This week’s article is a request from a managing broker in Prince George on Powers of AttorneyDue to fraud concerns, the use of a Powers of Attorney in purchases of homes can be quite limited For example, most institutional lenders now will NOT permit a mortgage to be obtained by way of a power of attorney Asid...
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As Speculation Tax notices are starting to sink in I am getting lots and lots of inquires as to how Realtors should be handling this tax and advising their clientsFirst and foremost, Licensee should be:Directing their clients to the government website:General Info: https://www2govbcca/gov/content/taxes/...
Continue ReadingWith Remembrance Day long weekend behind us, Black Friday and Christmas are firmly ahead Like all married men, I struggle at this time of year sky rockets trying to find the perfect gift for my wife… any great ideasIn the NewsDon’t Lie to your Regulator – A realtor in Vancouver was suspended when he forg...
Continue ReadingContact Your Bank– find out how much you will owe the bank to discharge your mortgage Some important questions for your banker include:How much do I currently owe Is there a payout penalty, if so, how much Are there other fees (ie; a discharge fee) which is also payable Do you owe more th...
Continue ReadingIs strata right for me This is a personal question and each strata is different When you are buying into a strata you are buying into a community and you should carefully read through the Form B package, the rules, minutes, and bylaws to ensure that who your are matches the "personality" of the community When in do...
Continue ReadingWhy are Home Inspections so Important in BC Because the state of the law in BC is generally "buyer beware" absent fraud or negligent misrepresentation or a latent defectDoes the Property Disclosure Statement Protect Me Not much, it is only a statement of the Sellers Current Knowledge and is a "snapshot in time"...
Continue ReadingThe Premier just announced at 12:45 that they government will be taking action based on the report delivered on the industry yesterdayhttp://wwwcbcca/news/canada/british-columbia/christy-clark-real-estate-report-13658442A few major highlights:DUAL AGENCY will be abolished REC will be dissolved and regu...
Continue ReadingEffective today, the province has introduced new regulations governing Realtors They didn’t change the law of the contract (where assignments are expressly allowed under the Law and Equity Act), but require that more drafting and disclosure be made by RealtorsAll Realtor drafted contracts (residential and commerc...
Continue ReadingThis week I had the pleasure of working with a great group of first time home buyers They were looking an older home in a very desirable area of Kelowna This home was one of only a small handful of properties in their price range in the area, so it was a true "diamond in the rough"When the home inspection revea...
Continue ReadingEffective Feb 17, 2016:Newly Build Home Exemption:housing up to $750,000 will be exempt from Property Transfer TaxNew Tax on High Value Transfers:The Property Transfer Tax rate will increase from 2% to 3% on the portion of fair market value over $2 million...
Continue ReadingShadow flipping or assigning a contract prior to completion has been brought under recent media scrutiny See: CBC or VANCOUVER SUN storiesThis generally refers to ASSIGNING a contract, which is a legal process whereby Purchaser #1 "sells" its contract to Purchaser #2This is legal because, once subjects are re...
Continue ReadingReal estate negotiations can be a very emotionally intense time A strong team is essentially, including a professional Realtor, Home Inspector, Mortgage Broker, Accountant and LawyerAn early phone call to your Lawyer (Before Subject Removal) can provide great value!Are there any charges on the land title for y...
Continue ReadingFor many home buyers, particularly those with children, a major criterion when purchasing a new home is the proximity to schools within the communityTherefore, if you want your children to attend a certain school in School District #23, it is best if you reside within the catchment area for that particular school ...
Continue Reading…with our user-friendly Closing Cost Calculator!There are many different fees and disbursements that go along with purchasing a new home in British Columbia Our calculator makes it easy to find out how much your dream home is going to cost Simply input the figures for your desired property and the calculator ...
Continue ReadingDid you know that a real estate deal gone wrong could both leave you homeless and leave you facing a $50,000 lawsuit Its rare, but it happens and when you are hiring a lawyer to guide you through the biggest transaction of your life what are the top three questions you should askWhat percentage of your practice...
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