Each January BC Assessment sends out notices to almost 2-million households in BC. But what is the BC Assessment? Well, it provides owners with the “value” of their property. How Accurate Is Your Assessment Notice? BC Assessments can cause excitement or disappointment for home owners, depending on if the value of their home has increased or decreased. However, we wouldn’t recommend breaking out the champagne or Kleenex box just yet! BC ... Read the Post...
What is a Real Estate Deposit?
A real estate deposit is money paid to secure a property when making an offer. It is usually held in trust by the buyer’s agent’s brokerage. If someone else holds the deposit, seek legal advice to ensure it is handled properly and released under clear terms. How much is a Real Estate Deposit? There is no set deposit amount, but in Metro Vancouver, it is typically 5% of the purchase price. Some sellers may accept a lower deposit, while ... Read the Post...
How to Buy a Foreclosure
Buying a foreclosure can be quite the process, there are many things that you need to consider before you get involved. Time It can be a long process. It is not like a typical Real Estate transaction, where you have a 1-week subject removal. You actually remove your subjects first and then wait for a court date to be set in order to get court approval for the sale to go through. Foreclosure Clause: As-Is, Where-Is Before you start ... Read the Post...
What you Need to Know About The Speculation and Vacancy Tax?
The Speculation and Vacancy Tax is an annual tax, which is charged, based on how owners use residential properties in urban areas throughout BC. However, it was introduced in an attempt to turn empty homes into housing for people who live and work in BC. Funds collected through the tax will also support affordable housing initiatives. Who Needs to File a Speculation Tax Declaration? Everyone who owns residential real estate, in ... Read the Post...
