2024 Update: Under B.C.’s Strata Property Act and regulations, all strata corporations with five or more strata lots must obtain depreciation reports. Strata corporations may no longer defer getting a depreciation report by holding an annual 3/4 vote. Strata Corporations must renew this report every 5 years. This is now a legal requirement.
Continue reading “What is the purpose of the Depreciation Report?”Is it important to treat the deposit seriously?
The Legal Update 2023 BC Financial Services Authority (BCFSA) course featured a section on deposits. The course showcased the importance of treating deposits as serious business. There have been significant legal cases that have set precedents regarding deposits being forfeited by the Buyer. In summary, the days of “trying an offer” thinking that you can get out of it, during the subject removal period, or just walk away and not pay the deposit are long passed.
Continue reading “Is it important to treat the deposit seriously?”What is the process to complete the sale?
This post explains the legal process for the completion of the contract. It is the Buyer’s lawyer who prepares the documents for closing. Hence the reason it costs more in legal closing costs for a Buyer than for a Seller. In addition, the cost is higher if there is a mortgage involved.
Continue reading “What is the process to complete the sale?”When furniture is included in the sale is it taxed?
When buying a property in Whistler and furniture is included, Provincial Sales Tax (PST) is applicable on the value of the furniture. I have this on the authority of a Race and Company lawyer. This 7% PST is charged on used furniture and has to be accounted for. This tax will be of most concern to the buyer who is financing the purchase as the mortgage company will not finance furniture. However, like everything else in financing…it depends.
Continue reading “When furniture is included in the sale is it taxed?”How important is unauthorized accommodation?
The topic of buying a Whistler property with unauthorized accommodation is expansive. Unauthorized means that the space was not identified in the original building plans. These plans were submitted to the municipality so that a building permit could be obtained. Obtaining the permit is a legal process.
This post will focus on unauthorized accommodation in the form of a rental suite. A rental suite within a residential property (house) is common in Whistler. The definition of such a suite might be: “A suite is a separate living area contained within a dwelling unit functioning as a self-contained suite, typically complete with its own kitchen, bathroom, and bedroom.” When the suite is unauthorized, the suite is colloquially known as an in-law suite, mortgage helper, nanny suite, non-conforming suite, and other similar descriptive names. Meaning that the suite is not on the original building plans.
Continue reading “How important is unauthorized accommodation?”