Can I complete my new home purchase on my own or do I need lawyer?
Not often, but once in a while I hear this question.

My opinion is that choosing to do the completion on your purchase without a lawyer is like performing a surgery on yourself.
It will hurt and the future consequences could be huge. 99.9% of my clients chose a professional to take care of the completion or as we call it "conveyance". The question I often hear is what do they do for aprx.  $1,000
Among other things, he or she will protect your interests by:

• searching the title in the Land Title and Survey Authority Office registration system to find if anyone other than the seller has any legal rights to the home and to see if there are any registered easements or restrictive covenants
• preparing the documents to transfer ownership from the seller to you, including the Property Transfer Tax return
• ensuring that the seller’s old mortgage has been properly discharged, if this is required
• confirming that all payments for which the seller is responsible have been made
• arranging for you to sign the transfer documents
• preparing a Statement of Adjustments outlining all monies owed by you and the funds you will need to complete the transaction
• delivering the final amount due to the seller and ensuring you are registered as the owner in the Land Title and Survey Authority Office
• obtaining documents for strata titled properties, such as the Information Certificate (Form B as prescribed in the Strata Property Act), Certificate of Payment (Form F as prescribed under the Strata Property Act) and the strata corporation’s Certificate of Insurance

The day has arrived! You have signed the documents, turned over your cheque, and received the keys. The home is yours!

Merry Christmas

Tibor Bogdan
Landmark Realty

A new study by the Canadian Association of Accredited Mortgage Professionals details the state of home ownership, mortgage debt and more.

Close to four in 10 Canadians carrying a home mortgage took extra steps to pay down what they owe this year, according to new research released yesterday by the Canadian Association of Accredited Mortgage Professionals (CAAMP). “Our study shows that 38% of Canadians made some additional payments on their mortgages,” said Jim Murphy, president and chief executive officer of CAAMP in an interview with me yesterday. “They increased their payment, increased their frequency or made a lump-sum payment.”

-16% reported increasing the amount they paid (over and above their minimum monthly payment),
-17% made an additional lump-sum payment.
-8% increased the frequency of their payments.
-38% said they did one or more of these.

A few other interesting highlights in this study show that:
- Canadians went fixed rate this year. No less than 82% of new mortgages signed between January and October 2013 (when the study was conducted) were fixed rate. Variable and adjustable rate mortgages were issued to 9%.
- We’re taking equity out of our homes. More than one million homeowners took some amount of equity out of their home this year. Canadians added roughly $36 billion to their mortgages and $23 billion to their HELOCs.
- On average, Canadians own about two-thirds of their homes. The average equity position is 66%, according to a CAAMP estimate.

The average fixed rate issued this year was 3.65% (3.18% for 2013 purchases; 3.17% for 2013 renewals).
The average variable or adjustable rate was 3.05% (2.85% for purchases; 3.21% for renewals).
And the average combination rate was 3.7% (4.19% for purchases; 3.54% for renewals).
About 1.5 million Canadians renewed their mortgage this year.

Kind Regards,
Tibor Bogdan

Would you buy a 100 sq.ft home?

I came across an interesting article...

Vancouverites who can’t afford to rent let alone buy a tiny condo just might be able to break into the real estate market if the latest micro-living design takes off. Local company Nomad Micro homes has designed 100 square-foot micro homes that it plans to sell starting at $25,000.
Complete with kitchen, bathroom, stairs, living and sleeping areas, these shed-sized structures will be manufactured in B.C. and come in a box to be assembled at home.
For an extra few thousand bucks, people can upgrade to add solar energy, rainwater collection and grey water treatment.
Assembly requires two people with basic handyman skills. To access water and electricity, owners simply have to hook up the micro home to a garden hose and plug it in.
Buyers can choose between composting and flush toilets, but the second will require a hook-up to an adjacent home, a septic field or the sewer system.
Of course, people will still need to find a place to plant their micro homes.
The company’s goal is to provide affordable and sustainable housing for “hard-working individuals who can’t make ends meet due to the high cost of living,”

To read the full article go to ; http://metronews.ca/news/vancouver/840294/would-you-buy-a-100-square-foot-micro-home-for-25k/

Tibor Bogdan
Landmark Realty
https://www.facebook.com/TiborRealEstate

This just in.
A signal from the Bank of Canada that it’s not raising its key lending rate any time soon, coupled with the likelihood of falling mortgage rates, could be enough to keep the latest housing rally going.
There have been signs the housing market is in recovery mode with year-over-year sales rising in many markets, albeit generally below 10-year averages. Analysts have called it a short-term blip caused by consumers rushing to buy to take advantage of pre approved mortgages signed 120 days ago when long-term rates were lower.
But with the Bank of Canada signalling last week it won’t be raising rates – its neutral stance could even mean lower rates – consumers can safely slide back into variable mortgages tied to prime that track the central bank rate.
The short-term rate option and the possibility long-term rates will follow has people worried the market may be recovering too fast for the taste of Ottawa, leaving Finance Minister Jim Flaherty with no choice but to tighten lending rules again.

This article was provide by Pat Pelletier
info@patpelletier.com
http://www.patpelletier.com

Kind Regards,
Tibor Bogdan

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This past 7 days we had 58 new listings.
35 Residential detached and 23 condominiums/town homes.

Here are all the new listings by the price ranges:
Residential Detached listings that have come on the market in the
last 7 days:

$300,000 - and under Click Here: http://goo.gl/ImYqXx

$301,000 to $400,000 - Click Here: http://goo.gl/W8CUim

$401,000 to $500,000 - Click Here: http://goo.gl/pzVRLE

$501,000 to $600,000 - Click Here: http://goo.gl/L5dcmN

$601,000 and up -         Click Here: http://goo.gl/Gd3NSW

Here are all the new Residential Attached Listings that have come
on the market in the last 7 Days.

$250,000 and less Click Here: http://goo.gl/qf1ePr

$251,000 and up   Click Here: http://goo.gl/VAgdUh

If you'd like to see any of these homes - I'm holding a
Chilliwack House Tour weekly for the month of November 1.
Tours times are: Every Saturday 10am - noon. Click here to join us:
http://SearchChilliwackHomes.com/area/chilliwack/tour.htm

I'll be back next week with all the new listings.
Warmly,

Tibor Bogdan
------------
PLUS: Here are ways I can help you today:

Get A FREE Guide To Real Estate Prices
http://www.SearchChilliwackHomes.com/area/chilliwack/guide.htm

Get FREE updates of all the new listings that come on the market
in any price range and area you choose:
http://www.SearchChilliwackHomes.com/area/chilliwack/marketwatch.htm

Find out about the best little-known loan programs available with
our FREE Home Loan Report:
http://www.SearchChilliwackHomes.com/area/chilliwack/homeloan.htm

Find Out How Much Your Home Is Worth
http://www.SearchChilliwackHomes.com/area/chilliwack/cma.htm

FREE eBook for Home Sellers
http://www.SearchChilliwackHomes.com/area/chilliwack/seller.htm

Weekly Tour of Homes
http://www.SearchChilliwackHomes.com/area/chilliwack/tour.htm

Search for Homes
http://www.SearchChilliwackHomes.com/area/chilliwack/searchhomes.htm

----

High priced Real Estate has created a need for homeowners to subsidize their mortgage payments with an income from renting a part of their home to willing tenants. Many municipalities have very strict bylaws that controls this activity. Today I don't want to talk about legality of secondary suites but let's talk about your home insurance policy.

Whether the suite is legal or illegal, having insurance coverage is vital. There is a misconception among home owners that their existing policy will cover a suite. It doesn’t.

When there are two households living in one house, and a homeowner who doesn’t tell their insurer about a suite, they opens themselves up to significant risk. An unreported and uninsured suite could potentially void the existing insurance contract on the primary residence if there is a flood or a fire.

Some home owners may not properly insure their property because of fear that their insurer will report the suite to the local municipality. This isn’t true, The insurance companies have no duty to report to the local government what type of insurance you purchased.

However, I always advise my clients to comply with local bylaws and report and register the suite with the local municipality.

Kind Regards,
Tibor Bogdan

Parking stalls are designated either as part of a strata lot or as common property. Parking stalls designated as common property generally fall under the control of the strata corporation. As a result, an owner's apparent right to use a parking stall designated as common property may not be transferable to future buyers.

A parking stall designated as part of a strata lot, or as limited common property, will entitle a buyer of that strata lot to exclusive use of the stall. Where a parking stall is not so designated, a buyer may not have the right to use the stall, despite the seller's use.

The recent decision of Blackall v. Jarrold et al. concerned a dispute over parking. In Blackall, the buyers of a strata unit sued the sellers for negligently misrepresenting the number of parking stalls included in the sale. The Property Disclosure Statement stated that "parking stalls 598 and 601 are included in the purchase price along with storage locker 291, all of which will be assigned by the buyer on completion date." Both the buyers and the sellers believed that the parking stalls were designated as limited common property (LCP), and thus for the sellers' exclusive use.

In fact, only one of the stalls was designated LCP. While the original purchasers of the strata lot had paid the developer $5,350 for the use of the second parking stall at the time of their purchase, neither they nor the developer took steps to amend the strata plan. Thus the second parking stall, as common property, remained under the control of the strata corporation.

The buyers' claim against the sellers was dismissed. The court found the buyers had a clear opportunity to discover the parking stalls' status before removing subject conditions.

If you are buying a strata property make sure  to review the strata plan and filed amendments, the common property record and any other related strata documents to verify parking stall designation. 

This article written by Jennifer Clee B.A., LL.B.

See more at: http://goo.gl/3XBdj9

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

https://www.facebook.com/TiborRealEstate

~ What's Not on the Property Title May Be Important ~ part 1

Here are 3 examples that you can come across when you do your research.

Example #1:
In West Vancouver in 2007, on the advice of her REALTOR®, a
property seller checked to see if there was an underground fuel storage tank on her property. There was, and the seller had the tank removed and the contaminated soil remediated. The bill was $202,963.07.

The seller had bought the property in 2001 without using the services of a REALTOR® and had been told by the previous owner that the tank had been removed or decommissioned. The seller sued the former property owned and won because the owner hadn’t disclosed the severity of the problem.(Note: a REALTOR® was not involved in the 2001 sale).

Example #2:
In Richmond, an illegal drug lab in a rental home on a busy street resulted in a neighborhood evacuation.

Example #3:
In Marpole, the owners of a non-profit theater learned from a neighboring business that the building they own is one of a dozen
commercial sites sitting on a midden, the location of Aboriginalartifacts.

What do these examples have in common?
None are registered on the property title. This means that current and future owners may not know about issues associated with their property that could affect its safety, ease of sale and ultimate value.

What is registered on the property title?
The legal description of a property, including:
• the parcel identification (PID);
• taxation authority;
• registered owner and their address;
• the title number;
• the previous title number;
• legal notations against the property (may include heritage);
• charges, liens and interests (under-surface rights, rights of ways, covenants, judgments);
• whether a duplicate title has been ordered and by whom, and
• transfers and pending applications.

What is not registered on title?
• Archaeological sites.
• Former grow ops and illegal drug labs.
• Heritage designations (not always on title).
• Highway entitlements.
• Stigmatized property.
• Streamside issues – if there are fish-bearing ditches or creeks on the property.
• Underground fuel storage tanks.

How can you discover the facts about a property?
The simplest way to be sure that you are making a safe investment when buying a piece of Real Estate is to hire a good local REALTOR®.

I have some further helpful tips on this topic that will be in next week's article.

Kind Regards,
Tibor Bogdan