Category: Sellers

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...

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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 holidays There are a couple of unique considerations for Kelowna Real Estate at this time of year, all of ...

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By Peter Borszcz / Death of of Seller, Sellers /

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...

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By Peter Borszcz / Powers of Attorney, Sellers /

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 ...

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(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...

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By Peter Borszcz / Income Tax, Non-Residents, Sellers /

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 sale s116 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...

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By Peter Borszcz / Estates, Sellers /

Unfortunately, there are only two universal truths in life, death and taxes When 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...

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By Peter Borszcz / Buyers, Lease, Native Land, Realtors, Sellers /

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...

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By Peter Borszcz / Financial Charges, Mortgage, Sellers /

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...

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