Category: First Time Home Buyers

Teaching legal update across the province, I often notice regional differences in how real estate transactions are done A couple of the questions I am often asked is “do I really need to have a subject condition for legal advice in every transaction Or… what is the difference between a lawyer and a notary”Wha...

I heard a wonderful story from a client this week who had decided to propose to his girlfriend after he carried her "over the threshold" in to the new home they had just bought together in Kelowna The client asked me "When we get married, do we have to file that change with the Land Title Office"Steps to Name Cha...

Unfortunately, and often due to a series of unfortunate events, some owners find themselves unable to afford their home and in some cases being forced to sell at a loss There are a number of different ways for this to occur:A Short Sale with Seller Bringing in Cash to CompleteThis type of transaction occurs w...

When the province announced the new First Time New Home Buyers Rebate associated with the HST rebates, they tightened the definition of "First Time Home Buyer" (see my post here for more information on the rebates) This tighter definition indicates that the government is looking more closely at (ie; auditing) who is a ...

I must admit, I love watching the HGTV show "Property Virgins", and seeing the excitement of first time home buyers fulfil their dreams of home ownership is one of the best things about my jobIn British Columbia, real estate prices (compared with much of Canada) are high relative to average income, which increa...

Together with the budget announcement on February 20, 2012, the BC Government introduced a new First Time Home Buyers Bonus which is payable as an income tax credit This is especially good news for condo developers who have inventory below $450,000Who Qualifies To be eligible a BUYER must meet all of the following:...

This weeks blog post is definitely not legal advice, however growing up in the Real Estate industry for the past 34 years, there are definitely a few ways I have discovered that both Realtors and Lawyers can add value to their clients transaction:Negotiate from a position of strength – in short, ensure that your ...

First time home buyers get an exemptions from paying the property transfer tax and this "tax break" can save FTHB thousands of dollars However, First Time Home Buyers need to carefully ensure that they qualify for this tax savings Persons claiming a FTHB credit are regularly audited by the PTT OfficeThe Criteria to...

(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...

The roller coaster real estate market has brought with it many "non-traditional" deals for Realtors Foreclosures have become more common (about 6% of LISTED properties in the OMREB, and much less common than in the United States) many Realtors have asked questions on how to sell these distressed propertiesThe first...

Common Home Buyer QuestionsBy: Peter Borszcz1 Will this contract force me to buy this homeA contract is a legally enforceable promise Therefore, you are obliged to carry out its terms if the contract is firm and binding However, a contract can be “subject to” the performance of other terms (for example, obtain...

You have toured lots of homes and gone through all the negotiations and home inspections, you've signed a contract and gotten your financing approved now what do I doFor home buyers and sellers, this can be a big question, hopefully this blog helps with some answersAsk your Realtor to Submit ContractOnce all s...

The home inspection industry in British Columbia has grown rapidly in the last 15 years, from fringe service, to mainstream acceptance What is seldom explained to Buyers is that there a limits to what a home inspection can doMost home inspectors are "problem spotters" not "problem solvers or quantifiers" Usually a home...

Most people think of condos when they think of strata property, however in British Columbia, strata property can include detached and semi-detached homes, apartments, and even bare land The Strata Property Act imposes rules on the home owner which regulates the home owners use of the lands The rules can include pet res...

This exemption is more limited than most first time home buyers realize, its not enough that this is your first home in British Columbia, to qualify you must meet all of the following criteria:Be a Canadian Citizen or Permanent Resident Must have resided in BC for the last 12 months, and at least 2 of the last 6...