Whether you are BUYING or SELLING, you will need a lawyer to register the transfer of property with the provincial land registry office.

In addition, you need them for the following tasks:

*They will review the Contract of Purchase and Sale to make sure it protects you

*They will review the Title to make sure there are no claims against the property such as a Builder's lien for unpaid bills or pending litigation by someone who claims rights to the property

*They ensure the property taxes are up to date and the Property Transfer Tax is paid

*They draw up the mortgage documents

*They exchange legal documents with the other party to the sale 

For a similar price, you can hire a Notary to carry out the same duties. The difference is that the notary cannot represent you in court if needed.

**Once you have an accepted offer, we ask for the name and contact information of your chosen lawyer or notary. We then send all required documents to them on your behalf, and they in turn contact you to book an appopintment prior to Completion. This appointment is for you to sign documents pertaining to the transfer of title, mortgage documents and the statement of adjustments (money in, money out).

Let me know if you have any questions about this part of the real estate experience!

C-604-805-6820

Image by By Elliott & Fry - https://creacionempresamadrid.com/asesoria-gratuita-para-emprendedores-gestoria-para-crear-una-empresa/, No restrictions, https://commons.wikimedia.org/w/index.php?curid=82393914

#403 111 East 3rd Street

Lower Lonsdale

North Vancouver

Asking: $750,000

Just in time to take advantage of your Lower Rate Hold, we bring you this corner gem @ The Versatile! 675 sf 1 Bed + Den w/window for that perfect home office, yoga/Peloton space, dressing room or an ultimate golf clubs "drop zone". Over-height ceilings, wider than usual kitchen-dining-living area - this unit is truly meant for entertaining & comfort. Ensuite bath, dual closets & finally room for a king size bed! Built by Intracorp, well known developer for quality & lasting design. Thoughtful use of higher-end appliances - Fisher Paykel, Blomberg, Fulgor, Quartz counters & in-floor heating. We all know how important location is & it doesn’t get any better than Lower Lonsdale. Aesthetically beautiful building in car-less lifestyle location, 1 parking+storage.

Come and view this great property!

Yes!

If you are flexible on location and more importantly, type of ownership.

For example:

A 430 sq. ft. studio apartment is currently for sale in the WESTEND for $319,000. The type of ownership is LEASEHOLD PREPAID, which means you are purchasing the unit but not the building or land. in the West End, many of the buildings are owned by corporations. Some units have stunning views and quaint old parquet floors. It is a great way to get in the market but leasehold propeties do not increase in value to the same degree as freehold ones.

Another example is a 382 sq. ft. studio (no separate bedroom) in South Vancouver listed for $356,000, and FREEHOLD, where you own the unit and share the ownership of the common property with the rest of the owners. 

Finally, sold for $399,000 in the West End, a one bedroom unit at 674 sq. ft. consisted of SHARES IN A CO-OPERATIVE which literally means your ownership consists of shares in a company. This type of ownership is typical in older apartment buildings in the West End, Kerrisdale and Cambie. Usually you get great square footage for your money, however, like the leased properties, there is a discount in value and speed of growth.

Let me know if under $400,000 is your budget limit. It is certainly possible to own in Vancouver at this price!

Reach me at 604-805-6820

Residential Home Sales

July was a busy month for home sales throughout the lower mainland, which pushed home prices up across all home types throughout Metro Vancouver*, adding pressure on local inventory levels.

The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales across the region totalled 2,455 last month – 28.9% up from the 1,904 sales recorded in the same month last year. This figure sat at 15.6% below the 10-year seasonal average (2,909).

Read more...

https://stilhavn.com/metro-vancouver-housing-update-july-2023/

When it comes time to taking the leap and buying your first home, the search, the ideas and then planning are some of the most exciting times you’ll have with any purchase.

However, unlike shopping around for a new pair of shoes or vacation package, there are quite a number of important elements to consider when starting this process.

For that reason, we’ve compiled a list of important things to consider when buying your first home...

https://stilhavn.com/first-time-home-buyer-considerations/

It depends.

The land is owned by the city and stretches from the Burrard Street Bridge to the Cambie Street Bridge. The properties are all strata, (condos and townhouses) varying in size and quality. And more importantly, varying in lease status.

Reasons to Buy:

Some are waterfront properties with spectacular views of downtown and the mountains. Some are just steps to Granville Island or a quick ferry ride to downtown. Many of the buildings have been rainscreened with new siding, windows and balconies. As well, some of the leases are pre-paid for a specific period of time with an option to extend for a price (Eg.One property has a lease until to 2036 with an option to extend 20 years for a cost of $134,000). In False Creek, lease expirations run from 2036 to 2046.

If you are not worried about resale value because you are retired or not wanting to move again, this is a great option to buy something affordable in a great location where you can easliy walk to many amenities.

Reasons not to Buy:

If you are a first time buyer looking to upsize in the future, the increase in value over time may not be enough to make that move. 

Not all financial institutions will lend you money to purchase on leased land, and if the lease length is too short, you cannot get a mortgage at all so you have to buy with all cash. When the end of the lease approaches, the value of the property goes down due to lack of certainty around renewal and if it can be renewed, you will have to pay for the extension.

If it is important for you to own "land" then a residential lease may not be for you. Before considering this type of property, consulting your mortgage broker is really important - to see if you qualify for a mortgage for leased properties, can pay the monthly fees and potentially pay for an extension.

False Creek leased properties can be a great lifestyle choice if it makes financial sense. 

For more informatiion:

https://www2.gov.bc.ca/gov/content/housing-tenancy/real-estate-bc/buying-selling/long-term-residential-leases