For Your Interest Vancouver Real Estate News
The property purchase tax also known as the PTT applies to when one purchases a home or condominium in our province is a standard and integral part of the costs to a Buyer looking to make a purchase in British Columbia. All buyers should learn about the specifics of this tax. Here is Bulletin PTT 004 from the BC Ministry of Provincial Revenue.
It's official: the Landlord is responsible to reimburse the Tenant a full month's rent if the he sells the property for the purpose of the Buyer to use the home as their principal residence. Very important information in these times as a good deal of properties are rented or the owner has a mortgage helper in their basement.
If you're buying a new home or condiminium in Greater Vancouver, whether downtown or in Richmond, Surrey, Langley or anywhere - make sure to read The Homeowner Protection Act Regulations (PDF, 28kb) on residential builder licensing and mandatory, third-party warranties. This legislation was implemented on July 1, 1999 and affects all buyers of new homes. Pay close attention to the no warranty clauses: Some newly constructed homes may not have any warranty coverage at all.