Category: Sellers

This blog will attempt to be a valuable resource for Realtors, Buyers, and Sellers of real estate in the Province of British Columbia...

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Here in Kelowna there are several reasons an individual may require a Power of Attorney (POA) when preparing to sell his or her property A Power of Attorney is a legal documents that grants to a person (sometimes called the “Attorney”) the right to sell and dispose of the assets of the Donor (the person granting th...

In the last few weeks the Kelowna Real Estate market has seen a dramatic increase in sale activity (see OMREB stats here) and in some sectors of our market (particularly single family homes under 500k) signs of a "Sellers Market" have begun to emerge (see my January post here)The rather quick shift from a Buyer's M...

The end of June is "high season" for residential real estate closing As the school year comes to the close and the weather turns warmer, people want to get the "business of moving" done prior to enjoying summer holidaysThere are a couple of unique considerations for Kelowna Real Estate at this time of year, all of ...

Sometimes after a series of unfortunate events the Buyer, or more likely the Seller of a parcel land dies after signing a binding contract for the purchase, but prior to completion (and signing the transfer)At common law, where a contract was for “personal services”, the death of the party providing those service...

In Kelowna, it is common place that real estate closings occur with another party signing on behalf of the Seller and executing documents by a power of attorney A power of attorney is a document whereby one person (the DONOR) confers authority on another person (the ATTORNEY) to take certain actions on their behalf ...

Recently I was asked to write an article for the Lawyers Weekly (a national newspaper in Canada directed to lawyers), this is a re-post of that article originally published by the Lawyer's Weekly October 8, 2010:When we speak to law reform, real estate is generally a tortoise among hares and for good reason Given that...

(based on real life events)At the end of August 2010, Dave and Jane were buying their first home Nervous about finding the “right” home for themselves and their two kids they look at property after property Finally, at the beginning of August 2010, the house at 3245 McLeod Road came up for $375,000 It was the right...

As we move into another Buyer’s market cycle, it is important to remember the lessons Seller learnt the “last time around” Realtors often recommend to Sellers to “declutter” and “stage” the interior of their homes, however, it is important to remember that, at its foundation Buyers are purchasing “PROPE...

When a non-resident of Canada is the Seller of real property special considerations apply to ensure that the government of Canada is paid all applicable taxes on sales116 Income Tax Act - provides that the BUYER must withhold between 25-50% [depending on the nature of the property] of the Purchase Price from the Se...

Unfortunately, there are only two universal truths in life, death and taxesWhen the former arises, an estate sale is usually the result As the heirs of the deceased, a binding contract for the sale of the home can only be entered into once the estate has done the following:obtained a grant of probate or lette...

Affordable Housing Covenants are generally registered on your land title as s905 LGA notices and s219 LTA Covenants These covenants limit a) WHO can live in the property and b) HOW MUCH the property can be sold forThe OWNER (meaning all persons on title) must:RESIDE in the Property; Be part of a HOUSEHOLD wh...

At common law, in British Columbia, land tenures can be generally divided into two large catagories, fee simple land and leasehold landsFee simple lands (also called freehold lands) are lands where the owner owns all the property rights associated with thoses lands, except the rights which are reserved for the Crown (f...

For sellers the essential bargain in a real estate transaction is "I give you my house, free an clear, and you give me money"The "free and clear" part is key, it means that the Seller is giving the Buyer title free and clear of all financial encumbrances on title A financial encumbrance includes things like your mortga...