Home » Legal and Accounting

Deposits Are Serious Business

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 “Deposits”

Home Buyer Rescission Period

Home » Legal and Accounting

What is the Home Buyer Recission Period?

The Home Buyer Rescission Period was developed by the British Columbia Financial Services Authority (BCFSA). The BCFSA is the governing body for BC real estate agents. The HBRP was implemented in response to the multiple offer situations in 2020-2022. During that frenzy, buyers were writing overpriced offers with no subjects, and then upon acceptance of their offer, regret set in as there was no “easy” way out of the transaction. The HBRP is also known as a non-negotiable, “cooling off period”.

Continue reading “Home Buyer Rescission Period”

Provincial Sales Tax

Home » Legal and Accounting

Is there Tax on Furniture Included in the Sale?

When buying a property in Whistler and furniture is included, Provincial Sales Tax (PST) is applicable. 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.

Continue reading “Provincial Sales Tax”