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What's Not on the Property Title May Be Important - part 2

Last week I prepared a piece about what is and what isn't on the title search that could affect your ownership in very extreme ways. Click here to read Part 1

I also described few real life scenarios of such happenings. I have promised to provide a few resources where you can go and research the property yourself, so here is Part 2...

How can you discover the facts about a property?
- Ask the owner.
- Visit the local government (municipal) website where you will find a range of information, for example:
- Some municipalities provides a road map of designated heritage buildings and homes, and includes photos. (Note: there is no available universal public registry of homes previously used as grow ops and illegal drug labs.)
- The City of Vancouver confirms if a property has been used as a grow op or illegal drug lab to anyone phoning 604.871.6231. The City does not provide the owner’s name in keeping with privacy legislation. Abbotsford and Chilliwack have a similar program but be prepared for a red tape around the Privacy Act and allow 2 weeks to get any useful information.
- Few municipalities provide a list of properties known to have underground storage tanks similar to West Vancouver. Visit: www.westvancouver.ca and search Fuel Storage Tank Program. Scroll to "More Information" and see "Fuel/Oil Tank Records Search."  If you don’t find what you need online, phone your local government or go in person. Depending on the municipality, there may be comprehensive data.
- There is a BC Heritage Sites Inventory. Information about its properties comes from local governments, so start there   first.
- Check the BC Archaeological Site Inventory at   www.for.gov.bc.ca/archaeology/accessing_archaeolo gical_data/index.htm.You can also phone: 250-953-3338.
- Search the BC Government’s Contaminated Sites Registry which lists some contaminated sites. It is available through
  www.bconline.gov.bc.ca.(Go to Products). There is a charge to access the database.

What happens if your property has an old tank?
Each municipality has different requirements and provisions for enforcing the removal or abandonment of underground or aboveground storage tanks.
- Contact your local fire department. They will advise you on how to properly deal with your tank.
- Tanks can contaminate soil and groundwater, may pose a fire and explosion hazard, and may impact human health.
- If you plan on selling your property, you must tell your REALTOR® about the tank and also disclose the tank on the Property Disclosure Statement.
- If you are buying a property, your REALTOR® will advise you to have the property inspected and to seek an expert opinion on the matter, especially if the underground or above ground storage tank is thought to be leaking. If you have questions about fuel storage tanks, contact your municipality.

Once again when it comes to solving these kinds of challenges, your Realtor is an excellent source of information and  can provide hands on experience. Call us - we are ready to help!

 Tibor Bogdan



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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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