will probably be looking for a new home at the same time you are selling your old one, there is a lot going on at this point in your life. Bringing in an experienced professional to help you navigate the market can take significant stress off of your shoulders.
Looking for advice and help on securing a Real Property Report or selling your Edmonton home? Let’s chat! Our local Edmonton Real Estate team is always happy to sit down and discuss your unique situation and figure out the right strategy to sell your home.
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