News

It must be wedding season, as I am definitely seeing a theme in this month's blog posts! Recently I noticed a "FOR SALE" sign beside a church on Richter Street by my office listed by a local RealtorDid you know that a special law applies whenever a chuch is bought, sold or mortgaged in BCThe Trustee (Church P...

I heard a wonderful story from a client this week who had decided to propose to his girlfriend after he carried her "over the threshold" in to the new home they had just bought together in Kelowna The client asked me "When we get married, do we have to file that change with the Land Title Office"Steps to Name Cha...

I often get asked by Realtors to provide a "fee schedule" and I often say "it depends" because until I can see a contract and a title search I really don't know what work needs to be done for a particular clientSome firms provide "all in" quotes, however I believe these can be problematic for tightly budgeted clien...

This is a repost of a Law Society of BC Alert: this guy actually contacted me twice through a couple different Kelowna Realtors (but we sniffed it out both times! whew!)Bad cheque scam – real estate purchase by Kin Hang Cheung Three BC lawyers in three different locations were requested to act on separate BC r...

Recently in Abbotsford, British Columbia, there was a mobile home park where the owners were given notice to vacate the premises as the mobile home park was being re-developed and the headline read "BC Seniors devastated as homes face bulldozer" (see the full story on CBC here) This was particularly tragic as (accordin...

The Standard Contract of Purchase and Sale was recently updated to add the word “non-refundable” to Paragraph 12“12 TIME: Time will be of the essence hereof, and unless the balance of the cash payment is paid and such formal agreements to pay the balance as may be necessary is entered into on or before the Co...

Unfortunately, and often due to a series of unfortunate events, some owners find themselves unable to afford their home and in some cases being forced to sell at a loss There are a number of different ways for this to occur:A Short Sale with Seller Bringing in Cash to CompleteThis type of transaction occurs w...

When the province announced the new First Time New Home Buyers Rebate associated with the HST rebates, they tightened the definition of "First Time Home Buyer" (see my post here for more information on the rebates) This tighter definition indicates that the government is looking more closely at (ie; auditing) who is a ...

The filing of a subdivision plan in the Land Title Office cannot occur without the approval of an Approving Officer appointed by the local municipal authority (s88 Land Title Act) It is common practice for most municipalities to issue a Preliminary Layout Review letter (PLR Letter) which sets out what the approving of...

Agricultural and Farm property occupy an interesting segment of the real estate market, as they are often a mix of commercial and residential uses This means that many of the rules that apply purely to a residential home purchase have limited applicability to agricultural landsA THE 05 HECTARE RULE:There are a ...

I must admit, I love watching the HGTV show "Property Virgins", and seeing the excitement of first time home buyers fulfil their dreams of home ownership is one of the best things about my jobIn British Columbia, real estate prices (compared with much of Canada) are high relative to average income, which increa...

Together with the budget announcement on February 20, 2012, the BC Government introduced a new First Time Home Buyers Bonus which is payable as an income tax credit This is especially good news for condo developers who have inventory below $450,000Who Qualifies To be eligible a BUYER must meet all of the following:...

The Province announced the HST Transition rules on February 17, 2012 as the Province transitions back to the PST/ GST system on April 1, 2013 For an overview see my post hereIf completion of New Residential Housing occurs prior April 1, 2013, the HST system with the new enhanced rebate will apply:For Primary Re...

Together, but unheralded with the recent HST Transition Rules are the new contract disclosure requirements in Contracts of Purchase and Sale for real estateGenerally the new tax regime can be briefly described as follows:HST: (12% less rebates) will apply where construction AND possession is transferred PRIOR t...

The Province announced the HST Transition rules on February 17, 2012 as the Province transitions back to the PST/ GST system on April 1, 2013Used Residential Homes (most resales) are, and remain, exempt from HST1 Under the current system, there is no additional rebate for new homes greater than $525,000 - Effec...