Do you need a Real Property Report (RPR) when selling a condominium? If it’s a bareland condo, then yes you do.
How can you determine if the condo is conventional or bareland? You need to review the Condominium Plan.
For example, the Plan below is for a certain condo-townhome complex. Notice how the plan shows the units which were created are lots rather than buildings. This would be a bareland condo and you would need a real property report.
Snapshot of a Bareland condo
The Plan below is for another condo-townhome project, but notice how it outlines the buildings as units rather than the lots. This type is a conventional condominium and does not need an RPR.
Snapshot of Conventional Condo Plan
New Bareland Condos
With a resale condominium purchase contract, it states:
4.11 If the Property is a condominium unit that creates a lot (bareland condominium), as part of the normal closing documents, the Seller will provide the Buyer, regardless of the matters described in clause 6.1, a real property report.
Unfortunately, no such provision is in new home and condominium purchase contracts and thus builders will rarely provide one. If you purchased directly from the builder, chances are you will need to pay for a Real Property Report with city compliance yourself when the time comes to sell.
Requireing an RPR for this senario seems to be a rip since most of these neighbourhoods restrict any developement and therefore unless a building or deck has been added a RPR is just another useless piece of paper. The property had to be inspected by the city and if there was anything illegal the builder would be responsible to correct it at that time. Therefore the developer should provide an rpr and the Company that provided the RPR should be able to update it with a simple visit to the property.
Respectfully