Whistler Ski-in/Ski-out Real Estate For Sale

What is the Home Buyer Rescission Period (HBRP)?

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Consider the Home Buyer Rescission Period to be a period for cooling off. This was implemented in response to the multiple offer situations during the COVID frenzy. At that time, buyers were writing overpriced offers with no subject conditions, and then, upon acceptance of their offer, regret set in as there was no easy way out of the transaction.

Now, the buyer, with regret, has 3 business days after a subject-free offer is accepted to decide whether to rescind or not. Should the buyer rescind their offer, there’s a financial penalty due to the seller of 0.25% of the accepted price.

Is re-financing an option for NON-RESIDENTS?

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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.

What is the purpose of the DEPRECIATION REPORT?

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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.

Is it important to treat the DEPOSIT seriously?

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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.

What is the process to COMPLETE the sale?

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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 for the Buyer when financing is involved.