Oil Tanks Facts in Victoria BC Homes
Posted on Apr 17, 2024 in Real Estate Information
In Victoria, BC, as in many older cities, residential properties may have buried or above-ground oil tanks that were used historically for heating purposes. As natural gas and electric heating became more popular, many homeowners stopped using oil heat, and the tanks were often left in place. These abandoned or unused oil tanks can pose environment...
Old Versus New ways of Doing Business in Real Estate
Posted on Apr 16, 2024 in Real Estate Information
The real estate industry has evolved significantly over time, with advances in technology, changes in consumer behavior, and shifts in regulatory environments leading to both old and new ways of doing business. Here's a comparison of some key aspects:
1. Marketing and Advertising:
- Old Ways: Traditional marketing methods included newspaper ads, flyers...
BC Land Title Charges Explained
Posted on Apr 15, 2024 in Real Estate Information
In British Columbia, land title charges refer to various legal interests, encumbrances, or rights associated with a property that are registered on the land title. These charges can affect the ownership, use, and transferability of the property. Here are some common types of title charges that may appear on a land title in BC:
- Mortgages: is a form o...
What is an Assignment Sale in BC Real Estate
Posted on Apr 15, 2024 in Real Estate Information
An assignment sale occurs when the original buyer of a property (often a pre-construction unit such as a condo or a townhouse) sells their interest in that property to another buyer before the original closing date with the developer. In real estate terms, this "interest" is the contract or right to purchase the property upon its completion. The or...
New Home Warranty (2-5-10) in BC Explained
Posted on Apr 15, 2024 in Real Estate Information
The "2-5-10" home warranty is a mandatory insurance coverage that builders in British Columbia must provide when they sell a new home. This warranty is part of BC's Homeowner Protection Act and is designed to protect home buyers from construction defects. It is often referred to as a "2-5-10 year warranty" because it covers different components of...
The Closing Process in a Real Estate Transaction - BC
Posted on Apr 15, 2024 in Real Estate Information
The closing process for real estate transactions in British Columbia (BC) involves several important steps and legal requirements to ensure that the sale of the property is completed smoothly and legally. Here is an overview of the closing process for real estate in BC:
- Acceptance of Offer: Once the buyer's offer to purchase the property is accepted...