If you’re selling a home, it’s a good idea to check if your RPR is still valid. Many buyers, lenders, and lawyers require an RPR with a current compliance stamp before closing a sale. If it’s outdated, you can either update it or opt for title insurance as an alternative.
What is Title Insurance?
Title insurance is a type of protection for homeowners and lenders that covers potential issues with a property’s title or legal ownership. It’s often used in real estate transactions when an updated RPR isn’t available or when there are risks related to the property’s title.
This insurance can cover a variety of issues, such as encroachments (when a structure like a fence or shed crosses property lines), fraud or forgery involving the title, and zoning problems if the property doesn’t comply with municipal rules. It also helps with survey defects, unregistered easements, or unexpected liens tied to the property.
Title insurance is commonly used when an RPR is outdated, to meet a lender’s requirements, or to give buyers extra protection against potential legal headaches after purchasing a home. Unlike an RPR, it doesn’t confirm municipal compliance, but it provides financial coverage if problems come up. The best part? It’s a one-time cost (usually a few hundred dollars) and stays valid for as long as you own the property.
Why is it Important?
Selling your house with an up-to-date RPR is important because it shows the property is in compliance with municipal rules and there are no boundary issues. If the RPR is outdated, buyers may get worried, which could slow down the sale. Plus, some lenders require a current RPR to close the deal.
An up-to-date RPR avoids surprises, builds buyer confidence, and helps protect you from future disputes and it usually costs between $500 and $1,200, depending on the property’s size, location, and any complexities like municipal compliance or legal descriptions, however the price may vary depending on the surveyor.
