In any real estate market, it is vital for the buyer’s to be aware of the information for the Vancouver property for sale they are interested in. The buyer REALTOR® plays an important role in this step and must gather and source all information and data available and guide the buyers to the right source of advice for understanding all the information provided.
Realtors are not lawyers and accountants and it is at the client best interest to be referred to a legal and or accounting advice when a legal and or tax questions arises.
The followings are a few source of information for any buyers must-read and review.
Property Title is the highlight of all documents to be reviewed by a legal advisor. Every property regardless of its type whether strata, residential, or commercial have a registered title in the land title office.
There many fact and information in the title to be reviewed and making sure the buyer understand all the information for this home for sale they are purchasing in Vancouver.
Liens, builder’s lien, schemes, easement, right of ways, statutory rights, legal description and registered owners are a few highlight of issues that can lead to variety of restrictions, limits and or issues.
As an example, in a sub-urban area where a buyer had an interest in having a few chicken running around in the specific house for sale, I, as their Vancouver Realtor had to review the title registered scheme with their legal adviser and we found that under the regulation, they don’t allow any live stock on the lot in this particular neighborhood in Vancouver.
- Strata documents
When purchasing a Vancouver Condo and apartment for sale, it is important to get familiar with the strata documents and regulation.
Monthly meeting, Annual General meeting (AGM), Financials, Depreciation report, Engineering report, Bylaws, rules, amendments, residents package and restrictions for property and the common property use, Form B, which indicates every information related to the specific condo unit for sale including:
Parking and Locker specification and number, strata monthly fees, liens and charges against the unit, Contingency and reserve fund. Form F which indicates all financials related to the condo unit for sale in the complex.
- Property Disclosure Statement (PDS)
- At the time of listing preparation for any property type, house or condo for sale, homeowners who are selling their home have answered an extensive questionnaire form. This form is Property disclosure statement and it is answered to the best of the seller’s knowledge. It is not a legal document, but a good starter to pint the buyer toward the right direction and home inspection.
- Property Zoning and city information
Vancouver Realtors and buyer agents responsibility is also to gather all the existing data sources and information from the local municipality, police, fire station for additional information like: The history of the building and or the house for sale, zoning, permits, potential future builds, upcoming developments, fire safety and permits for fireplaces, oil tank removal certification and history, school and business catchment and proximity, walk score, and any additional information that can possibly alter and shift the buyers motivation.
- Insurance and property history
Based on the inspection, it is important to review the property insurance for any potential house and or apartment for sale. Most strata buildings have exterior insurance already in place and the buyer’s must review any insurance related paperwork for confirmation of the coverage. For single family detached and or any house for sale, it is best to ask for the existing insurance history and also obtain few quotes of homeowner’s insurance coverage.
Taxes are always complicated and the Realtors must always refer their clientele to a tax expert adviser who can help with answering their questions. Every case is different and Tax is a very sensitive subject, can vary in every scenario and cannot be generalized.
For example, if the buyers are buying a Vancouver condo for sale from a non-resident, it is important to discuss all possible tax withholds. Followings are possible taxes that can apply for any transaction of a Vancouver property for sale. GST, Property Land Transfer Tax, Property annual Taxes, Vancouver Empty Home Tax, Speculation Taxes and non-resident taxes.