Tag: realtor in maple ridge british columbia

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Explanations of Real Estate Acronyms and Abbreviations in British Columbia

As I work daily in real estate in I see more and more Real Estate Acronyms and Abbreviations.

Here are some I have lots of my clients ask me for clarification

SSMUH
Small Scale Multi-Unit Housing this is used to describe a range of buildings and housing units such as: secondary suites in single family dwellings, triplexes and more
More details

ADUs
Assessory Dwelling Units (ADUs) part of a big focus of new goals to increased housing in BC are dwelling units such as garden suites or laneway homes
More details

FHSA
First home savings account (FHSA) which is a special registered plan that subject to qualification could be a great first step for you as a first time buyer. See your local bank

RHFP
Regional Housing First Program (RHFP) is the acronym for a new program to increase the creation of affordable rental housing, including addressing the needs of people experiencing homelessness in Greater Victoria.
More details

PPT
Property transfer tax (PPT) When you purchase or gain an interest in property that is registered at the Land Title Office, you or your legal professional must file a property transfer tax return and you must pay property transfer tax, unless you qualify for an exemption.
More details

My clients tell me that an important part of buying and selling real estate is understanding the process and the documentation so they know what they are doing. I do my very best to help education my clients as much as possible so much so that I have created eGuides for people who choose to work with me to help make the process of buying and selling easier. These are not 10 steps guides full of simple ideas, and marketing about me, they are important information you need to know.

If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

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What you need to consider when purchasing a Presale property in BC?

Are you considering buying a presale property in BC?

It is a complicated real estate purchase and there are lots of questions you need to consider:

To start with:
Who is the developer?
When will the completion date be?
Who holds the deposit on the property?
Check out this video from Spagnuolo Law that helps give you an overview of what to consider.

When you meet with me if you interested in buying a pre-sale property expect us to go deep into understanding the process so you know the pros and cons of this type of real estate purchase in British Columbia. I do have a team of people to help make sure you have all your questions answered.

If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

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What is a Buyer’s agency exclusive contract?

Not everyone is familiar with a buyer’s agency exclusive contract. As your real estate professional I use a buyer’s agency exclusive agreement to explain all the services I will use as I work with you in a specific geographic area, to help you find your new home. You commit to working with me during an agreed upon period of time and in return you get all the services I offer that I will explain to you prior to your commitment.

Note: You are under no obligation to buy a home during the time period of the contract.
Continue reading “What is a Buyer’s agency exclusive contract?”

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What is the property disclosure statement in BC?

The property disclosure statement is one of the forms commonly used in real estate transactions in British Columbia.

In this form Sellers disclose facts about the condition of the property.

There are different types of disclosure statements depending on the transaction. For example, owners of a non strata property will complete a different type of form than owners of a strata property. The information included is different.

An example of a question on the statement is ‘Are you aware of any additions or alterations made without a required permit and final inspection: e.g. building, electrical, gas, etc.?

What this five minute video from BCREA to learn more.

When you meet with me expect to learn more about the Property Disclosure Statement and how it effects you as a buyer or seller of real estate in British Columbia.

If you would like to learn more about how I serve my clients in buying and selling real estate in please contact me here to book a time for an introductory free consultation.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

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Are REALTORS® committed to protecting your privacy?

REALTORS® like myself are committed to protecting your privacy. During the process of a real estate transaction REALTORS need to obtain personal information about buyers and sellers to facilitate the transaction.

The British Columbia Personal Information Protection Act (PIPA) defines what is personal information and how and when it can be used.

Watch this 3 minute video from BCREA to learn more details.
Continue reading “Are REALTORS® committed to protecting your privacy?”

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Attention: Real Estate Investors – New eviction rules in BC

New rules around evictions require BC landlords looking to evict tenants for personal or caretaker use to use a new website to create Notices to End Tenancy starting July 18, 2024.

Key changes include:

  • Landlords must provide four months’ notice for personal-use or caretaker evictions (previously two months)
  • Tenants will have 30 days to dispute evictions (previously 15 days)
  • The person moving into the unit must live there for at least 12 months
  • Landlords evicting in bad faith may owe tenants 12 months’ rent

Quick Facts from the government website:

  • Starting July 18, 2024, landlords will be required to use the Landlord Use Web Portal when they are issuing Notices to End Tenancy for personal or caretaker use, with a unique notice ID when ending a tenancy.
  • Landlords using the website portal will be required to have a Basic BCeID to access the site.
  • While using the website portal, landlords will be given information about the required conditions for ending a tenancy and the penalties associated with evicting in bad faith.
  • They will also be informed about the amount of compensation they will be required to issue to evicted tenants.

Visit the BC government website to learn more.

If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation. I have created a special buyers and seller guide book to share with you.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

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What is the Multiple Listing Contract?

The multiple listing contract is used when the sellor wants to engage the services of a REALTOR® to list their property on the multiple listing service or MLS.

Learn more details that will help you understand the MLS contract by watching this 4 minute video courtesy of BCREA.

Details covered in the video include the terms of the listing and which people are involved in this legal contract. Additional details include the rights and responsibilites of all parties.

Continue reading “What is the Multiple Listing Contract?”

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Do REALTORS® have to disclose referral payments?

Yes, your REALTOR® is required to follow specific rules set out by the British Columbia Financial Service Authority with regards to referral payments.

Watch this two minute educational video courtesy of BCREA.

As a real estate professional to obtain and keep my license to be a real estate professional one of the things I am required to do is to disclose to your the payment of referrals.

If you would like to learn more about how I serve my clients in buying and selling homes please contact me here to book a time for an introductory free consultation.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

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