A person who is neither a Canadian citizen nor a permanent resident of Canada (“PR”) must traverse a minefield of laws that may prevent or hinder him or her or them from purchasing residential property in BC namely: The federal government’s Prohibition on the Purchase of Residential Property by Non-Canadians Act (“the foreign buyers ban”) The BC government’s Property Transfer Tax Act (specifically the “additional tax”, also known as the “foreign buyers tax”) The BC government’s Speculation and Vacancy Tax Act (as it pertains to “untaxed worldwide earners”) FOREIGN BUYERS BAN As of January 1 ..read more

Recently the BC government announced that it will implement changes to the way individual residential properties will be bought and sold in this province. One of the key changes will be the introduction of a mandatory rescission period for buyers which is colloquially referred to as a “cooling-off period.” Cooling Off Period Announcement This means that after making an offer to purchase AND having that offer accepted by the seller, the buyer will have a certain period of time (likely a week) to re-think the decision to buy and if he chooses, to rescind the purchase contract. It is no ..read more

We are often asked whether we can act for a client who is selling one home and buying another on the same day. Is this possible?  Is it a good idea? Firstly, IT IS POSSIBLE.  We have acted on a few hundred of these “same day closings” over the last twenty five years and all but few have completed on time. Secondly, is it a good idea?  The answer is a definite “no.” Why not? THE PROBLEM In the vast majority of instances, selling and buying on the same day involves using the sale proceeds to complete the purchase. The standard purchase and sale contract used in BC requir ..read more

In the current, frenzied real estate market the dangerous phenomenon of “no subject” offers has returned yet again. Subject conditions in real estate offers allow a buyer to conduct his or her due diligence prior to having the contract of purchase and sale become legally binding. Subject conditions may include 1) mortgage financing, 2) home inspection, 3) title review, 4) strata documents review etc.  These are normally suggested by the buyer’s realtor when the offer of purchase is being drafted. Waiving such conditions is never a good idea, but when people are panic buying they often thr ..read more

“Privity of contract” is a doctrine of contract law that holds that only those parties to the contract are bound by the terms of the contract and can enforce the obligations stipulated in the contract. A third party that is not a party to the contract does not have privity of contract and thus, cannot enforce the obligations under the contract.” It is fairly commonplace in real estate contracts in BC that a realtor may seek to give his purchaser the ability to add another party to the contract of purchase and sale on or prior to the Completion Date (the day that the title transfer is regi ..read more

When a buyer makes an offer to purchase a house or condo and the seller accepts it, a contract of purchase and sale is formed. Most contracts contain “subject conditions,” which are due diligence searches and investigations which must be completed by the buyer before the contract becomes fully binding on both parties. For various reasons, contracts can come apart at the seams.  Sometimes it is as a result of one or more subject conditions not being removed (and thus the contract lapses). However, even after subject conditions are waived or fulfilled, on occasion the buyer can’t or won’t c ..read more

Canadian home prices have increased an average of 17% over the last year! This is despite the pandemic, months long lockdowns, high unemployment, ballooning federal government debt and the possibility of a so-called “second wave.” In my view, this is good news for Canadians, as home ownership has proven to be a valuable, stable investment for about 65% of people in this country for decades (in addition to putting a roof over their heads). Evan Siddall, the outgoing head of Canada Mortgage and Housing Corporation (and former Goldman Sachs banker) recently predicted a drop in home prices of betw ..read more

For anyone buying or selling real estate in BC, a review of the title is essential before a property is listed for sale or an offer to purchase is made. Why? The reasons to review a title before a sale or purchase are many and include: Who is on the title?  Surprisingly, many people do… Read More »What’s in a Land Title? The post What’s in a Land Title? appeared first on Pazder Law Corporation ..read more

For many Canadians, owning and eventually paying off their home represents the bulk of their retirement nest egg. Usually a home will keep up or exceed the rate of inflation so that it may be two or three times its original value by the time the amortization period runs out in 25 or 30 years.… Read More »Taxing your Principal Residence – Is it in the Cards? The post Taxing your Principal Residence – Is it in the Cards? appeared first on Pazder Law Corporation ..read more

News articles over the past year have reported that strata insurance premiums and deductibles for many of BC’s 1,500,000 strata unit owners have risen dramatically. As a result the BC government has required the Financial Services Authority to look into the matter. The government has announced today that as of November 1, 2020: 1.     Strata… Read More »Strata Corporation Insurance Issues – Controlling the Cost of Premiums The post Strata Corporation Insurance Issues – Controlling the Cost of Premiums appeared first on Pazder Law Corporation ..read more