Thank you to Okanagan Mainline Real Estate Board (@OMREBcze) for inviting me to speak at their recent AGM, held in Kelowna on March 13, 2014Lecture Notes:Strata Due Diligence and Strata Depreciation Reports for Realtors Westbank First Nations and INAC Residential Sales ContractsIt is our pleasure to as...
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Effective February 19th, 2014, the government has increased the PTT first time home buyer full exemption threshold to $475,000!For complete exemption requirements see: http://wwwsbrgovbcca/documents_library/forms/0269GuidepdfBy Kelowna Real Estate Lawyer Peter Borszcz ...
Continue ReadingIn the Central Okanagan Real Estate zone this December, new listings decreased 11% and unit sales increased 33% compared with this time last year (stats here) This has been a relatively consistent trend over the Fall and Winter of 2013 with inventory dropping and sales increasing This trend shows our real estate market...
Continue ReadingSellers of property with quality issues (ie; grow ops, electrical or plumbing problems, foreclosures) often sell a property on an “as-is” basis to avoid future/ downstream liability (being sued later by the Buyer) A Seller can claim protection from later suit where it has but the Buyer on notice to do its own exami...
Continue ReadingUnder the Strata Property Act, a Contingency Reserve Fund (CRF) is established to pay for extraordinary expenses, but under the Act, the amount in the CRF was established by a formula (which had NO relationship to the age of the building!) Furthermore, the amount of contribution to the CRF was CAPPED, unless an ¾ vo...
Continue ReadingIn an earlier article I discussed the importance of a written co-owners’ agreement when jointly purchasing recreational property One of the most important sections of a co-owners’ agreement will cover how the parties can terminate the arrangement Many people fail to enter into a formal agreement, however, and t...
Continue ReadingMany people turn to co-ownership arrangements due to the allure of owning recreational property in the interior of British Columbia Typically the co-owners are family or close personal friends Although there are many benefits to sharing property, most notably reducing the cost of owning property that is used sporad...
Continue ReadingHome Insurance is a requirement of every residential mortgage, however having an effective home insurance policy is a good practice for all homeowners Under the standard Contract of Purchase and Sale, the BUYER is liable for all RISK in the property as a 12:01am on the CLOSING DATE The take home point here is that your...
Continue ReadingFor parents, one of the primary considerations when moving is the availability and quality of local schools Growing up in Kelowna and having a wife who is a beloved elementary music teacher have given me a deep appreciation for how lucky we are to live in a place with so many great schoolsFor home buyers, a choice ...
Continue ReadingIn a recent Kelowna court case, Oyelese v Sorensen, 2013 BCSC 940 (CanLII), has received widespread local media attention as the Sorensens have been ordered by the Court to remove their encroaching swimming pool from their neighbors lands Like most Real Estate Lawyers, our firm has received lots of questions on this ca...
Continue ReadingMy mum's family is from Edmonton and I had the fortune of going to the University of Alberta in Edmonton for 10 years Although I enjoyed the great people I met in Alberta, I was always drawn to come back home to KelownaKelowna Real Estate has a special allure for many Alberta buyers for many good reasons, a few of ...
Continue ReadingThe short answer to this is YES in 99% of home sales a REALTOR will make ALL the difference Selling a home is an activity that is, by its very nature a stressful and life changing event, having a Realtor to assist you through the process will be one of the best decisions you will ever make as a SellerWho doesn't ne...
Continue ReadingAs spring is turning into summer, the Kelowna Real Estate Market is heating up with lots of activity As a consequence of the recent market cycles many Sellers have wisely taken a "Sell First" then buy approach to their home purchase The result of this is that many "Buyers who have Sold" are looking to purchase immediat...
Continue ReadingFor many Kelowna visitors, our lakes, mountains and sunshine are a place to unwind with their friends and family at secondary vacation homes As these properties are now starting to get passed on to the second (or third) generations, many interesting legal issues are arising including:Income Taxes (capital gains)...
Continue ReadingMontgomery Miles & Stone Law Firm closes first ever assignment of sublease (resale) in the West Harbour community by Troika For more on West Harbour see: http://wpme/p23AFz-9w...
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