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As we move into another Buyer’s market cycle, it is important to remember the lessons Seller learnt the “last time around” Realtors often recommend to Sellers to “declutter” and “stage” the interior of their homes, however, it is important to remember that, at its foundation Buyers are purchasing “PROPE...

The roller coaster real estate market has brought with it many "non-traditional" deals for Realtors Foreclosures have become more common (about 6% of LISTED properties in the OMREB, and much less common than in the United States) many Realtors have asked questions on how to sell these distressed propertiesThe first...

Common Home Buyer QuestionsBy: Peter Borszcz1 Will this contract force me to buy this homeA contract is a legally enforceable promise Therefore, you are obliged to carry out its terms if the contract is firm and binding However, a contract can be “subject to” the performance of other terms (for example, obtain...

You have toured lots of homes and gone through all the negotiations and home inspections, you've signed a contract and gotten your financing approved now what do I doFor home buyers and sellers, this can be a big question, hopefully this blog helps with some answersAsk your Realtor to Submit ContractOnce all s...

IMPORTANT! Given the recent announcement of the Province, this will only apply under April 1, 2012, after April 1, 2012, the Transition Rules will apply until April 1, 2013HST will be chargeable on every supply of real property (including mobile homes and floating homes) in Canada However, Used Residential Housing ...

In a recent ruling of the Real Estate Council a Realtor in Vancouver was suspend for failing to adequately describe to his client that his property was bare land strata In this issue of the BC Real Estate Law Blog we discuss the nature of Bare Land Strata and what Realtors should be explaining to clients when they mark...

Where there is an existing tenancy and your client wishes to move into the property, the existing tenancy will have to be terminated in accordance with the provisions of the Residential Tenancy ActFor the new Buyer to move into the property the Seller must file a "Two Month Notice to End Tenancy", Form RTB-32 The ...

Investors are often looking to buy property which generates rental income Many investment advisors see property as a key component of the financial portfolios for high net worth individualsRealtors should ensure that their investor clients have all the information they need to make a decision on a rental property I...

The applicability of a bylaw restricting the rental of strata property is an area of law which requires the interpretation the Strata Property Act and the Strata Property RegulationsGenerally, a strata corporation may impose bylaws which limit the number of rentals which are permitted in the building The enforceability...

A Contracts Must be In WritingReal Estate Contracts, as contracts for the sale of land, are unique in British Columbia law as s59 of the Law and Equity Act states that “A contract respecting land or a disposition of land is not enforceable unless there is, in a writing signed by the party to be charged or by that...

In the province of British Columbia, leased lands on native reserve are now sold by a new RECBC contract which contemplate both a Trust Completion Date and a Final Completion DateThe Trust Completion Date is the date where the Buyer deposits the Purchase Money with his or her lawyer The Final Completion Date is the...

The home inspection industry in British Columbia has grown rapidly in the last 15 years, from fringe service, to mainstream acceptance What is seldom explained to Buyers is that there a limits to what a home inspection can doMost home inspectors are "problem spotters" not "problem solvers or quantifiers" Usually a home...

A "dual agent" is an agent who acts for both the buyer and the seller in a single real estate transaction Often this occurs on "sign calls" where a prospective buyers drives by (or "surfs by") a home they like and calls the agent associated with the propertyDual Agency places the Real Estate Agent between both clie...

Where there is an outstanding or, contemplated special levy (as found in the minutes), Buyers and Sellers need to clearly state WHO is responsible for paying the levy Ideally, a sharp realtor has considered the issue and stuck in a clause in the contract but, in the event it is forgotten:ensure you get a copy of ...

Under the standard contract of purchase and sale, used by most Realtors, the RISK of the property passes to the Buyer at 12:01am on the CLOSING DATE Therefore Buyers are well advised to ensure that their insurance policy is effective at 12:01 on the CLOSING DATEOften Buyers will obtain insurance to be effective the...