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Ryan Mackay of Real Property Law joins me to answer a recent client question: What is the number one problem for sellers to avoid?
If you’re selling a house or bare land condo, you need a real property report. Ryan sees a huge percentage of sales come in without a real property report. A lot of these sellers are two weeks away from closing and say they have never even heard of this report!
The real property report is essentially a surveyor’s drawing that shows where your property lines are. The RPR lets you know if your stuff is sitting on your land or if your new fence is encroaching on your neighbor’s property. If that’s the case, that problem will cost money to fix.
If there’s no RPR in play, the contract gives the buyer complete power over the deal. You need a real property report with a municipal compliance stamp from the city confirming that everything is okay. If you don’t have that, the buyer can put the entire deal on hold and even delay funds. If you need that money to purchase your next home, suddenly, you’re in a bad position to purchase your next home.
Get the real property report ready to go when you list your property. Sometimes, you might have had one before, but if you built a new fence or shed you need to get it updated.
This is a huge problem that is easily preventable. If you have any questions, give us a call or send us an email. We would be happy to help you!