Archive for the ‘Real Estate’ Category

Purchasing Homes with Secondary Suites or Carriage Houses

By Jesse Bernhardt
Categories: Blog, Real Estate
The Okanagan Real Estate market has seen a rapid decrease in the rental vacancy rate and a corresponding increase in rent charged by Landlords.

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Avoiding the “Big Hit” to your Pocketbook when Purchasing a Condominium or Townhome

By Jesse Bernhardt
Categories: Blog, Real Estate
The “Big Hit” to a Strata Lot owner’s pocketbook occurs when the Strata Corporation’s Operating Fund and Contingency Reserve Fund are not sufficient to repair, maintain and replace Common Property.

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B.C. HOME Partnership Program

By Brian Stephenson
Categories: Blog, Real Estate
On December 15, 2016 the British Columbia Provincial Government released information on the B.C. Home Owner Mortgage and Equity Partnership program.

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Party Wall Agreements – Something Old is New Again

By Bradley Cronquist
Categories: Blog, Real Estate
Party Wall Agreements have historically been used to manage the relationship between land owners with a common boundary and a wall down the middle of the property line.

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Cooling Markets, Addressing Risk, and Reducing Buying Power – New Mortgage Rules

By Brian Stephenson
Categories: Blog, Real Estate
On October 3, 2016, Canada’s Finance Minister Bill Morneau announced changes to mortgage rules with the introduction of a “stress test.”

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Disclosure Requirements for Real Estate Development : Maybe Not Just Under REDMA

By Bradley Cronquist
Categories: Blog, Real Estate, Securities
When real estate developers consider disclosure requirements they commonly think of the obligations under the Real Estate Development Marketing Act.

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Mortgage Enforcement Issues

By Eric Ledding
Categories: Blog, Real Estate
In my foreclosure practice, typically the material circumstances have already been cast in stone by the time a client comes to see me about going to court.

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Property Disclosure Statements: Buyer Beware (Still)

By Jeremy Burgess
Categories: Blog, Real Estate
In virtually all standard contracts of purchase and sale, the parties agree that the vendor will provide a property disclosure statement (“PDS”) and that the representations made in the PDS will survive the completion of the contract.

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New Tax on Residential Property Transfers to Foreign Entities in Metro Vancouver

By Paul Tonita
Categories: Blog, Real Estate
There has been a lot of discussion in the media, amongst politicians and most likely in your circle of friends recently about the rapid increase in housing prices in B.C. and particularly in the Lower Mainland.

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Understanding the Foreclosure Process

By Eric Ledding
Categories: Blog, Real Estate
When a purchaser borrows funds to purchase real property (i.e. land and any buildings or structures attached to the land), most arm’s length lenders will require a personal promise to repay the funds, as well as some interest and expenses.

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Real Estate Industry No Longer Self-Regulated

By Parveen Shergill
Categories: Blog, Real Estate
Since 2005, the real estate industry has been self-regulated by the Real Estate Council.

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The Art of Restraint

By Parveen Shergill
Categories: Blog, Real Estate
A restrictive covenant is a class of legal “promise” imposing a restriction on one party for the benefit of another. When drafted correctly, restrictive covenants are an invaluable tool to protect your business.

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Dealing with Land? Write it Down

By Jeremy Burgess
Categories: Blog, Litigation, Real Estate
In British Columbia s. 59 of the Law and Equity Act, R.S.B.C. 1996, c. 253 (the “Act”) essentially requires that contracts dealing with

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Notice of Interest under the Builders Lien Act – An Important Protection for Landlords

By Mark Danielson
Categories: Blog, Real Estate
Section 1 of the Builders Lien Act, S.B.C. 1997, c. 45 (the “Act”) defines an “owner” as anyone with a legal or equitable interest in land.

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Secured Transactions

By Jesse Bernhardt
Categories: Blog, Real Estate
Borrowers grant security interests in their property to lenders as a condition of financing every day.

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Conflicts of Interest Explained – Strata Council Advice

By Brent Coyne
Categories: Blog, Real Estate
At one time or another, strata councils inevitably have to deal with questions or issues raised by its members relating to conflicts of interest.

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Buying a Sublease on Westbank First Nations Land: The Conveyance Process

By Andrea East
“Conveyancing” is the term your lawyer uses to describe the legal process of transferring an interest in land from the seller to the buyer.

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Are BC Tenancy Laws Applicable to Rent Disputes on First Nations Land?

By Elise Everest
BC’s Manufactured Home Park Tenancy Act (“MHPTA”) will not apply to tenancy agreements on reserve lands where the landlord is an Indian or an Indian Band.

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Termination of Land Use Contracts

By Bradley Cronquist
Categories: Blog, Real Estate
Changes have recently been introduced to the laws surrounding Land Use Contracts (“LUCs”) that could materially affect the right of a land owner to use his land that is presently subject to a LUC. LUCs are contractual agreements between property owners and a local government which were used in BC throughout the 1970s to negotiate the […]

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Patent vs. Latent Defects and Caveat Emptor

By Jeremy Burgess
The local housing market appears to be on the rise. While this is a good sign of our recovering economy, it is also an appropriate time for purchasers to remind themselves of some of the risks and their legal rights when purchasing a home. The maxim, “buyer beware” (or caveat emptor), applies to purchasing a […]

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Default Under A Commercial Lease – Part One

By Alfred Kempf
Categories: Blog, Real Estate
A landlord's reaction to a default under a commercial lease is usually determinative as to its ability to collect arrears and to recover future rent under the lease. This first installment of this five-part series will set out some of the important questions that landlords will be asked in assessing an appropriate course of action. The questions are as follows: 1. What is the default alleged? 2. Is there a written lease? 3. Have you [...]

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Legislative Changes to REDMA: Bringing Certainty to Real Estate Development

By Bradley Cronquist
Categories: Blog, Real Estate
Since the introduction of the Real Estate Development Marketing Act (REDMA), developers have had concerns that any minor or insignificant variance from the strict compliance of REDMA will permit a purchaser to avoid its obligations under a Purchase Agreement. First reading has been granted to legislation that will amend the Real Estate Development Marketing Act (REDMA) and will bring greater certainty to the real estate development [...]

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Idle-O

By Jeremy Burgess
Categories: Blog, Real Estate
This post discusses the hundreds, if not thousands, of land contracts in British Columbia that may be negatively affected by section 73 of the Land Title Act, R.S.B.C. 1996, c. 250 and the line of legal authorities stemming from International Paper Industries Ltd. v. Top Line Industries Inc., 1996 CanLII 3340 (BC CA) ("Top Line").

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Real Estate Commissions Not Deductible In The Valuation of Family Property: The BC Court Of Appeal Weighs In

By Taryn Moore
Categories: Blog, Real Estate
In negotiating the settlement of family property and asset division in a family law matter, particularly in relation to the valuation of the family home, parties often argue about whether or not the parties should deduct real estate commissions when one party is looking to buy the other’s interest in the home. The idea behind […]

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Ask A Lawyer – Who Gets The Deposit When A Purchaser Fails To Close A Real Estate Transaction?

By Andrew Brunton
Categories: Blog, Real Estate
The Supreme Court of British Columbia rendered the Tang v. Zhang decision in 2012.  That decision has now been overturned by the British Columbia Court of Appeal.  In the case, Mr. Zhang entered into a Purchase Agreement with the Vendors and paid a deposit of $100,000.  Mr. Zhang failed to complete on the purchase, and […]

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Considerations for Tenants in a Commercial Lease

By Vanessa DeDominicis
Categories: Blog, Real Estate
A well-drafted and well-negotiated commercial lease is essential to the success of a Tenant’s business. Grey areas can lead to unexpected costs and even litigation down the road – this can be avoided by good drafting and making sure you think about all of the following prior to signing on the dotted line. Here are […]

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Real Estate Group At Pushor Mitchell

By Pushor Mitchell LLP
Categories: Blog, Real Estate
Buying or selling property is a major undertaking. Markets fluctuate which can lead to very different strategies depending on whether it is a buyers or a sellers market. Real estate laws and practises frequently change. Deals often close quickly which can be both exciting and stressful. Our real estate lawyers help thousands of clients complete […]

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New Home Buyer Alert – HST Rebate Available On New Homes

By Curtis Darmohray
Categories: Blog, Real Estate
Its not often that consumers get a break on new purchases.  The Harmonized Sales Tax (HST) New Home Rebate is a BC government initiative which aims to compensate new home buyers for the added taxes associated with the implementation of the HST. The rebate is available for “newly constructed” homes or “substantially renovated” homes purchased as a primary place of residence. A “substantial renovation” [...]

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Home Buyer’s Beware. Property Transfer Tax Applies To Your Purchase.

By Curtis Darmohray
Categories: Blog, Real Estate
The BC Property Transfer Tax (the “PTT”) is a value added tax payable by purchasers who acquire an interest in property.The actual tax rate is 1% on the first $200,000 of the fair market value of the property being transferred, plus 2% on the fair market value over $200,000. For example, a purchaser acquiring a property with a fair market value of $300,000 will have to pay an additional amount of PTT  as follows:

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Foreclosures and Non-Resident Withholdings under the Income Tax Act

By Bradley Cronquist
Categories: Blog, Real Estate
This article addresses a particular challenge that a purchaser of real property in a foreclosure scenario faces with respect to its potential liability for tax (non-resident withholding tax) under section 116 of the Income Tax Act (Canada) (the “ITA”). Section 116 of the ITA makes a purchaser of real property liable to pay tax to the Canada Revenue Agency (the “CRA”) in an amount of 25% or 50%  of the purchase [...]

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Are U.S. Foreclosures About To Increase?

By Pushor Mitchell LLP
Categories: Blog, Real Estate
The bleakest year in the U.S. foreclosure crisis has only just begun.  U.S. Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and more will miss payments as they struggle […]

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New Disclosure Statement Rules

By Pushor Mitchell LLP
Categories: Blog, Real Estate
We have recently received a notice from the Superintendent of Real Estate advising of the issuance of two new Policy Statements which require developers to include further information in disclosure statements or amendments filed on or after November 1, 2007.  We wish to draw these to your attention at this time in order to allow you to gather any information needed prior to filing your disclosure or amendment.  We will be pleased [...]

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LCP As Ancillary Use

By Bradley Cronquist
Categories: Blog, Real Estate
The Land Title Office recently considered the filing of a “building” strata plan in which a number of the strata lots consisted of a bunkhouse measuring less than 100 sq. ft.  Each of the bunkhouse strata lots had designated for their exclusive use LCP which was considerably larger than the strata lot, and in some cases the LCP area measured over 2,000 sq. ft.

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New Anti-money Laundering Legislation To Impact Real Estate Developers

By Bradley Cronquist
Categories: Real Estate
On February 20, 2009, real estate developers (“Developers”) will become subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “Act”).  Developers will be required to comply with the following record keeping and reporting obligations:

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Financing Real Estate Purchases in a Tight Credit Market

By Andrew Brunton
Categories: Blog, Real Estate
In an economy where credit is tight for certain purchasers of real estate, vendors may want to consider alternative financing arrangements in order to make their property more marketable.  Vendors have two primary alternatives: to sell the property to the purchaser under an Agreement for Sale or to sell the property subject to a vendor take-back mortgage. 

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Realtors can Incorporate as of January 1, 2009

By Vanessa DeDominicis
Categories: Blog, Real Estate
Pursuant to the Real Estate Services Act (the “Act”), as of January 1, 2009, individual realtors may now form personal real estate corporations. Advice from professional advisors, such as Accountants and Lawyers, is extremely important to ascertain whether incorporation is right for an individual realtor. Every realtor’s situation is different and it is important to remember that tax/legal advice may vary greatly depending [...]

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