Marion Anderson Personal Real Estate Corporation SUTTON GROUP – WEST COAST REALTY
This post explains the legal process for the completion of the contract. It is the Buyer’s lawyer who prepares the documents for closing. Hence the reason it costs more in legal closing costs for a Buyer than for a Seller. In addition, the cost is higher if there is a mortgage involved.
Continue reading “Transaction Completion Process”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 (PST) on Furniture”The following explanation is courtesy of my broker, Sutton Group-West Coast Realty:
“In an environment of multiple offers, a listing agent might be presented with an offer containing what is generally referred to as a ‘‘referential purchase price clause’’ (RPPC). The RPPC is a means by which a buyer endeavors to establish a purchase price by reference to prices contained in competing offers. The thrust of the RPPC is for a buyer to piggyback on the next highest bona fide offer which is acceptable to the seller. Such a clause might read as follows:
Continue reading “Referential Offers”The topic of buying a Whistler property with unauthorized accommodation is expansive. Unauthorized means that the space was not identified in the original plans which were submitted to the municipality to obtain a permit.
This post is going to focus on unauthorized accommodation in the form of a rental suite. A rental suite within a residential property (house) is common in Whistler. The definition of such a suite might be: “A suite is a separate living area contained within a dwelling unit functioning as a self-contained suite, typically complete with its own kitchen, bathroom, and bedroom.” They are colloquially known as an in-law suite, mortgage helper, nanny suite, non-conforming suite, and other similar descriptive names.
Continue reading “Unauthorized Accommodation”Another topic that generates a lot of buyer FAQ Whistler real estate questions is the one on the Goods and Services Tax (GST). Please note, this is a huge topic and one which cannot and should not be explained fully on any realtor’s website. Realtors have basic knowledge, but they are duty-bound to recommend you take professional advice from an accountant or lawyer. Realtors are not GST experts. In the meantime, the following information has been taken from local lawyers, Race and Company’s website.
Continue reading “GST Buyer Information”