Strata title properties are more popular than ever – over one in three BC residents live in a residential strata. If you are a first time buyer, an empty nester looking to downsize, or simply looking for a more affordable housing solution, the strata market may be right for you. However, it is very important to understand the nature of strata versus freehold ownership before you make a decision.
Conveyancing Archives - Jacqueline Tait | Notary Public
Shopping for your first home is very exciting, but trying to plan for all of the unforeseen costs can be stressful. Most people are aware of Property Transfer Tax (“PTT”), which is a provincial tax payable when the title to a property changes hands. However, don’t automatically assume that you qualify for an exemption simply because you are a first time home buyer (“FTHB”). This could be a costly mistake, resulting in a delay or even potential legal liability if you are unable to complete the purchase due to an inability to pay an unexpected PTT bill. Read More
Buying a new home is one of the most exciting milestones in a person’s life. It is likely to be one of the biggest financial investments you will ever make. While it is a positive step forward, it can turn into a stressful experience if you are not well prepared in advance for all of the associated closing costs. Read More
How Condo Parking Spaces are Allocated
Determining which parking space you are entitled to can be one of the most frustrating things about buying a condo. Parking spaces are allocated in different ways, depending upon whether they are designated on the strata plan as common property, limited common property, part of a strata lot, a separate strata lot, or common property that has been allocated under a lease or license by the owner developer. Read More