THE RPR VALIDITY
The standard Residential Purchase Contract requires a seller to provide a current Real Property Report (“RPR”) to a buyer, unless the buyer agrees otherwise. However, what does “current RPR” mean?
There’s often uncertainty amongst realtors and lawyers concerning whether a client’s RPR is valid or not. To address this growing concern, the Canadian Bar Association developed a series of rules to provide direction to professionals to appropriately interpret the validity of RPRs. These rules are endorsed by the Real Estate Council of Alberta. Though this is not a complete list, some of the things the Canadian Bar Association said were:
1) The RPR must be clear, legible and reflect the current state the property;
2) The RPR must have a Certificate of Compliance from the appropriate municipality;
3) An original RPR with a Certificate of Compliance or a photocopy of one is fine; and
4) The age of the RPR and the date of the Certificate of Compliance has no bearing on the validity of the RPR, given it shows the current state of the property.
If you have any questions concerning the validity of your client’s RPR, please do not hesitate to contact Khemka Law or counsel of your choosing. We are always here to assist you and your clients. Thank you for your time and consideration.
Pranav Khemka, Barrister & Solicitor
Suite 202, 5403 Crowchild Trail NW, Calgary, AB T3B 4Z1 | T: (403) 457-9577 | F: (403) 457-9578
LEGAL: The Thursday Tidbit provides general information and does not constitute legal advice. Circumstances may vary and no lawyer-client relationship is established from the use and reliance of this information. You are strongly advised to seek any legal advice by directly contacting Khemka Law or counsel of your choosing. Khemka Law does not warrant or guarantee the quality, accuracy or completeness of any information found within this Thursday Tidbit.