News

Property Transfer Tax
25
Nov
By Peter Borszcz / Buyers, Property Transfer Tax / Property

For most out of province buyers, finding out about Property Transfer Tax often comes as an unpleasant shock Property Transfer Tax is charged on every transfer of freehold title in the Province of British Columbia as is calculated as 1% of the first $200k and 2% of the remainder of the Purchase Price This means a $30...

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By Peter Borszcz / Uncategorized /

This week’s article is a request from a managing broker in Prince George on Powers of Attorney Due 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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By Peter Borszcz / Uncategorized /

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 clients First and foremost, Licensee should be: Directing their clients to the government website: General Info: https://www2govbcca/gov/content/taxes/...

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By Peter Borszcz / Uncategorized /

With 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 ideas In the News Don’t Lie to your Regulator – A realtor in Vancouver was suspended when he forg...

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By Peter Borszcz / Uncategorized /

Contact 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 than you...

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By Peter Borszcz / Buyers, Strata, Strata Property, Uncategorized /

Is 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...

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By Peter Borszcz / Uncategorized /

 Why 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 defect Does the Property Disclosure Statement Protect Me Not much, it is only a statement of the Sellers Current Knowledge and is a "snapshot in time"...

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By Peter Borszcz / Uncategorized /

The Premier just announced at 12:45 that they government will be taking action based on the report delivered on the industry yesterday http://wwwcbcca/news/canada/british-columbia/christy-clark-real-estate-report-13658442 A few major highlights: DUAL AGENCY will be abolished REC will be dissolved and regula...

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By Peter Borszcz / Uncategorized /

Effective 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 Realtors All Realtor drafted contracts (residential and commerc...

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By Peter Borszcz / Uncategorized /

This 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...

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