News

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...

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

One of the limited exemptions to paying property transfer tax occurs where the Seller is related to the Buyer However, for this exemption to apply, the Seller and Buyer must be "vertically related" and the property must be a principal residenceSo, consider the situation where husband is on title and wishes to add h...

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 PriceThis means a $30...

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...

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/...

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 ideasIn the NewsDon’t Lie to your Regulator – A realtor in Vancouver was suspended when he forg...

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 th...

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...

 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 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"...

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The 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...

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 RealtorsAll Realtor drafted contracts (residential and commerc...

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...