Thursday, February 2, 2012 SELLING OR BUYING A TENANTED PROPERTY- WHAT YOU NEED TO KNOW!All information is taken from the Residential Tenancy Branch.
Every tenancy agreement MUST be in writing. The document MUST include legal names of landlord and tenant, address of rental unit, date tenancy agreement is entered into, agreed terms: start date of tenancy, amount of rent, date rent is due, and services included in the rent.
Before listing the property the landlord must have an agreement with the tenant or give the tenants proper written notice that states the date, time and reason for entry. The tenant must receive the notice at least 24 hours, and not more than 30 days, before the time of entry.
Generally, a landlord, or a landlord's agent, must give written notice at least 24 hours and not more than 30 days in advance. The notice must give the reasons for entering and the time that the landlord will enter the rental unit, which must be between 8 a.m. and 9 p.m., unless the tenant agrees to another time. Showing a unit to prospective buyers is a valid reason to enter a rental unit. The key is the time that the notice is received, not when it was sent. The date that a notice is considered received depends on when it was sent:
Ideally, a tenant and landlord agree on a schedule of viewing times to include in a single notice. Otherwise, the landlord must give the tenant notice each time before showing the rental unit. When notice has been given, the landlord can show the rental unit even if the tenant is not home. A landlord may enter common areas of the property at any time without giving the tenant notice. The landlord must keep in mind that a tenant is entitled to reasonable privacy and freedom from unreasonable disturbance. A notice indicating showings will take place daily from 9 a.m. to 9 p.m. for a three-week period would be unreasonable. A lockbox cannot be used without the tenant’s permission.
*A landlord should keep a record of all communication between themselves and the tenant incase there is a dispute.
In the Contract of Purchase and Sale the tenancy agreement should be attached as part of the contract. If the tenants are remaining, the deposit from the tenants should be included in the Contract of Purchase and Sale, as well as all terms of the tenancy agreement.
If the tenants are not remaining, they can only be given notice to move out once there is an UNCONDITIONAL offer and it meets the terms of the tenancy agreement.
Giving notice on a periodic tenancy For a month-to-month tenancy, or a periodic tenancy with a different period, the landlord must give the tenant a Two-Month Notice to End Tenancy. The tenant is also entitled to financial compensation equal to one-month’s rent. A tenant can end the tenancy earlier by giving the landlord at least 10-days written notice and paying the rent up to, and including, the planned move-out date.
If the tenant has already paid a full month’s rent, the landlord must rebate a pro-rated portion of the rent. The tenant is also still entitled to the full compensation. The property seller (or landlord) must pay the tenant compensation equal to one month’s rent on or before the last day of the tenancy. This requirement applies whether the tenant vacates before or after transfer of the property title. RTA s. 51 gives the tenant the option to withhold the last month’s rent. If the tenant has already paid the last month’s rent and chooses to give 10-days written notice and vacate the premises early, the landlord must pay the tenant a pro-rated amount and ensure the tenant receives compensation equal to one-month’s rent.
If the tenants are not remaining, they can only be given notice to move out once there is an UNCONDITIONAL offer and it meets the terms of the tenancy agreement.
Purchaser wants to use the rental unit for another purpose The tenant can be served a 2-Month Notice to End Tenancy after the title of the property has been transferred and all required government permits and approvals are in place when the purchaser intends to:
For more information visit: http://www.rto.gov.bc.ca/ Friday, January 13, 2012 BC Assessment vs. Market Value- Why the difference?A great article from the Great Vancouver Real Estate Board:
Assessment notices - a wake-up call for property owners
Property owners throughout BC received their 2012 assessment notice the first week of January from BC Assessment (BCA).
This notice is BC Assessment estimate of a property's value as of July 1, 2011, and for new construction or substantially renovated homes, the physical condition as of October 31, 2011.
BCA is the government agency responsible for determining and reporting property value estimates for the 1,917,394 properties in its database, a 0.75% increase in the number of properties since 2011.
BC ASSESSMENT AND A REALTOR ASSESSMENT. WHY THE DIFFERENCE? BC ASSESSMENT AND THE MARKET VALUE DETERMINED BY A REALTOR MAY BE DIFFERENT. WHY?
Both BCA assessors and REALTORS calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect the value such as size of home, view, location - on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or praking stalls.
Where every lot and every home on a street are typically the same, both BCA's value and a REALTOR's value will be similar during stable market conditions.
Differences occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changes that BCA hasn't yet taken into account.
Differences also occur during market instability when prices rise and fall during the six-month period between July 1 the following year.
For more information visit www.rebgv.org/property-assessment-notice
WANT TO KNOW HOW MUCH YOUR PROPERTY IS WORTH I N TODAY'S MARKET? Call for a FREE property evaluation!
RYAN HARTT Keller Williams Elite Realty 778-866-7478 ryanjhartt@gmail.com Monday, January 17, 2011 Mortgage Amortization Changes!Canadian’s Have Limited Time to Take Advantage of the 35 Year Mortgage and Lower Monthly Mortgage Payments With the rising cost of homes, especially in the Lower Mainland, many homebuyers have chosen a longer amortization period (the number of years it will take you to become mortgage free) in order to keep monthly mortgage payments lower. While this also means they pay more interest over the life of their mortgage and are slower to build equity in their home, longer amortization periods allows home buyers to qualify for higher mortgages and thus get into their dream home sooner. This is particularly helpful in high-cost housing markets such as Greater Vancouver’s. And even with a longer amortization period, home buyers can always choose to shorten their amortization and save on interest costs by making extra payments or an annual lump-sum principal pre-payment, depending on the terms of their mortgage. While currently the Canadian industry’s benchmark amortization period is 25 years, the maximum amortization period allowed in 1) Mortgage amortization periods reduced from 35 years to 30 years. 2) The maximum Canadians can borrow to refinance their mortgage will be 85% of their home value, down from the current maximum of 90%. 3) The government will be withdrawing insurance backings on lines of credit secured by homes. These changes are CIBC chief economist Avery Shenfeld has referred to the mortgage changes as part of a larger move by the government to “force Canadians on a debt diet” as household debt levels sit at record levels. However, he also reassures us that “Canadians aren't on the verge of a U.S.-style default crisis – not at these interest rates, and not with debt having been granted to stronger hands than was the case before When will these changes take place? These changes will not happen immediately because of a requirement to give the industry 60 days notice before making policy changes of this nature. This means we will likely see a surge in home buying over the next couple months, as many Canadians rush to take advantage of the 35 year amortization period. If you are interested in taking advantage of the current amortization period before these changes take effect, give me a call!! Ryan Hartt Keller Williams Elite Realty 778 866 7478 |
