Marion Anderson Personal Real Estate Corporation SUTTON GROUP – WEST COAST REALTY
2024 Update: Under B.C.’s Strata Property Act and regulations, all strata corporations with five or more strata lots must obtain depreciation reports. Strata corporations may no longer defer getting a depreciation report by holding an annual 3/4 vote. Strata Corporations must renew this report every 5 years. This is now a legal requirement.
Continue reading “Depreciation Report”The Legal Update 2023 BC Financial Services Authority (BCFSA) course featured a section on deposits. The course showcased the importance of treating deposits as serious business. There have been significant legal cases that have set precedents regarding deposits being forfeited by the Buyer. In summary, the days of “trying an offer” thinking that you can get out of it, during the subject removal period, or just walk away and not pay the deposit are long passed.
Continue reading “Deposits”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 on the value of the furniture. I have this on the authority of a Race and Company lawyer. 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. However, like everything else in financing…it depends.
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”