New Home Warranty (2-5-10) in BC Explained
Posted on Apr 15, 2024 in Real Estate Information
The "2-5-10" home warranty is a mandatory insurance coverage that builders in British Columbia must provide when they sell a new home. This warranty is part of BC's Homeowner Protection Act and is designed to protect home buyers from construction defects. It is often referred to as a "2-5-10 year warranty" because it covers different components of...
The Closing Process in a Real Estate Transaction - BC
Posted on Apr 15, 2024 in Real Estate Information
The closing process for real estate transactions in British Columbia (BC) involves several important steps and legal requirements to ensure that the sale of the property is completed smoothly and legally. Here is an overview of the closing process for real estate in BC:
- Acceptance of Offer: Once the buyer's offer to purchase the property is accepted...
The Importance of Title Insurance in BC's Real Estate
Posted on Apr 15, 2024 in Real Estate Information
Title insurance is an essential aspect of real estate transactions in British Columbia (BC) and offers several important protections for homebuyers and lenders. Here are some key reasons why title insurance is important in BC real estate:
- Protects Against Title Defects: Title insurance protects against issues with the title of the property, such as...
The Difference Between a Real Estate Lawyer and Notary Public
Posted on Apr 15, 2024 in Real Estate Information
The primary difference between a real estate lawyer and a notary public, particularly in the context of real estate transactions, lies in their qualifications, scope of practice, and the services they provide:
- Qualifications:
- Real Estate Lawyer: A real estate lawyer is a licensed attorney who has completed a law degree and passed the bar exam in the...
Facts on Real Estate Taxes
Posted on Apr 11, 2024 in Real Estate Information
By January 2022, there were several real estate-related taxes and measures in place in British Columbia (BC) aimed at addressing housing affordability and speculative practices. While these measures may not necessarily be "new" at the time of my last update, they have been significant in the BC real estate landscape. Here are some of them:
- Speculati...
Virtual Home Buyer Program
Posted on Jan 04, 2021 in Real Estate Information
As a Realtor and the fact that we are considered an essential service, the growing concern for Canadians during this Coronavirus Pandemic is the anxiety over purchasing a home safely and effectively. Buying & selling real estate has not slowed down, instead it's grown even more. Modern real estate has been virtual for some time and now more than ev...