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Completion Date

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The Completion Date Consequences

It is vital that the completion date on the Contract of Purchase and Sale is adhered to, at all costs by the Buyer. Should the Buyer be at fault and the transaction does not complete as scheduled, the Seller has the option of voiding the contract. In addition, the Seller is legally allowed to keep the full amount of the deposit. There have been several attempts to have the Buyer’s deposit returned to the Buyer. Read the Deposits are Serious blog post for a full understanding.

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Statement of Adjustments

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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

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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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Home Buyer Rescission Period

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What is the Home Buyer Rescission 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”.

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Non-resident: Re-financing

Re-financing is not an option for Non-residents

When a non-resident decides to buy a property in Whistler, it is important to make a decision about financing when writing the offer. If a non-resident Buyer says that it would be simpler to pay cash for the property and then refinance, that is not an option with Canadian Banks.

The reason is that the Canadian bank does not know the source of the original funds used to buy the property. Despite, you the Buyer, offering the Bank every document on the purchase of the property, no Canadian Bank can refinance your property. To do so would be in contravention of FINTRAC.

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