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Beware of Undocumented Arrangements

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I have another Q & A today...
 
Q: Many years ago we decided to share the expenses with our next door neighbor and drill a well. The well is on our property and our neighbors have free access to maintain their lines if necessary. Now we are thinking of selling our acreage and I wonder if we should do something about it before we sell. James B.
 
A: Hello James. This sounds like a good question for a lawyer. Over the years I have come across similar situations and from my perspective this looks like an issue of an unregistered easement. Your neighbor has been using part of your property for the purpose of supplying water to their property and even though you don't have anything in writing, it is likely that the easement exists (implied easement). My advice to anyone in this circumstance would be to inform the listing agent about this and make sure this is properly disclosed in writing to all potential buyers. However, the best thing to do would be to visit a Real Estate Lawyer for advice, because they may suggest that you register an easement on title.
 
Do you have a Real Estate question? Call me or email me your questions
 
Tibor Bogdan *Personal Real Estate Corporation
Sutton Showplace Realty
cell: 604-855-2521
TF: 1-877-858-2408
tbogdan41@gmail.com

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What is a pre-sale?

Example scenario: When the developer intends to build an apartment building and applies for financing, the bank will grant financing under certain conditions. One of them will likely be a certain percentage of pre-sales the developer will need to secure before receiving the funds.
It is common practice for a developer to approach several real estate investors and offer them an opportunity to purchase units of the non-existent building at a discounted price, and on good terms.

Once the number of pre-sales is accomplished, the developer goes ahead with the construction, which will likely take two years or longer to complete. During construction, their marketing team offers the remainder of the units for sale at market value to the public.

If you are a RE investor, you know that it is preferable to be buying at the pre-sale prices, not market value prices.

The question is, how do you get the invitation to buy a pre-sale?
In the past many years, investors have made substantial income by buying at wholesale prices and selling at retail prices even before they needed to complete their purchase. I saw many of them lining up and sometimes even camping overnight in front of the sales center to get a chance to buy at lower prices, but not everyone was lucky enough. You needed to be well-connected to get an opportunity, and you had to act fast.

Today is a bit of a different story. Several projects in the Lower Mainland and Fraser Valley offer really good prices and incentives to secure a unit now and complete the purchase two or three years later. The list of incentives varies from one project to the next. Besides attractive prices, you can get low deposit amounts (5-15%), low or no assignment fees, free updates, a mortgage rate buy-down program, extra parking and more.

A month ago, I helped a few of my clients purchase a presale in Surrey that sold out in 2 days, and I know of another good developer that will be offering a few units for sale as well.

If you would like to know more about these opportunities, I would encourage you to call or email me, and I’ll be happy to send you details on those projects.
 
Kind regards,
 
Tibor Bogdan
Century 21 Creekside Realty Ltd.
45428 Luckakuck Way #190, Chilliwack, BC V2R 3S9
cell: 604-855-2521
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