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Aug 12, 2020 · Podcast Episode 129: “Home-buyer’s Dilemma.” Seems like I'm always finding examples to write about regarding real property reports (RPR) and how they fit into a real estate transaction in Alberta. Land surveys, as RPRs are also known, should be simpler than they are. The standard AREA/MLS contract says that the seller will provide an RPR…
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Today’s case study comes from one of my referring realtors...
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Sep 21, 2023 · Key Differences Between Real Property Reports and Title Insurance. Scope: An RPR is focused on the physical attributes of the property and compliance with local bylaws. Title Insurance, on the other hand, safeguards against defects in the title and other legal issues. Time and Cost: RPRs are generally more time-consuming and costly to obtain ...
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Jul 11, 2023 · Here are some reasons you may agree to accept title insurance in lieu of a Real Property Report with compliance: You intend to tear down the property; Title Insurance may cover a loss related to compliance issue that would have been revealed by a Real Property Report with municipal compliance. Let’s say 6 months after you move in, you decide ...
Aug 15, 2012 · Title insurance policies protect the insured against losses arising from some title related and non-title related matters. It works like a standard insurance policy, which protects against future discoveries about the subject property. While those who err on the side of caution may advocate for obtaining both an RPR and title insurance, some ...
Aug 13, 2024 · The standard real estate purchase contract in Alberta requires a seller to provide the buyer with a Real Property Report (“RPR”) along with evidence of municipal compliance (or non-conformance). In recent years, many sellers have chosen to offer to provide the buyer with a policy of title insurance instead of providing an RPR with compliance (which is often a more costly process for the ...
Sep 3, 2024 · Title insurance serves as a safeguard against potential issues with the title of a property, offering peace of mind to homeowners and lenders alike. This blog post will delve into what title insurance is, its role in replacing the need for a Real Property Report (RPR) in Alberta, and the benefits and potential risks associated with it.
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Title Insurance: Real Property Reports: Not required in Alberta: Standard residential purchase contract in Alberta requires the seller or the seller’s lawyer to give an RPR to the buyer or buyer’s lawyer: Is an insurance product that cannot fix problems, but rather gives financial protection if problems arise in the future
