Statement of Adjustments

The Statement of Adjustments on a real estate transaction is a financial statement showing various debits and credits for both the Buyer and the Seller. Basically, it shows the final calculation of the monies the Buyer owes to the Seller in order to complete the sale.

In British Columbia, the Statement of Adjustments is prepared by the Buyer’s lawyer. There is one statement prepared for the Buyer called the Buyer Statement of Adjustments. In addition, the Buyer’s lawyer prepares a separate statement for the Seller called the Seller Statement of Adjustments.

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Nightly Rental License

Business License Required for Renting Nightly

In Whistler, you are required to have a business license to rent out your property for nightly rentals. The following is from the Resort Municipality of Whistler (RMOW) site:

“In Whistler, a business license is required for property owners to market, manage and provide paid accommodation to tourists. This applies to all vacation rentals, including self-managed tourist accommodation properties with Phase 1 covenants or without covenants. Any property that is being marketed as tourist accommodation without a business license is considered an illegal nightly rental, and fines are applicable.” 

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Phase 1, Phase 2 and TA Zoning

What is Phase 1 and Phase 2 Zoning?

One of the most buyer FAQ Whistler ski-in ski-out real estate questions I am asked is on the clarification of zoning. This question is typically asked by those who are considering the purchase of a revenue-generating property.

What is Phase 1 zoning?

The Phase 1 covenant is in place to maximize the occupancy of properties for use by owners and visitors. In other words, Phase 1 zoning allows for nightly rental revenue generation. In addition, the owner is allowed to use the property for themselves. Please note, that it is not as simple as that statement might suggest, as there is a GST implication that should be considered. Some, but not all Phase 1 properties have a covenant that requires the condo or townhouse to automatically be in a rental pool when not in use by the owners.

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Representation

Disclosure of Representation in Trading Services

This post is about Representation and the benefit of signing the Disclosure of Representation in Trading Services (DORTS) form. In summary, by signing the DORTS form, you are binding the real estate agent to honor four legal obligations:

  1. Loyalty
  2. Avoid conflicts of interest
  3. Fully disclose any relevant information
  4. Protect your confidentiality (indefinitely)

A 5th element was added to this form on January 1, 2023. It was an explanation of the Home Buyer Rescission Period.

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