Mortgage Blog

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August 27, 2018 | Posted by: Marc Crossman

Nearly everyone will buy a home and, in fact, most people will buy several, moving up from one to another more desirable home.  Each time they buy a home, the buyer‘s realtor will request a Real Property Report from the seller’s Realtor.


A Real Property Report (RPR) is a legal document that clearly illustrates the location of significant visible improvements relative to property boundaries. It takes the form of a plan or illustration of the various physical features of the property, including a written statement detailing the surveyor’s opinions or concerns. It can be relied upon by the buyer, seller, the lender and the municipality as an accurate assessment of the improvements on the property.


But what happens if the RPR is old, or even unavailable? The new buyer can’t be confident that the location of improvements (buildings) are within the property boundaries and that there are no encroachments from adjacent properties that they are unaware of. Knowledge of these things can help to protect buyers from potential future legal liabilities resulting from problems related to property boundaries and improvements.


Because of this, many realtors suggest the use of Title Insurance to protect their buyers from unknown defects in the title of the property causing financial loss. Title protection will protect a buyer from costs associated with:

  • Title Fraud
  • Survey and title issues and/or defects
  • Challenges against your ownership

It will also cover you against title defects that have occurred in the past, prior to you purchasing the home.

Title insurance will not expire as long as you own the home.


In some cases, the lender will also request title insurance under a loan policy. This allows them to feel comfortable after releasing the funds, and many lenders will accept title insurance in lieu of an up-to-date RPR.  As a result, the loan policy can save you time and money. If the lender requires a lender policy as a part of your agreement, the lawyer or notary will order a Loan Policy as a part of your closing.


Because the title can be used in lieu of the RPR and reduce the need for some legal searches, this again will save time and money making the Title Insurance a request that many realtors will suggest to their buyers.


For more information contact your Dominion Lending Centres mortgage professional.


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