Summary The Land Owner Transparency Act (LOTA) aims to provide clarity as to who benefits from landholdings through the enforcement of disclosure and filings (declaration and/or report) at the Land Owner Transparency Registry (LOTR). The filing requirements can be complicated, so land owners and reporting bodies should consult with a legal professional to determine their […]
BC’s Land Owner Transparency Act & Registry Read More »
Understanding the difference between legal and beneficial ownership is critical to ensuring that parties recognize their rights and obligations. This is important for those who already own property, but also for those who are purchasing or acquiring an interest in property; knowing the options and exploring how to best structure ownership (including bare trusts and
Legal and Beneficial Ownership of Real Estate Read More »
What to Watch Out For When Making or Accepting an Offer to Purchase Real Estate Summary There are three essential elements that must be present to give rise to a contract: 1) An Offer – a proposal that communicates a willingness to be bound to the next communication – is usually made by the Buyer. 2) Communication is key!
The Essentials of “Offer & Acceptance” Read More »
A contract is a legally enforceable agreement. Technically, a contract is not required to be in written form (contracts may be verbal), but a written contract serves as proof of the terms of an agreement and may be relied upon in the case of a contract dispute or potential breach of an agreement. Thus, a contract is
Contracts: Terms, Legalities and Fundamentals Read More »
There are three critical dates that are written into all real estate contracts: Completion, Possession and Adjustment dates. Although they can sometimes be the same date, there are critical differences between them all. Completion The Completion date is the day on which the real estate transaction is legally registered at the Land Title Office (LTO). Completion must always be a week-day. In
Key Real Estate Dates and What They Mean: Completion, Possession and Adjustment Read More »
If you are a property-owner, you must pay an annual tax to the municipality in which your property is located. The purpose of paying annual property taxes is to fund local services, infrastructure and improvements, as well as other service-based organizations like hospitals, transit and schools. Property taxes are determined annually by each municipality and
A Guide to Property Taxes Read More »
You’re about to make an offer to purchase property, but you keep hearing everyone refer to subjects. What are subjects? What does it mean to remove them? How important can they be, really? Setting Subjects Subjects are conditions that you write into your offer to let the other party know that you are committed to selling
“Subjects” in Real Estate Deals Read More »
Buying a home, but not sure where to start? Follow this step-by-step guide to make sure you don’t miss anything. Mortgage Broker Meet with a mortgage broker. This person can help you come up with a budget and will be able to tell you how much (mortgage) you qualify for so that you understand what
Timelines, Tips and To-do’s: A Guide for First-Time Home-Buyers Read More »
Summary If you own property in a major urban centre in BC, you must file a Speculation Tax Declaration annually. Each owner on title must complete their own declaration. Declarations are due by March 31st. To complete your declaration, you will need your SIN and your personal declaration code and letter ID from your government letter. What
Speculation & Vacancy Tax in BC Read More »
Who Are BC Notaries? BC Notaries are members of a select group of legal professionals commissioned for life by the Supreme Court of British Columbia. They differ from notaries in other jurisdictions across Canada (except Quebec) with their more extensive practice of the law. BC Notaries specialize in preparing documents that define and protect your
What’s a Notary, Anyway? Read More »