Contract of Purchase and Sale

Treat the DEPOSIT seriously

Estimated reading time: 4 minutes

Deposits are serious business; Buyers risk forfeiting them in legal disputes.
Brokerages typically hold deposits in trust, while non-neutral third parties may not be obliged to return them.
Buyers can’t count on getting their deposits back and should seek legal advice if they want a refund.
Forfeiting deposits may lead to additional damages if the Seller sells to another Buyer for a lower price.
Backing out of a contract can still result in losing the deposit, even if it’s before the due date.

Estimated reading time: 4 minutes

The Buyer’s lawyer prepares all essential documents, which increases closing costs for the Buyer.
Financing increases the completion costs for the Buyer.
Key steps include searching the title for encumbrances, contacting organizations, and preparing a Statement of Adjustment (SOA).
The Buyer’s lawyer prepares the Statement of Adjustment for the Buyer and a Statement of Adjustment for the Sellers.
On closing day, the lawyer registers the Land Title Transfer and sends the proceeds to the Seller’s lawyer.
Finally, the process concludes with all funds disbursed and the transfer officially completed.

Estimated reading time: 4 minutes

Unauthorized accommodation in Whistler refers to rental suites not included in the original building plans, posing risks for buyers.
Sellers must disclose unauthorized accommodation as a Material Latent Defect, affecting liability and property value.
The listing realtor must provide a Realtor Material Latent Defect document disclosing any defect that may affect the value of the property to the buyer.
The RMOW requires permits for properties with unauthorized accommodation, especially for nightly rentals.
Buyers should carefully evaluate properties with unauthorized accommodation and understand the legal implications.
Consulting an experienced Whistler realtor is crucial when navigating properties with unauthorized accommodation.

Estimated reading time: 5 minutes

GST applies to most real estate transactions in Whistler unless the property is exempt based on the vendor’s use.
Buyers should obtain a warranty on a property’s GST status in the purchase contract, as it is determined by the vendor.
When earning over $30,000 in gross revenue from rentals, a GST number is required for tax collection.
It is essential for buyers to understand if GST is included in the purchase price or additional before closing.
Professional advice is crucial to navigate GST implications in Whistler real estate transactions.

Estimated reading time: 2 minutes

Property Transfer Tax (PTT) is applied in British Columbia when purchasing real estate at closing.
PTT is charged for changes to property titles, including acquiring or gaining registered interests.
The tax rates are 1% on the first $200,000, 2% on values up to $2,000,000, and higher rates for properties above that.
For example, a $4,500,000 residential property incurs a PTT of $143,000 based on tiered rates.