What do you want to know.....???

I 'm always curious to hear what interests my clients and the general publice when it comes to real estate! Is there something you would like to hear more about, need some information, let me know, and I"ll do my best to address those questions, topics or concerns. Love to hear from you !!

Thinking of selling your own home? You can sell your own home without the services of a real estate agent, but selling a home is a complex process.

• What is the best possible price?
• Where do you find a buyer?
• What facts must you disclose?
• What paperwork is required?
• Will the contract be legal and binding?
• How is ownership transferred?
• What about the existing mortgage?
• Can the buyer qualify for a mortgage?
• Who ensures you will get your money?

These are just some of the problems and possibly many other situations that can arise when you are selling, which is why most sellers employ a real estate professional to act as your agent. An agent represents someone else, called the principal, in dealing with other people. The agent becomes a 'substitute' for the principal. This relationship between principal and an agent is called an AGENCY relationship. People often use the services of an agent to accomplish what they do not have the ability, time or desire to do themselves.

If you decide to employ someone to help you sell your home, that person becomes an AGENT for the sale of that specific property. It is important to understand that in BC, the person you hire as an agent to assist you to sell your home, must be licensed as either a real estate salesperson or real estate agent. A real estate salesperson must be employed by a real estate agent and both must be licensed. The term 'agent' in its general sense, will be correctly used to refer to both types of real estate licensees.

Once you have listed your property for sale, the listing agent has a legal duty to protect and promote your best interests at all times. He or she owes you-the principal- his or her undivided loyalty and must disclose to you any and all information, obtained from any source, which might influence your decision. Further, he or she may not reveal any confidential information to another person which might jeopardize your bargaining posistion.

Two decades of the PTT(Property Transfer Tax)

It's been 20 years since the BC government, without consultation or even a warning, introduced the Property Purchase Tax. The tax, charged on transactions registered at the Land Title Office at a rate of one per cent of the first $200,000 of fair market value and two per cent on the remainder, generated $140 million the first year it was levied.

In the two decades since, the tax, now called the Property Transfer Tax ( PTT), has generated more than $7.5 billion in total revenue, $950 million of this in 2006/2007 alone.

Middle and lower income families have shouldered the burden of the PTT, which now adds $10,832 to the detached benchmark price of $641,596 for a Greater Vancouver detached home.

Overall, the tax had implications for the livability of our communities. By making homes more expensive ( and less affordable), it has forced some buyers further and further afield in their search for an affordable home. It's one more factor which has indirectly helped to create sprawl, long commutes, pollution and pressure on agricultural land.

From the beginning, the Real Estate Board has taken the side of home buyers, urging government to scrap the tax. In the past few years, the Greater Vancouver Real Estate Board has stepped up its efforts. The government is running healthy budget surpluses at a time when homes are becoming less and less affordable. The Board has responded with recommendations to reduce the tax in a step-by-step manner over a three year period, with the ultimate goal of getting rid of it altogether. They have made progess, as a result of their efforts, the government has made adjustments, raising the price threshold for first-time buyers. The Greater Vancouver Real Estate Board will continue to press the government to eliminate the tax.

Comparison of land transfer taxes/fees by province for a $350,000 home
Province PTT or Equilavent in dollars
BC 5,000
Alberta 455
Saskatchewan 1,050
Manitoba 7,000
Ontario 3,725
Quebec 3,750
New Brunswick 930
Nova Scotia * 45-5,295
PEI 3,500
Newfoundland 1,450
Yukon 110
NWT N/A
Nunavut N/A
*Depends on area and ranges from a $45 in Springhill to $5,295 in Sackville.
Source: Greater Vancouver Real Estate Board