Real Property Reports: Why They’re Crucial for a Successful Home Sale

When selling your home, having an updated Real Property Report (RPR) with a municipal stamp of compliance is more than a formality—it’s a necessity. Here’s why the RPR is so important and what you need to do to prepare yours for a sale.

What is a Real Property Report?

An RPR is a legal document that provides a detailed survey of your property. It includes:

• Property Boundaries: Confirms the exact dimensions of your property.
• Structures: Shows the location of buildings, fences, patios, and other structures.
• Encroachments: Identifies if anything, like a deck or fence, is outside your property boundaries.
• Utility Rights of Way: Marks any easements or rights of way that could affect the property’s use.

This document should also have a compliance stamp from your local municipality, verifying that the property meets local zoning and building regulations.

Why It’s Important

Without an up-to-date RPR, you could face significant delays or even jeopardize the sale of your home. The purchase contract typically requires the seller to provide an RPR with compliance, and not having one could lead to:

• Voided Sales: A buyer may walk away from the deal if the RPR isn’t ready.
• Withheld Funds: A buyer might hold back part of the payment until the RPR is completed and compliant.

Updating Your RPR

If you’ve made changes to your property—such as adding a deck, fence, or garage—you’ll need to update the RPR. In many cases, updating the original RPR is less expensive than commissioning a new one, provided the original survey company is still in business.

How Your REALTOR® Can Help

Your real estate professional will guide you through the process, ensuring you have the necessary documentation ready before listing your home. They may refer you to survey companies or legal professionals to expedite the process and ensure everything is in order.

The bottom line? An updated RPR with compliance is a small step that makes a big difference in ensuring a smooth and successful home sale. Prepare early to avoid unnecessary delays and complications.