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.
The Phase 1 covenant is in place to maximize 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, it is not as simple as that statement might suggest, as there is a GST implication which should be considered. Some, but not all Phase 1 properties have a covenant that require the condo or townhouse to automatically be in a rental pool when not in use by the owners.
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What is Property Transfer Tax?
Property Transfer Tax (PTT) is charged at the time of closing and the transfer of title from the seller to the buyer. Financial institutions will not include PTT as part of your mortgage.
You are charged property transfer tax when you make changes to a property’s title, including but not limited to:
- acquiring a registered interest in the property
- gaining an additional registered interest in the property
- becoming the registered holder of a lease, life estate, or right to purchase for the property
The property transfer tax rate is:
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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 honour four legal obligations:
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- Avoid conflicts of interest
- Fully disclose any relevant information
- Protect your confidentiality (indefinitely)